Automotive off-road lighting market 2021-2025: A descriptive analysis of five forces model, market trends, and segmentation

NEW YORK, Jan. 23, 2023 /PRNewswire/ — According to Technavio, the global automotive off-road lighting market size is estimated to grow by USD 4.39 billion from 2020 to 2025. The market is estimated to grow at a CAGR of 8.77%. Moreover, the growth momentum will accelerate. North America will account for 50% of the market’s growth during the forecast period. The growing demand for SUVs and pick-up trucks is a key trend in the market. Vehicles such as SUVs and pick-up trucks are used for off-roading, as they have capabilities such as all-wheel drive, high ground clearance, and different driving modes. Therefore, the sales of SUVs and pick-up trucks, especially in North America and Europe, have been increasing. Such factors will drive the growth of the auto parts and equipment market, which, in turn, will support the growth of the global automotive off-road lighting market during the forecast period,  For more insights,buy the report!

Global automotive off-road lighting market – Five forces
The global automotive off-road lighting market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• The threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• For interpretation of Porter’s five forces model – Request a sample report

Global automotive off-road lighting market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global automotive off-road lighting market – Segmentation assessment

Segment overview
Technavio has segmented the market based on end user (aftermarket and OEMs).

• The rise in the number of exhibitions and events, such as the Off-Road Expo that offers an opportunity for off-road vehicle enthusiasts to gain knowledge about various off-road vehicles and their components. Such events exclusively showcase off-road vehicles. These factors will drive the growth of the segment during the forecast period.

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Geography overview
Based on geography, the global automotive off-road lighting market is segmented into North America, Europe, APAC, South America, and MEA. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive off-road lighting market.

• North America will account for 50% of the market’s during the forecast period. The US and Canada are the key contributors to the market’s growth in the region. Moreover, market growth in this region will be faster than the growth of the market in regions. The presence of a large number of off-roading enthusiasts increases off-road recreational activities and off-road racing event viewership, which will, in turn, drive the market growth in North America during the forecast period.

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Global automotive off-road lighting market – Market dynamics
Key factor driving market growth

• The increasing demand for vehicles for recreational and adventurous sports activities is driving the growth of the market.

• The market is highly dependent on the demand for off-road vehicles.

• Therefore, the rising number of recreational and adventure sports activities across several regions is accelerating the demand for off-road vehicles.

• Associations such as the Canada Council of Snowmobile and North America Snowmobile conduct sports events every year, which drives the sales of ATVs.

• Therefore, due to the increasing number of recreational and adventure sports activities, the demand for off-road vehicles is expected to rise during the forecast period

Major challenges hindering market growth

• The legal limitations associated with the use of off-road vehicles are challenging the growth of the market.

• Many cities across the world have banned the use of high-performance off-road vehicles within city limits. For instance, the use of all-terrain vehicles, dirt bikes, and other four-wheel off-road high-performance vehicles is prohibited in NYC, US.

• In addition, there are many complications involved in off-road vehicle licensing, as most off-road vehicles are not street-legal.

• These limitations will negatively impact the global automotive off-road lighting market during the forecast period.

Drivers, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this automotive off-road lighting market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the automotive off-road lighting market between 2021 and 2025

• Precise estimation of the size of the automotive off-road lighting market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the automotive off-road lighting market across North America, Europe, APAC, South America, and MEA

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of automotive off-road lighting market vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by End-user

6 Customer landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

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