MarketStudyReport.com Add New Global All-Terrain Vehicle (ATV) Market Size, Status and Forecast 2024 to its research database. The report presents a deep study of the market growth factors and drivers. The report spread across 197 pages with table and figures in it.
All Terrain Vehicle Market is estimated to surpass USD 8 billion by 2024; according to a new research report.
Increasing adoption of recreational off-road activities such as racing and sports along with increasing consumer disposable income across the globe will primarily drive the growth over forecast timespan. The industry is witnessing regular advancements for the production of eco-friendly version of these vehicles that lead to reduction in sound and environmental pollution, propelling the industry growth.
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Regulatory authorities such as All-Terrain Vehicle Safety Institute (ASI) controls and promotes the usage of ATV approved products including footrest, seatbelt, or helmets. Regulations are also mandated for restricting the usage of these vehicles by the children below sixteen years and number of passengers per vehicle for reduction of injuries and fatalities. The industry has also witnessed an upsurge in various regions across the globe due to unique ride experience. However, rising demand for advanced features including display monitor and integrated communication systems will lead to increased production costs, hampering the industry growth.
Utility ATV will account for highest revenue share in the ATV market crossing USD 3 billion till 2024. These vehicles are critical for military & defense operations as they seamlessly work on rocky and rough terrain. These factors contribute significantly towards the high revenue generation. Cargo capacity and quick mobility of these vehicles on hard surfaces are of high importance in anti-terrorist operations and border security combats, which in turn propels the product usage, strengthening its penetration over the forecast timeframe.
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Youth ATV is likely to grow significantly, exhibiting approximately 5% CAGR from 2017 to 2024. High prominence among youth across the globe coupled with rising focus of manufacturers towards providing these vehicles for various sports events will drive the industry growth. Availability of sports and smaller ATVs in both engine and actual will further support the segment’s growth.
All-terrain vehicle market from sports application is likely to capture highest share of around 30% over the next eight years. High revenue generation can be attributed to increasing sports and racing events across the globe, especially in developed regions.
Military & defense is expected to exhibit almost 5% CAGR till 2024. Increasing implementation in customized applications at inaccessible locations for supplying armor and transportation purposes will drive the industry growth.
North America all-terrain vehicle market is projected to cross USD 4 billion over the forecast timeframe. Shifting trend towards extensive usage in various terrains including agricultural lands, forestry, and mountains across the region will contribute significantly to the revenue generation. U.S will account for major share in the region owing to presence of unpaved roads, large stretches of natural terrain, and large farms & ranches across the country. Moreover, presence of major ATV manufacturers such as Polaris Industries, BRP, and Arctic Cat will further support the region’s dominance till 2024.
Asia Pacific all-terrain vehicle market will exhibit over 5% CAGR from 2017 to 2024. Proliferating demand from the emerging economies including India and China will have a significant contribution towards the revenue generation. Numerous industry participants are focusing on setting their manufacturing units in these countries. For instance, in 2017, Scorpio decided to venture into ATV market in India. These initiatives by industry participants will induce immense potential to the region’s growth.
Polaris Industries, Arctic Cat, Can-Am, Honda, and Yamaha are among the prominent participants in all terrain vehicle market. Other noticeable players include Suzuki, Shuopu, KYMCO, John Deere, Cecktek, and Taiwan Golden Bee. Mergers and acquisitions are among prominent strategies implemented by the competitors to enhance their share in the industry. For instance, in 2015, Polaris acquired Hammerhead for expansion of its product portfolio.
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