New York, United States , Dec. 13, 2022 (GLOBE NEWSWIRE) -- The Global All-Terrain Vehicle Market Size was valued at USD 1.25 billion in 2021 and grew at a CAGR of 5.2% during the forecast period. The Global All-Terrain Vehicle Market size is expected to surpass USD 7.2 billion by 2030. The term "All-Terrain Vehicle" (ATV) refers to a vehicle with three or four wheels, a four-track model, steering handlebars, and a seat that the rider occupies. It was designed with mobility and off-road skills in mind. It is widely utilized in a variety of fields, including forestry, surveying, military, and sports and adventure. To operate such a vehicle safely, one must undergo adequate training. An all-terrain vehicle (ATV), also referred to as a light utility vehicle, a quad bike, or simply a quad, is a vehicle that rides on low-pressure tyres and has a seat that the operator straddles as well as handlebars for steering control, according to the American National Standards Institute (ANSI).
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While it is legal in some countries, majority of Australia's states, territories, and provinces, as well as the US and Canada, forbid it on the road. The phrase "one size fits all" does not apply to ATVs. The ATV industry recommends that all riders operate an ATV that is suitable for their age. ATVs made specifically for children have smaller hands and feet and go more slowly than those made for adults. Every ATV constructed by one of the members has a warning sign attached to it that specifies the manufacturer's suggested minimum age. Most early ATVs had enormous balloon tyres instead of mechanical suspension.
The agricultural industry has seen an increase in the demand for ATVs for a variety of farm-related tasks, including weed management, fence repair, field plough, general transportation, and animal handling. Additionally, they are utilized in industries like manufacturing, building, utilities, mining, and search and rescue. To attract new clients and improve brand awareness, several significant businesses support adventure sports and off-road racing competitions.
In order to provide improved stability and a smoother riding experience over difficult terrains, auto manufacturers have been utilizing innovative technology like electric drive train systems and incorporating advanced amenities, such as GPS displays, high-end stereos, and plush upholstery. For instance, Honda Motor Co., Ltd. unveiled its FourTrax line of recreational and utility ATVs in August 2022. These vehicles have an electronic shift program, an automatic transmission with a hydraulic torque converter, and an electric starter with an auxiliary recoil. The market outlook could improve as a result of increasing government backing for the creation of off-road vehicle adventure routes.
Browse key industry insights spread across 195 pages with 110 market data tables and figures & charts from the report “Global All-Terrain Vehicle Market Size, By Engine Type (Below 400cc, 400cc-800cc, Above 800cc), By Application Type (Agriculture, Sports, Recreation, Military & Defence), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030”.
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Covid 19 Impact on Global All-Terrain Vehicle Market
The COVID-19 virus pandemic caused a substantial setback for the business. The market expansion was limited by a large decline in road transportation and leisure time due to the rising infection rate and the application of social segregation measures to combat the issue. Supply chain management was severely disrupted by the halted operations across industries dealing in non-essential commodities and strict trade barriers, which caused a shortage of raw materials.
Nevertheless, the much-needed boost provided by governments in a number of nations through investments and policy assistance assisted in the resurgence of the industrial sector. The market is also expected to develop significantly as lockdown laws gradually loosen up in several nations and the travel and tourism industry eventually recovers.
Global All-Terrain Vehicle Market, By Engine Type
Over the forecast period, it is expected that the above 800cc category will experience a CAGR of 7.4%. The demand for ATVs with engines larger than 800cc is anticipated to rise as off-trailing sports and events become more prevalent. Vehicles with advanced engine movement capabilities are required for off-roading sports and activities in order to supply improved torque performance and give players a competitive edge. Improved ATVs would make it possible to compete in off-road races and on rough terrain, increasing demand for ATVs with 800cc and larger engines.
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Global All-Terrain Vehicle Market, By Application
Over the course of the forecast period, the all-terrain market's military and defense category is anticipated to grow at a CAGR of 7.9%. ATVs provide mobility and manoeuvrability for tactical missions. Off-road transport, utility, electric ATVs, and combat are all offered by Original Equipment Manufacturers (OEMs) under tactical contracts with military organizations. For use in military situations, Polaris, for instance, offers a variety of ATV models, including the Sportsman MV850, DAGOR A1, and Mrzr D4.
Global All-Terrain Vehicle Market, By Region
From 2022 to 2030, the MEA market is anticipated to grow at a CAGR of 10.0%. The rise in demand for off-road vehicles in the military &defense and agricultural industries is responsible for the market expansion. The creation of uniform test procedures and safety standards, as well as updated laws due to emissions from non-road mobile machinery, are expected to fuel the market's expansion. ATV manufacturers can also experience significant growth opportunities in the Asia Pacific market due to its low manufacturing costs, rising military spending, and sizable addressable market.
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Some Recent Developments in Global All-Terrain Vehicle Market
August 2022: Arctic Cat Inc. selected Garmin International, Inc. to supply customized 5.5-inch Tread navigators for its Wildcat XX Black Hills Edition side-by-side vehicles. The alliance wants to help the company provide clients with a cutting-edge product portfolio. The navigators are a part of the Arctic Cat Inc. 2023 Wildcat XX Black Hills Edition.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Polaris Inc., American Honda Motor Co., Inc., Bombardier Recreational Products (BRP), Yamaha Motor Corporation, Arctic Cat Inc. and others 20+ prominent key players we have added in the final report.
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