Global Truck Lighting Market Overview:
Truck lighting revolution in the automotive industry that started with the proliferation of light-emitting diodes (LEDs). More dramatic lighting innovations are fast emerging, such as laser diodes, organic LEDs, and dynamic bending light headlamps. The truck lighting is an important productivity and safety feature in the vocational fleet market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
LED lighting has become increasingly popular in the trucking industry due to its energy efficiency, durability, and brightness. LED lights can also be customized with different colors and brightness levels, which can improve visibility and safety
Market Growth Drivers:
Increase in Demand for Truck and Lighting Regulations for Better Visibility and Safety
Challenges:
Increase in Competition From Local Companies Offering Counterfeit Products and Volatility of Raw Material Prices
Restraints:
High Cost of LED Lights
Opportunities:
Partnership Between Automotive OEMs and Lighting System Manufacturer and Evolution of New Technologies
Competitive Landscape:
The trucking industry is seeing advances in lighting technology that are improving the functionality and performance of lighting systems. This includes developments in high-intensity discharge (HID) lighting and improvements in lighting controls and sensors
Some of the key players profiled in the report are Koninklijke Philips N.V. (Netherlands), Osram (Germany), Valeo S.A. (France), Hella KGaA Hueck & Co. (Germany), Magneti Marelli S.p.A (Italy), MicTuning (United States), Truck-Lite Co., LLC (United States), LEDGlow (United States), Apex Lighting (United States) and Putco LED (United States). Additionally, following companies can also be profiled that are part of our coverage like OPT7 (United States) and Grote Industries (United States). Analyst at AMA Research see United States Vendors to retain maximum share of Global Truck Lighting market by 2028. Considering Market by Technology, the sub-segment i.e. Halogen will boost the Truck Lighting market. Considering Market by Product Sale, the sub-segment i.e. Original Equipment Manufacturers (OEMs) will boost the Truck Lighting market.
Latest Market Insights:
In July 2021, the private equity firm Genstar Capital announced that it had acquired Truck-Lite Co. LLC, a leading provider of heavy-duty lighting systems and safety products for commercial vehicles. The acquisition is expected to help Truck-Lite expand its product offerings and accelerate its growth
Smart lighting systems, which allow truck drivers to control and adjust their lighting through a mobile app or other device, are becoming more popular in the trucking industry. These systems can improve visibility and safety while also providing a convenient way to customize lighting setting
The FMVSS is a set of safety standards established by the National Highway Traffic Safety Administration (NHTSA) that apply to all trucks. FMVSS requirements for truck lighting include specifications for headlamps, taillamps, turn signal lamps, and other lighting equipment.
What Can be Explored with the Truck Lighting Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Truck Lighting Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Truck Lighting
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Truck Lighting market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Truck Lighting market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.