ROCKVILLE, Md., Feb. 22, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR- a market research and competitive intelligence provider- the global market for all-terrain vehicles thrived at a CAGR of over 2% from 2016 to 2020, to reach US$ 3 Bn.
Sales outlook of all-terrain vehicles as per Fact.MR’s report is fairly positive, expected to touch US$ 4.2 Bn following a CAGR of 3.4% over the projected period 2021-2031.
North America is expected to embrace its dominance in market with over 50% holdings in all-terrain vehicles industry. Asia stands next in the queue with plentiful growth opportunities, especially in China and India.
“Progress of hybrid engines with upgraded efficiency and negligible emissions accompanied by the introduction of lightweight models will further encourage industry growth till 2031,” comments a Fact.MR analyst
All-Terrain Vehicle Market Share & Trends Analysis, By Drive Type (2WD in All-Terrain Vehicles, 4WD in All-Terrain Vehicles, Others), By Fuel Type (Gasoline-powered All-Terrain Vehicles, Electric-powered All-Terrain Vehicles), By Seating Capacity, By Application & By Region Forecast, 2021-2031
Rising electric vehicles popularity along with inclination towards off-road sports has impelled market demand for all terrain vehicles. Additionally, development of intelligent torque vectoring for AWD is a major trend driving the growth of the market.
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Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In Sept 2018, Powersports manufacturer Polaris Industries Inc. and WSI Industries Inc. jointly announced a merger agreement in cash for a total enterprise value of approximately US$23.9 Mn. The merger is expected to close in the Q4 of 2018.
- In June 2021, Honda becomes the first of Japan’s automakers to state publicly it will phase out sales of gasoline-powered cars completely, setting 2040 as the goal. The company plans to unveil 3 new electric two-wheelers by 2024, as well as 10 new EV cars in China within 5 years.
The global shipment of all-terrain vehicles are expected to surpass US$ 4 Bn by 2031, according to Fact.MR. As per the report, the market for all-terrain vehicles is anticipated to surge 1.4x until 2031.
Fact.MR’s report on the all-terrain vehicles market expects a moderate expansion trajectory, expanding at over 3% CAGR to surpass US$ 4 Bn by the end of the 2021-2031 forecast period. Increasing demand for off-road vehicles across various industries is spurring demand in recent years.
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Key Segments Covered
Drive type
- 2WD in All-Terrain Vehicles
- 4WD in All-Terrain Vehicles
- AWD in All-Terrain Vehicles
Fuel Type
Gasoline-powered All-Terrain Vehicles
- Below 400 cc
- 400 - 800 cc
- More than 800 cc
Electric-powered All-Terrain Vehicles
- Seating Capacity
- One Seat All-Terrain Vehicles
- Two Seat All-Terrain Vehicles
Application
- Sports All-Terrain Vehicles
- Entertainment All-Terrain Vehicles
- Agriculture All-Terrain Vehicles
- Military & Defence All-Terrain Vehicles
- Other (Hunting & Forestry, etc.) All-Terrain Vehicles
Age Group
- All-Terrain Vehicles for Youth
- All-Terrain Vehicles for Adults
Number of Wheels
- Four Wheeled All-Terrain Vehicles
- Four Wheeled All-Terrain Vehicles
To get to know more about the short-term and long-term impact of COVID-19 on this all-terrain vehicles market,
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Key Takeaways from the Market Study
- The global All-terrain vehicles market is anticipated to add 1.4x value by 2031
- By fuel type, gasoline-based all-terrain vehicles accounted for 3 out of 5 sales in 2020
- ATVs with more than 4 wheels to accelerate at a CAGR of over 3% until 2031
- In terms of seating capacity, two seat all-terrain vehicles to account for 2/5th of global revenue
- By application, military & defence ATVs to register a CAGR of 2.4% across the forecast period
- U.S market for ATVs was valued at US$ 2.3 Bn in 2020, capturing 50% of global demand
- Sales of ATVs in China are forecast to reach a projected size of US$ 2.1 Bn by 2031
- India is likely to emerge as a highly opportunistic market in coming years
Historical performance reveals that sales of all-terrain vehicles expanded at over 2% CAGR between 2016 and 2020, closing in at US$ 3 Bn by the end of the aforementioned period. The outbreak of COVID-19 have stalled prospects, as production crunches experienced during the lockdowns significantly hindered automotive production. Prospects improved in the second half of 2020, however, prospects are expected to remain moderate.
With the burgeoning demand for off-road vehicles, all-terrain vehicles are steadily gaining traction across several fields such as sports, agriculture, military, tourism and entertainment which is estimated to foster the demand in forthcoming years.
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Key Points Covered in All-Terrain Vehicles Industry Survey:
- Market Estimates and Forecasts 2016-2031
- Key drivers and restraints shaping market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on All-terrain Vehicles and how to navigate
- Recommendation on key winning strategies.
Fact.MR, in its new offering, presents an unbiased analysis of the all-terrain vehicles market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on the drive-type (2WD, 4WD and AWD) fuel type (gasoline and electric) applications (military, sports, agriculture, entertainment and others) seating capacity (one seat, two seat) age-group (young and old) and wheels (four and more than four) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa)
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