HID Lamps to Create an Absolute Dollar Opportunity of Over USD 1.7 Billion in Heavy Equipment Lamps Market

NEW YORK, Jan. 12, 2022 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The heavy equipment lamps market is expected to increase at a CAGR of 4.3% from 2022 to 2032, from USD 7.1 billion in 2022 to USD 10.9 billion in 2032.

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When compared to halogen bulbs, heavy equipment lamps have a longer life duration and use less energy. Furthermore, their versatility in use (shops, building sites, arenas, warehouses, etc.) distinguishes them as a unique industrial equipment. HEL (Heavy Equipment Lamps) are also expected to develop in the near future, given the aforementioned facts.

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A rising number of companies are using LED lighting for heavy equipment to work safely, especially during night-time operations. LEDs may also work at a variety of voltages, making them suitable for use in heavy machinery. Furthermore, portable LED towers are being used instead of permanent lighting fixtures because they are easier to install.

Signal lamps will hold a 32% market share in 2032, owing to rising air traffic and a high demand for aviation light signals in air traffic control towers, which are utilized as a backup in the event of aircraft radio failure.

During the forecast period, construction equipment is likely to emerge as a prominent end use industry in the heavy equipment lighting industry. Construction equipment is expected to be worth more than USD 4.2 billion by 2032.

In both rural and urban regions, mechanization of earth moving equipment will provide a high-growth opportunity. As a result, the need for excavators and small backhoe loaders to perform excavating and levelling operations is expanding. To promote increased mechanization, the government has implemented a number of schemes aimed at increasing heavy equipment sales. This is boosting the demand for heavy equipment lighting.

In East Asia, China holds the prominent market share in East-Asia heavy equipment lamp market accounting for approximately 50% of market share.

Key Takeaways:

  • China heavy equipment lamp market is anticipated to reach a valuation of USD 1.6 Billion by the end of 2032.
  • U.S heavy equipment lamp market is expected to grow at a CAGR of 3.6% during the forecast period.
  • By lamp type, signal lamps to dominate the market with reaching USD 3.8 Billion.
  • By lighting type, HID heavy equipment lamps to account for the one third of the global revenue share

Growth Drivers:

  • Long life span and low energy usage to drive the demand for heavy equipment lamps.
  • Rising use of construction equipment to drive the heavy equipment lamps market growth.
  • Increasing sales of heavy equipment to spur the adoption of construction equipment lighting.     

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Competitive Landscape

Organic and inorganic growth strategies are being pursued by the leading players in order to attract a large number of customers to the market. Market companies are constantly merging, acquiring, and partnering with new entrants in order to adapt new ideas and expand their product range.

Key Players in the Heavy Equipment Lamps Market are

  • Koito Manufacturing Co Ltd
  • Stanley Electric
  • OSRAM GmbH
  • General Electric Company
  • Catepillar, Inc.
  • HELLA GmbH & Co. KGaA
  • J.W. Speaker Corporation
  • Neolite ZKW Lightings Pvt. Ltd
  • Grote Industries, Inc.
  • Autolite Limited

More Valuable Insights on Heavy Equipment Lamps Market

Fact.MR provides an unbiased analysis of the heavy equipment lamps market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global heavy equipment lamps market with a detailed segmentation on the basis of:

  • By Lamp Type :
    • Head Lamps
    • Rear Lamps
    • Signal Lamps
    • Flashing Lamps
    • Other Lamps
  • By Lighting Type :
    • LEDs
    • Halogen Lamps
    • HID lamps
    • Other Lighting Types
  • By End Use Industries :
    • Construction Equipment
    • Mining Equipment
    • Agriculture & Farm Machinery
    • Other Heavy Industrial Equipment

Key Questions Covered in Heavy Equipment Lamps Market Report

  • The report offers insight into the heavy equipment lamps market demand outlook for 2022-2032.
  • The market study also highlights projected sales growth for heavy equipment lamps market between 2022 and 2032.
  • Heavy equipment lamps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
  • Heavy equipment lamps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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About Fact.MR

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