Pune, India, March 24, 2021 (GLOBE NEWSWIRE) -- The All-Terrain Vehicles Market Size was valued at USD 3.8 billion in 2020 and is projected to grow at a CAGR of 3.2% during the forecast period from 2020 to 2028. All-terrain vehicles are equipped with a motor with one seat and three or more wheels equipped with large tires, designed for unsurfaced roads. The vehicles have low-pressure tires and handlebars having strong structures, which help in operating over wetlands and muddy and dune topologies.
An all-terrain vehicle is designed to operate in a vast array of terrains compared to other vehicles. Though it is a street-legal vehicle in many nations, it is not street-legal in some states, territories, and regions of the United States, Canada, and Australia. All-terrain vehicles are planned for use by a single driver, although some companies have developed advanced all-terrain vehicles designed for use by the driver and one passenger. These all-terrain vehicles are known as tandem all-terrain vehicles. The rider sits on and rides this vehicle like a motorcycle, but the additional wheels give more strength at low speeds. Although most of these vehicles are fitted with three or four wheels, six-wheel patterns are also available for special applications.
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Rising demand for outdoor amusements activities, increasing number of adventure parks, and the growing need for all-terrain vehicles for agricultural and military applications are the major factors that are driving market demand. Growing purchasing power and disposable income in emerging, as well as developing nations, are anticipated to increase the demand for all-terrain vehicles over the predicted period.
One of the important factors to assist the development of the all-terrain vehicles market is that these vehicles offer a simple option for people with physical disabilities to explore the natural terrain. A rise in tourism, along with the growth in recreational activities, is playing a crucial role in the growth of this market. Moreover, numerous technological advancements, including the advancement of electric quad bikes and the implementation of enhanced steering functions, hydraulic pump connections, and graphic displays in all-terrain vehicles, are also promoting market development.
Some Noted Developments Considered in the Report:
- August 2020 - Polaris disclosed the brand-new Sportsman 450 H.O and Sportsman 570, promoting its already industry-dominating all-terrain vehicles offering. Polaris started with the iconic Sportsman features that are known and loved by bikers, and then advanced them further, thereby increasing the level once again. This modern generation Sportsman is the effortless, strongest, and the most flexible value all-terrain vehicle, which is the ideal choice for riders of all skill and experience levels.
- January 2019 - Textron Specialized Vehicles Inc., a Textron Inc. company, declared the launch of its Hauler 800 ELiTE electric utility vehicle, operated by Samsung SDI lithium technology.
- June 2018 – BRP reached a critical achievement with its 2019 range of Can-Am all-terrain vehicles. It has brought its eminent performance, capability, and operation, together with Antilock Brake System (ABS) technology.
- January 2018 - Honda launched the autonomous 3E-D18 all-terrain vehicles that can be utilized as a workhorse by farmers, search & rescue teams, and adventurers.
COVID-19 Impact on All-Terrain Vehicles Market
The QMI team is closely monitoring the impact of COVID-19 on all-terrain vehicles market, and it has been observed that the demand for all-terrain vehicles has slowed down during the pandemic time. But it is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have implemented strict lockdown norms, which have been hampering all kinds of business activities.
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Demand & supply of products, raw materials, and manufacturing facilities have been completely disrupted, which has resulted in weak product and service demand. Among various industries, transportation, aviation, oil & gas, and electronic industries have suffered huge financial losses. As a result, there is weak demand for all-terrain vehicles. All these factors have been mentioned and analysed in details in this report.
Global All-Terrain Vehicles Market, By Application
By application, the all-terrain vehicles market has been segmented into recreation, sports, agriculture, military & defense, and hunting & forestry. The recreation segment holds a considerable share in the all-terrain vehicle market due to an increasing inclination of people towards camping and hiking. Government institutions are arranging multiple programs and giving permits to individuals engaged in off-highway activities. In 2018, Oregon Parks and Recreation Department initiated the All-terrain vehicles program for giving information connected to off-road vehicle operating chances. This program allows funding for emergency medical assistance and safety education as well. Such programs are boosting the growth of this segment.
Global All-Terrain Vehicles Market, By Drive
By drive, the all-terrain vehicles market has been segmented into 2WD, 4WD, and AWD. The AWD segment is projected grow at the highest rate in the global market. In AWD all-terrain vehicles, the engine energy is divided among all wheels. AWD terrain vehicles are designed for the safety and security of riders, giving them twice the grip. In a risky situation where the track is slippery and dangerous, instant adhesive friction is needed to shift safely into a combining terrain. AWD terrain vehicles provide the best solution for smooth movement of the vehicle. This is contributing towards the growth of the segment.
Global All-Terrain Vehicles Market, By Fuel
By fuel, the all-terrain vehicles market has been segmented into gasoline and electric operated ATV. Gasoline and electric energy are primarily used for operating an ATV. Gasoline is anticipated to be the largest segment in the all-terrain vehicles market by fuel type. It will attract many manufacturers and suppliers in the forthcoming years with increased demand for gasoline all-terrain vehicles in applications like military and sports. Additionally, electric all-terrain vehicles have less adoption worldwide because they create less energy compared to the gasoline variant.
Global All-Terrain Vehicles Market, By Engine
By engine, the all-terrain vehicles market has been segmented into <400cc, 400cc to 800cc, and >800cc. The 400cc to 800cc segment is holding a remarkable share in the all-terrain vehicles market due to the need of these vehicles for search & rescue operations and utility. Government organizations are acquiring all-terrain vehicles for rescue operations in desert and forest areas.
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Global All-Terrain Vehicles Market, By Region
By region, the all-terrain vehicles market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is anticipated to hold the highest market share during the forecast period. Factors like the increasing need for all-terrain vehicles, forthcoming electric vehicle projects, increasing disposable income of individuals, the opportunity for new and modern technologies, a developed economy, and government norms regarding all-terrain vehicle designs have raised the need for all-terrain vehicles in the region.
The U.S. records for the highest share of the all-terrain vehicle market due to increasing need in applications like agriculture, military, sports, forestry, entertainment, mining, and construction activities. As the demand for all-terrain vehicles continues to rise, the U.S. is anticipated to remain the highest all-terrain vehicles market in the North American region.
Some Major Findings of All-Terrain Vehicles Market Report Include:
- Major global market trend & forecast analysis, along with a country-specific market analysis for up to 25 countries.
- An in-depth global all-terrain vehicles market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of the major key market players operating in the global all-terrain vehicles market, which include Polaris Industries, Textron, Honda, Kawasaki, Suzuki, BRP, John Deere, Arctic Cat, Hisun Motors Corp., U.S.A., Linhai, CECTEK, and Yamaha Motor Corporation, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global all-terrain vehicles market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “All-Terrain Vehicles Market, By Application (Recreation, Sports, Agriculture, Military and Defense, and Hunting & Forestry), By Drive (2WD,4WD, and AWD), By Fuel (Gasoline, Electric ATV), By Engine (<400cc,400cc to 800cc, and >800cc) By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2016-2028” in-depth analysis along with the table of contents (ToC).
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