Vehicle Mounted Spotlights Market to Close in on US$ 1 Billion by 2030; COVID-19 Pandemic Impeding Market Expansion
Published : 10 Dec 2020 Industry: Automotive
The global vehicle mounted spotlights market is set to observe a sizeable growth rate of over 4% in the coming decade. In the past years, this market grew at a modest pace of 3.5%, owing to declining demand from the automobile industry. However, advancements in technology and adoption of LED-based vehicle mounted spotlights have augmented market growth. In the coming decade, widespread adoption of wireless control vehicle mounted spotlights by leveraging manufacturing practices to come up with snazzy products will complement market expansion. Also, all-weather-proof rugged spotlights that can be used in challenging surroundings are predicted to drive the market.
As per Fact.MR analysis, the global vehicle mounted spotlights market will progress at a steady rate to close in on a valuation of US$ 1 Bn by the end of 2030.
Key Takeaways from Vehicle Mounted Spotlights Market Study
- The global vehicle mounted spotlights market is anticipated to add 1.6X value by 2030.
- LED-based vehicle mounted spotlights are predicted to grow the fastest at around 6% through 2030.
- North America is a dominant market with a value of US$ 134 Mn in 2019, and is set to balloon at an emphatic CAGR of nearly 7% during the forecast period.
- Wireless control vehicle mounted spotlights are set witness the fastest growth rate of nearly 6%, while the wired control type is projected to increase 1.6X over the forecast period.
- Regions such as East Asia and South Asia & Oceania are projected to witness growth rates of 5.5% and 3.8%, respectively, owing to increasing demand for off-road applications.
- Construction is the leading end-use segment in terms of value, holding an impressive value of US$ 355 Mn in 2019, whilst utility use will broaden its market share by 1.7X over the coming decade.
- The COVID-19 outbreak has put the brakes on the progress of the global vehicle mounted spotlights market.
“Restructuring of portfolio of offerings of vehicle mounted spotlights is a key driver of the market,”says a Fact.MR analyst.
Expansion of Product Portfolio by Key Players
Key players such as Golight Inc. and Larsen Electronics are focusing on product launches, and in 2019, launched several advanced products to cope up with the rising need for advanced vehicle mounted spotlights. Expansion of portfolio of offerings, including restructuring and revamping of distribution channels, is predicted to significantly impact growth in the market. This is also remunerative in preserving healthy client relations and expanding the clientele base across different regions.
More Valuable Insights on Vehicle Mounted Spotlights Market
Fact.MR, in its new offering, presents an unbiased analysis of the global vehicle mounted spotlights market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the vehicle mounted spotlights market on the basis of light source (LED, HID, halogen, and incandescent), wattage (below 25W, 25-50W, 50-100W, 100-150W, and above 150W), lumens (below 25000 lumens, 2500-5000 lumens, 5000-10000 lumens, and above 10000 Lumens), control type (wired, wireless, and hybrid), module shape (round/oval and square/rectangle), end use (construction, agriculture, utility, and industrial), and sales channel (direct-to-customer, third-party online channels, specialty stores, and modern trade channels), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.