The global all-terrain vehicle (ATV) lighting systems market was valued at US$ 107.7 million in 2019 and is expected to surpass US$ 138.6 million by 2027, registering a CAGR of 3.2% over the forecast period (2020-2027, according to Global All-Terrain Vehicle (ATV) Lighting Systems Market Report, by Type (Rear Lighting, Front Lighting, and Others), by Supplier (OEM and Aftermarkets), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Rising technological developments in ATV bikes with upgraded performance and increase in demand for off-road vehicles are expected to significantly drive growth of the market. Many companies across the globe are trying to increase the performance of ATV bikes by technical innovations and up gradations. For instance, Can-Am motorcycles Corporation have upgraded the Outlander ATV every year since 2016 due to the increasing demand for higher performance ATV vehicles. Moreover, the SC Group launched electric ATV Dominator in Tasmania, Australia in May 2018. The demand for electric vehicles have also increased in the recent years. Lighting systems are important parts of ATV vehicle. ATVs are off-road vehicles and mostly driven in 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. Owing to these reasons, the sales of ATV along with all-terrain vehicle lighting systems market are expected to exhibit significant growth over the forecast period.
Furthermore, the advancements in LED technology is expected to drive the market growth over the forecast period. LED lights have advantages such as instantaneous illumination, long life, and high brightness. Companies such as Nextech Industry have specially designed LED lights for ATV vehicles. Owing to these reasons, the all-terrain vehicle lighting systems market is expected to exhibit significant growth during the forecast period.
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Key Trends and Analysis of the Global All-Terrain Vehicle (ATV) Lighting Systems Market: