MRC recognizes the following companies as the key players in the Global ATV lighting system market: HELLA, Lazer Star Lights, PIAA Corporation, Polaris Industries, and Vision X USA.
Other Prominent Vendors in the market are: Baja Designs, LabTek Off-Road, MagnetiMarelli, Nextech Industries, Oracle Lighting, OSRAM, Plasmaglow, Warn Industries, and Xprite.
Commenting on the report, an analyst from MRC’s team said: “One trend in the market is advancements in LED technology. Earlier, LEDs were brighter, smaller, and were a better source of luminance; however, with the technological advancements, the source size can be reduced, and the luminance can be improved, thus offering features like advance dynamic beam system. The advance dynamic beam system allows the light beam to be switched between low and high beam.”
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According to the report, one driver in the market is lighting systems in ATV as safety measures. Fatality rates in ATV accidents are increasing in recent times. Lack of proper safety standards governing the usage of ATVs, irregular usage of safety equipment and intense nature of vehicle usage is causing majority of the fatalities associated with ATVs. The potential of getting hurt is maximized while riding an ATV. Moreover, the lack of specific safety mandates governing the use of ATVs further increases the chances of accidents. Both the three- and four-wheeled models of ATVs are large, and have narrow a wheelbase with soft tires and high center of gravity, thus making them hazardous for anyone who rides them.
Further, the report states that one challenge in the market is high price of LED lights. With the rising prices of the raw materials for LED chips, the prices of LED lighting systems are also increasing. There was a hike in the price of aluminum, copper, gold wire, and printed circuit board (PCB) substrate in 2016. The increase in raw material pricing was influenced by the US presidential election, where the raw material market faced a major infrastructure change. Addition to this was the depreciation of China's currency, which indirectly pushed up the material cost of LED chips. San’anOptoelectronics, China's major LED supplier, announced an 8% hike in the price of its products, which was effective since January 2017.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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