Rockville, Oct. 24, 2022 (GLOBE NEWSWIRE) -- The global vehicle mounted spotlights market is set to observe a sizeable growth of 5.1% during the forecast period. In the past years, the vehicle mounted spotlights market grew at a modest pace of 2% owing to the problems caused by the Covid-19 pandemic. Furthermore, advancement in technology and the adoption of LED-based vehicle-mounted spotlights has augmented the growth of vehicle mounted spotlights.
In the coming decade, the widespread adoption of the wireless control type vehicle mounted spotlight will complement the market in the future. Also, the all-weatherproof rugged spotlight for challenging surroundings is predicted to hold significant market share in the coming years. Therefore, coming up with new-fangled products with all-weather support corroborates the demand for the vehicle-mounted spotlight.
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With the continuous increase in research and development in various sectors, there has been a remunerative increase in demand for vehicle mounted spotlights worldwide. This too is a crucial factor regarding the growth of the market over the forecast period.
Upon analyzing through the market lens, it is observed that North America is the transcendent region for the market owing to its constantly increasing demand for advanced wireless control type vehicle mounted spotlights in the region due to ever increasing construction applications.
Asian countries are also subjected to witness sizeable growth in the vehicle mounted spotlights market due to a considerable increase in population, large-scale import and export businesses as well as manufacturing prowess of the region and a continuous expansion of the portfolio of offerings followed by the key players of the global vehicle mounted spotlights market.
Key Takeaways from Market Study
- The global vehicle mounted spotlights market is projected to expand at an impressive CAGR of 5.1% and be valued at US$ 1,082.9 million by 2032.
- The market witnessed a 2% CAGR for the period of 2017-2021.
- Under light source type, LED vehicle mounted spotlights dominate the market and are estimated to be valued at US$ 423.2 million in 2022.
- North America will dominate the market with a 22.7% market share in 2022.
- Construction end use case likely to represent 55.9% market share in 2022.
- Third party online sales channels are expected to have a market value of US$ 280.1 Mn in 2022.
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Market Development
LED-based vehicle-mounted spotlights have a longer life, which allows customers to invest less in vehicle-mounted spotlights. Hence, the demand for vehicle-mounted spotlights is increasing among customers that deal with agriculture, construction, etc. Increasing outdoor recreational activities are benefiting the vehicle mounted spotlight market in regions such as North America and Europe.
The growing adoption of ATVs is a revenue enabler for the vehicle-mounted spotlights market as they provide great visibility to the rider. The expansion of vehicle mounted spotlight market into such new fields will enable to increase its market valuation.
Major companies like Larsen Electronics and Golight Inc. are focusing on new and advanced product launches to cope with the market demand. Portfolio expansion includes revamping and restructuring distribution channels such that it will positively impact the market. This is also remunerative in preserving healthy client relations and expanding the clientele over different regions.
Vehicle Mounted Spotlights Industry: Key Players
- Golight Inc.
- Unity Manufacturing Co.
- Larson Electronics
- KH Industries Inc.
- Spartaco LLC
- KC HiLiTES Inc.
- Whelen Engineering Company Inc.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vehicle mounted spotlights market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of light source (led, hid, halogen and incandescent), wattage (below 25w, 25-50w, 50-100w, 100-150w, above 150w), lumens (below 2500 lumens, 2500-5000 lumens, 5000-10000 lumens, above 10000 lumens), control type (wired, wireless, hybrid), module shape (round, square), end use (construction, agriculture, utility and industrial), sales channel (direct-to-customer, third party online channel, specialty stores, modern trade channel) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
Segmentation of Vehicle Mounted Spotlight Market Industry Research
- By Light Source :
- LED
- HID
- Halogen
- Incandescent
- By Wattage :
- Below 25 W
- 25-50 W
- 50-100 W
- 100-150 W
- Above 150 W
- By Lumens :
- Below 2500 Lumens
- 2500-5000 Lumens
- 5000-10000 Lumens
- Above 10000 Lumens
- By Control Type :
- Wired
- Wireless
- Hybrid
- By Module Shape :
- Round
- Square
- By End Use :
- Construction
- Agriculture
- Utility
- Industrial
- By Sales Channel :
- Direct-to-Customer
- Third Party Online Channel
- Specialty Stores
- Modern Trade Channel
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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