Vehicle Mounted Spotlights Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030

Vehicle Mounted Spotlights Market: About the Report

Technological advancements in spotlight manufacturing have paved the way for higher market growth over the coming years. There is rising demand for energy-efficient, durable, as well as higher service life of spotlights, which makes LED spotlights a more attractive option. The report by Fact.MR explains how the global vehicle mounted spotlights will close in on entering the billion dollar club by 2030, backed by high demand from the construction and utility sectors. Market players can look to regions such as North America, East Asia, and South Asia & Oceania for increased sales and profits over the coming years.

Global Vehicle Mounted Spotlights Market Overview

Vehicle mounted spotlights are strong lightening instruments that are used to project a beam of light onto a particular area to get a much vivid image of the surroundings. Vehicle mounted spotlights are used in various industries of different sectors, namely, agriculture, construction, utility, industrial applications, etc. The global vehicle mounted spotlights market is estimated to expand at a robust CAGR of over 4% during the forecast period of 2020-2030. The market is forecasted to be valued at over US$ 980 million by 2030. This steady growth will be on the back of growing sales of off-road highway vehicles, which is one of the significant driving factors for the expansion of the global vehicle mounted spotlights market size.

Technological advancements in vehicle mounted spotlights, from wired to remote controlled spotlights, as well as adoption of LEDs in spotlights are likely to push the market further northwards. Mingled with all these factors, the COVID-19 pandemic has significantly affected the market in a negative way. Due to the pandemic, there has been a preposterous downfall in the demand and supply chain of the vehicle mounted spotlights market.

Vehicle Mounted Spotlights Market Insights by Light Source

On the basis of light source, the vehicle mounted spotlights market is segmented into four distinct segments, i.e. LED, HID, halogen, and incandescent. Upon stringent analysis, LED vehicle mounted spotlights occupy a king-sized share of over 63% of overall market value. LED spotlights will also experience a significantly higher growth rate as compared HID- and halogen-based spotlights. Key reason being, growing demand for energy-efficient, durable, as well as higher service life of vehicle mounted spotlights. Simultaneously, increased demand for off-road applications for more rugged use is also a noteworthy factor driving the growth of the global vehicle mounted spotlights market.

Vehicle Mounted Spotlights Market Insights by Control Type

The control type segment in the vehicle mounted spotlights market is classified into three main categories, i.e. wired, wireless, and hybrid control vehicle mounted spotlights. Among these, the wired control type captures a majority share of 77% owing to its widespread adoption. Wireless control type vehicle mounted spotlights are projected to grow at the fastest pace of 5.7%. Key reason being, technological advancements in spotlight manufacturing and consumer demand for more flexible and durable spotlights.

Regional Outlook of Vehicle Mounted Spotlights Market

The vehicle mounted spotlights market is segmented according to the following regions, i.e. North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa. North America is a crucial region of this market, due to rising demand for vehicle mounted spotlights in commercial applications, and the need for advanced and better service life of products. This region is expected to have a conspicuous growth in the market. Additionally, Asian countries such as China and India are expected to gain an emphatic boost in the market, owing to increasing population and rising construction and agriculture sectors.

For deeper understanding of the sales prospects of different vehicle mounted spotlights across regional markets, ask an expert analyst

Vehicle Mounted Spotlights Market Manufacturers: Key Strategies

The vehicle mounted spotlights market is highly fragmented, due to the nature of the product. Several key players hold an advantageous position in this market space. These players are observed to be indulging in organic as well as inorganic growth strategies. Leading players in the global vehicle mounted spotlights market are Whelen Engineering Company Inc., Golight Inc., Unity Manufacturing Co., and KH Industries Inc. Manufacturer inclination towards consumers’ requirements and more advanced vehicle mounted spotlights are key factors driving the market.

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The Analyst’s Viewpoint

“Key players should pivot their focus on newfangled products and steering the market by investing in advanced technologies and state-of-the-art manufacturing practices.”

COVID-19 Impact on Vehicle Mounted Spotlights Market

The COVID-19 disease caused by SARS CoV-2 coronavirus has had a significantly negative impact, globally, from a business standpoint. This has also been the case for the vehicle mounted spotlights market. On analysis of the worldwide threat caused by the pandemic, there has been substantial downfall in the growth of the vehicle mounted spotlights market due to the implementations of lockdowns by governments in several regions, thereby halting trade and transportation from one region to another. Consequently, this has adversely impacted the expansion of the global vehicle mounted spotlights market.