ALL-TERRAIN VEHICLE (ATV) LIGHTING SYSTEMS MARKET ANALYSIS

All-terrain vehicles are also known as quad bikes. There are two variants of quad bikes: three-wheeler and four-wheeler. All-terrain vehicles are capable of reaching remote areas in dessert, mountains, and snow lands. The lighting systems of ATVs can be categorized into: front lighting and rear lighting. Due to recent developments in LED technology, the demand for ATV lighting systems has increased in recent years. For instance, companies such as Piaa Corporation have specially designed LED and halogen lights for all-terrain vehicles. Moreover, companies are also launching electric all-terrain vehicles. For instance, Ecocharger Company launched an electric ATV vehicle in December 2018.

The global all-terrain vehicle (ATV) lighting systems market is expected to witness significant growth during the forecast period (2020–2027). The market growth is majorly attributed to the increasing number of ATV racing events across the globe. For instance, MX sports have scheduled 10 ATV events for the year 2020. Such racing events are increasing the popularity of ATV bikes and are expected to drive market growth during the forecast period.

The major restraining factor for the global all-terrain vehicle (ATV) lighting systems market is the high initial cost of the vehicle. The average price of an ATV vehicle is around US$ 10,000.

The global all-terrain vehicle lighting system market was valued at US$ 110.47 Mn in 2021.

Recent Developments:

• In June 2021, Warn Industries, a manufacturer of vehicle recovery equipment and off-road vehicle accessories, announced the acquisition of Fabtech Industries, Inc., a manufacturer of aftermarket suspensions for lights. Through this acquisition, WARN and Fabtech combined their brands to provide customers with more solutions.

Restraint:

• Increase in the Accident Rate-Related To All Terrain Vehicle.

All-Terrain Vehicle (ATV) Lighting Systems Market - Impact of Coronavirus (Covid-19) Pandemic:

The global all-terrain vehicle (ATV) lighting systems market has been negatively impacted by the COVID-19 epidemic. Furthermore, the pandemic disrupted supply chains and logistics due to a lack of raw materials. As a result, manufacturers experienced financial difficulties and had to postpone many new projects, which negatively impacted the sales of all-terrain vehicle (ATV) lighting systems. As a result during the pandemic, the market for all-terrain vehicle (ATV) lighting systems grew slowly.

North America held a dominant position in the global all-terrain vehicle lighting system market in 2021

Statistics:

North America region dominated the global all-terrain vehicle lighting system market in 2021, accounting for a 37.5% share in terms of value, followed by Europe, Asia Pacific and Latin America, respectively

Figure 1: Global All-Terrain Vehicle Lighting Systems Market Share (%), By Region, 2021

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North America held dominant position in the global all-terrain vehicle (ATV) lighting systems market in 2019 and is projected to retain its dominance throughout the forecast period. This is owing to increasing number of ATV events in the recent years. For instance, according to CMI analysis, in Ontario, Canada, around 60 ATV events were held in the year 2019. Ontario is a province in Canada, which is popularly known for ATV events. CGHSF Foundation organized an ATV event to raise fund for the new MRI machine in Owen Hospital in Ontario in September 2018. Due to such events, popularity of ATV sports is increasing and lighting systems are an important part of ATV vehicles. ATVs are off-road vehicles and mostly driven on remote dessert or mountain areas. Therefore, visibility at the time of night or bad weather is very much important to avoid the risk of accidents.

Asia Pacific region is expected to show highest growth during the forecast period. In countries such as India, ATV sports is becoming popular. In March 2019, Auto Sports India organized ATV championship in three categories: Drag race, Solo Dirt Race, and Endurance Race in Goa. The popularity of ATV sports is expected to increase in the near future. Owing to these reasons, the all-terrain vehicle lighting systems market is expected to show a significant growth during the forecast period in Asia Pacific region 

Figure 2: Global All-Terrain Vehicle (ATV) Lighting Systems Market (US$ Mn) Analysis and Forecast, 2022 - 2030    

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The global all-terrain vehicle (ATV) lighting systems market was valued at US$ 110.47 Mn in 2021 and is expected to reach US$ X147.65 Mn by 2030, growing at a CAGR of 3.5% between 2022 and 2030.

Major players operating in the global all-terrain vehicle (ATV) lighting systems market include Baja Designs, Lazer Star Lights, Nextech Industries, Oracle Lighting, Piaa Corporation, Plasmaglow, Polaris Industries, Vision X USA, Warn Industries, and Xprite.