The global All-Terrain Vehicle (ATV) Lighting Systems Market was valued at US$ 110.47 million in 2021 and is expected to surpass US$ 147.65 million by 2030, registering a CAGR of 3.5% over the forecast period (2022-2030), according to Global All-Terrain Vehicle (ATV) Lighting Systems Market Report, by Type (Rear Lighting, Front Lighting, and Others), by Supplier (OEM and Aftermarkets), 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.
Key Developments
- In August 2021, Warn Industries, a manufacturer of vehicle recovery equipment and off-road vehicle accessories announced the acquisition of Fab Fours, Inc. a manufacturer of fabricated mounting solutions. This acquisition has been done in order increase the product portfolio of Warn Industries
All-Terrain Vehicle (ATV) Lighting Systems Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has adversely affected the global all-terrain vehicle (ATV) lighting systems market. Moreover, the lack of raw materials caused disruptions in the supply chain and logistics, and because of this manufacturers faced financial crises this led to the suspension of many new projects which directly impacted the sales of all-terrain vehicle (ATV) lighting systems. Hence, the global all-terrain vehicle (ATV) lighting systems market witnessed slow growth during the pandemic.
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Key Trends and Analysis of the Global All-Terrain Vehicle (ATV) Lighting Systems Market:
- North America held dominant position in the global all-terrain vehicle (ATV) lighting systems market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to increase in the number of ATV events. For instance the, in Ontario, Canada, around 60 ATV events were held in the year 2019.
- Asia Pacific is expected to show significant growth throughout the forecast period, owing to increasing popularity of ATV racing events. For instance, in March 2019, Auto Sports India organized ATV championship in three categories: Drag race, Solo Dirt Race, and Endurance Race in Goa.
- Europe, Middle East and Africa are also expected to show significant growth during the forecast period, owing to increasing demand for automobile racing sports
- Among supplier, the OEM segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to the one year warranty provided by the ATV manufacturers. For instance, American Honda Motor Co., Inc is offering 1 year warranty on new vehicles. If any part of the vehicle gets damaged within 1 year, then company replaces it free of cost. Also, American Honda Motor Co., Inc offers an extended warranty of 5 years under the Honda Care Protection Plan.
- 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
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