LED light for off-road vehicle is a prominent auto component, which helps in interior as well exterior lighting of the off-road vehicle. The off-road vehicle light system comprises fog lights, high beam projected lights, interior decorating lights, front headlights, indicator lights, and rear lights. Rise in demand for off-road vehicles is expected to boost the demand for LED lights for off-road vehicles. LED light offer various advantages over other lights such as long life and less CO2 emission. Traditionally, automotive LED lights were utilized as back lights; however, currently, they are utilized as headlights and preferred over Xenon and halogen lights due to their better lighting system and power efficiency.
Growth of the automobile industry across the globe has propel he demand for automotive LED lighting systems. The LED light market for off-road vehicle is driven by rise in sales of off-road vehicles. High demand for cost-effective vehicles with better lighting system and low power consumption are key factors propelling the LED light market for off-road vehicle. Furthermore, rigid government regulations and prohibition on utilization of xenon and halogen lights are likely to boost the LED light market for off-road vehicle.
The global LED light market for off-road vehicle can be segmented based on adaptive type, application, sales channel, and region. Based on adaptive type, the LED light market for off-road vehicle can be divided into front adaptive lighting and two more segments. Rise in demand for off-road vehicles and rising preference toward driving off-road vehicles at night among consumers are expected to boost the adaptive front light segment during the forecast period. In terms of application, the LED light market for off-road vehicle can be divided into exterior and interior. Rise in demand for night driving of off-road vehicle is estimated to boost the external lighting segment. In terms of sales channel, the LED light market for off-road vehicle can be segregated into OEM and aftermarket. In terms of revenue, the aftermarket segment is estimated to dominate the global LED light market for off-road vehicle, with sales expected to increase rapidly during the forecasting period. Life span of LED lights being limited to few thousand hours, due to that the aftermarket segment is anticipate to increase in the near future. The OEM segment of the LED light market for off-road vehicle is anticipated to expand at a relatively lower growth rate during the forecasting period.
Based on geography, the global LED light market for off-road vehicle can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific hold the maximum market share for the automotive industry, wherein country like China, India, South Korea and Japan are the major contributors in automotive sector, due to the rise in production of vehicles in these region. This is anticipate to increase the demand for LED light for off-road vehicles, which in turn is projected to drive a large number of local and international component manufacturer and supplier based in the region. North America followed by the Asia Pacific for LED light market for off-road vehicle in terms of value.
Key players operating in the global LED light market for off-road vehicle are OSRAM Light AG, Robert Bosch GmbH, Valeo SA., Magneti Marelli S.p.A., Flex-N-Gate Corporation, HELLA KGaA Hueck & Co., and Phoenix Lamps Limited.
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