SEATTLE, May 04, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global all-terrain vehicle (ATV) lighting systems market was valued at US$ 107.7 million in 2019 and is projected to exhibit a CAGR of 3.2 % over the forecast period (2020–2027).
Key Trends and Analysis:
The global all-terrain vehicle (ATV) lighting systems market is expected to exhibit significant growth during the forecast period, owing to recent innovations that made ATV racing more secure. For instance, Yamaha Motor Pvt. Ltd. and French helmet maker, Shark Helmets launched a specially designed ATV racing helmet Shark-16 in April 2017.The Shark-16 is light in weight and made up of composite fiber, which delivers maximum protection. Moreover, Point to vest company designed special jackets for the ATV riders. The probability of rider falling from ATV vehicle is high, as ATVs are off-road vehicles. The jacket is connected with the ATV so that if the rider falls from the ATV, the jacket instantaneously gets filled with three liters of carbon dioxide. Owing to the above mentioned reasons, ATV racing has become more secure. The above mentioned factors are expected to aid in positive growth of the market.
Request for Sample PDF copy @ https://www.coherentmarketinsights.com/insight/request-sample/3812
The recent technological developments are expected to increase demand for ATVs across the globe, which is expected to drive growth of the market. Many ATV manufacturers have launched electric ATV in the recent years. For instance, Rissala Electric Motor Pvt Ltd launched Evolet Warrior, an electric ATV, in September 2019. The maximum speed of this vehicle is 60 km/hr with an output of 3,000 watt. This electric vehicle does not emit any pollutants. The demand for electric vehicles is also expected to increase in the near future due to low operational cost. As the sales of electric ATV is expected to increase over the forecast period, the all-terrain vehicle lighting systems market is also expected to show a significant growth during the forecast period.
Read Report Summary @ https://www.coherentmarketinsights.com/market-insight/all-terrain-vehicle-lighting-system-market-3812
Key Market Takeaways:
- The global all-terrain vehicle (ATV) lighting systems market is projected to witness a CAGR of 3.2% during the forecast period, owing to recent technological developments and upgraded performance of all-terrain vehicles
- 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, in Ontario, Canada, around 60 ATV events were held in the year 2019.
- Asia Pacific is expected to show significant growth during 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.
- Among suppliers, 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 given by the ATV manufacturers. For instance, American Honda Motor Co., Inc is offering 1 year warranty for 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 extended warranty of 5 years under the Honda Care Protection Plan.
- Among type, front lighting system segment is expected to be the fastest growing during the forecast period. This is owing to the need for high visibility in off-road areas to avoid the risk of accidents.
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
Buy-Now this Report Now @ https://www.coherentmarketinsights.com/insight/buy-now/3812
Market Segmentation:
- Global All-Terrain Vehicle (ATV) Lighting Systems Market, By Type:
- Rear Lightning
- Front lightning
- Others
- Global All-Terrain Vehicle (ATV) Lighting Systems Market, By Supplier:
- Aftermarkets
- OEM
- Global All-Terrain Vehicle (ATV) Lighting Systems Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- North America