New York, US, June 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “All-Terrain Vehicle Market Information by Vehicle Type, Displacement, Application, and Region - Forecast till 2030", The All-terrain vehicle market will be surging from USD 4.63 billion in 2022 to USD 8.79 billion in 2030, at a rate of 8.32% over the review period (2022– 2030).
All-Terrain Vehicle Market Synopsis
All-terrain vehicle market is renowned for their ability to manoeuvre across difficult terrain. Comparing ATVs used in sports, forestry, surveying, agriculture, and military & defence to standard cars, the rugged vehicle design offers more protection against hard operating environments. Due to their ability to effortlessly transport equipment and fixtures while providing access to isolated places and difficult terrain, these motorised vehicles have grown in popularity in recent years. Furthermore, off-road applications dominate the employment of these vehicles. However, several regions have recently permitted the usage of these cars on public highways.
All-Terrain Vehicle Market Competitive Landscape:
The highly renowned companies in the all-terrain vehicle industry are.
- Honda Motor Company Ltd. (Japan)
- Polaris Industries Inc. (U.S.)
- Yamaha Motor Company Limited (Japan)
- Bombardier Recreational Products (Canada)
- Arctic Cat (U.S.)
- Kawasaki Heavy Industries Ltd. (Japan)
- Suzuki Motor Corporation (Japan)
- CFMOTO Powersports Inc. (U.S.)
- KTM AG (Austria)
- BMW (Germany)
- Among others.
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All-Terrain Vehicle Market USP Covered:
Market Drivers:
A rising consumer preference for off-road recreational activities and adventure sports is one of the key factors propelling the all-terrain vehicle market's expansion. ATVs are increasingly being equipped by suppliers with Bluetooth and GPS tracking systems, which enhance the driving experience. The industry is also being advanced by several technical developments, such as the development of electric quad bikes and the installation of improved steering systems, hydraulic pump connections, joystick controls, and graphic displays in ATVs. Significant growth in the tourism sector, expanding urbanisation, and rising consumer spending power are a few factors that favourably affect the market.
The market growth is being encouraged by military organisations' demand for ATVs. A Sportsman Big Boss, MRZR, two ATVs, and UTVs were provided to Latvia by Polaris Government & Defence, a U.S.-based company. These Polaris vehicles were planned to be delivered in 2020 as part of a U.S. government programme for military applications. The market for these vehicles is expanding as a result of increasing demand from the defence industry.
In the agriculture industry, there is a growing need for ATVs for a variety of farm-related tasks like weeding, field ploughing, fence repair, handling animals, and basic transportation. Construction, manufacturing, utilities, search and rescue, and mining are just a few of the businesses that use All-terrain vehicle. Off-road racing and adventure sports competitions are sponsored by well-known companies, and they also plan these events to attract new customers and raise brand awareness.
Market Restraints:
Although the industry is expanding in many areas, buying a vehicle involves a significant initial cost. The expensive cost of these automobiles can limit market expansion. Another important factor reducing demand for off-road vehicles is the rise in accidents using All-terrain vehicle. ATV-related regulations have been imposed or enacted by emerging nations. However, due to ignorance, infractions of rules and regulations have resulted in car accidents and fatalities. The U.S. Consumer Product Safety Commission (CPSC) recently released market statistics showing that 2,258 off-highway vehicle-related fatalities were reported between 2015 and 2017. Additionally, this has a detrimental effect on customers' purchasing decisions, which is limiting and decreasing sales globally.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 8.79 Billion |
| CAGR during 2022-2030 | 8.32% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, displacement, Application, and Region |
| Key Market Opportunities | Higher purchasing power and spending capacity of individuals and societies |
| Key Market Dynamics | Increasing investments in recreational activities |
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All-Terrain Vehicle Market COVID 19 Analysis
The COVID-19 outbreak has disrupted the supply chain and halted logistics operations all around the world through flight disruptions, travel restrictions, and quarantines. In the first half of 2020, industry experts that work in the global light commercial vehicle industry estimated that the automotive industry saw a negative growth of between 5% and 10%. Transit restrictions and supply chain disruptions were just two of the variables that contributed to this drop. Because of the supply chain disruption caused by the COVID-19 pandemic, it has had a large global impact.
All-Terrain Vehicle Market Segmentation
All-Terrain Vehicle Market By Vehicle Type
Depending on the type of vehicle, the All-terrain vehicle market is divided into Sports Utility, Utility, Recreational, Sports, Touring, and Others. With a sales share of more than 45% in 2020, the sports category led the market. Increasing numbers of sporting events in developed and developing economies account for the sports segment's dominant market share. Governments throughout the region have increased budgetary allotments for the construction of new off-road vehicles, which is advantageous to recreational enthusiasts and encourages adventure sports in the region.
All-Terrain Vehicle Market By Application
Sports, entertainment, agriculture, the military, hunting, and other uses are included in the market segmentation for All-terrain vehicle based on application. The market with the biggest revenue share would be driven by the rising demand for utility All-terrain vehicle in agriculture and military & defence applications across various regions.
During the projection period, the military & defence category is anticipated to develop at the fastest rate. It is as a result of military forces all around the world increasingly favouring UTVs and ATVs. Better mobility for tactical operations is the main factor driving up demand for these vehicles in the military industry. Additionally, the exceptional adaptability and navigational features provide drivers with exact directions. In 2020, the military & defence sector held a 16.33% market share.
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All-Terrain Vehicle Market Regional Insights
At a CAGR of 3.4% during the forecast period, North America is expected to grow from USD 2.51 billion in 2020 to USD 3.25 billion by 2028. With a market revenue share of more than 45% in 2020, North America held the top spot. The growth of the industry in this area is greatly aided by the presence of some of the top producers of All-terrain vehicle market, including Polaris, Textron, BRP, and American Honda Motors, among others, in the United States and Canada. Due to a developed economy, more disposable money, campaigns promoting electric vehicles, and government regulations governing ATVs, the U.S., and Canada are the top two nations where usage of such vehicles has increased dramatically. The United States has the largest market share, according to market research, thanks to its robust military, agricultural, sporting, entertainment, and construction sectors. As demand slowly increases, it is projected that the U.S. will continue to be the region's largest market.
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Europe is projected to see a CAGR of 6.3% between 2021 and 2028. ATV demand in the region is expected to increase over the course of the forecast period as a result of rising demand for road vehicles for use in agricultural, military, and defense applications. Standardized safety criteria, testing procedures, and enhanced regulations governing emissions from non-road mobile gear are all expected to increase market demand.
Over the course of the review period, there will likely be a significant growth in demand for ATVs in Asia Pacific. It's because of the sizable addressable market, rising military expenditures, and affordable production. Important suppliers from Japan, like Suzuki, Honda, Kawasaki, and Yamaha Motor Corporation, are essential to the region's market expansion.
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