LONDON--(BUSINESS WIRE)--Jun 5, 2019--

The global automotive off-road lighting market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global automotive off-road lighting market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global automotive off-road lighting market size is the growing demand for SUVs and pickup trucks. The use of vehicles such as SUVs and pick-up trucks for off-roading is increasing significantly, owing to the presence of various off-road capabilities such as high ground clearance, all-wheel drive, and different driving modes. Therefore, the increasing sales of SUVs and pick-up trucks, especially in Europe and North America, will propel the demand for automotive off-road lighting, mainly in the OEM segment.

As per Technavio, the development of laser-based lighting for off-road vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive off-road lighting market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Automotive off-road lighting market: Development of laser-based lighting for off-road vehicles

The automotive off-road lighting is witnessing several developments due to the growing preference for highly efficient and bright off-road lighting. As a result, the market is witnessing the emergence of modern off-road lights that are bright, durable, and energy efficient.

The most recent innovations in automotive lighting include the laser-powered lighting solutions that have attracted the attention of various premium luxury car OEMs. The laser lighting technology is also making inroads in off-road vehicles, which is expected to have a positive impact on the growth of the automotive lighting market during the forecast period.

“Apart from the development of laser-based lighting for off-road vehicles, other factors such as the introduction of electric off-road racing vehicles, and constant innovation in automotive lighting will positively impact the growth of the automotive off-road lighting market size during the forecast period,” says a senior analyst at Technavio.

Global Automotive off-road lighting market: Segmentation analysis

This market research report segments the global Automotive off-road lighting market by end-user (aftermarket, and OEM) and geographic regions (APAC, Europe, MEA, North America, and South America).

The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growing popularity of off-road racing events is increasing the demand for off-road vehicles and their components such as light systems. This will have a positive impact on automotive off-road lighting market during the forecast period.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: AUTOMOTIVE OFF-ROAD TRUCKS & SUVS

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 06/05/2019 08:00 AM/DISC: 06/05/2019 08:01 AM

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