Pune, India, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global All-Terrain Vehicle Market size was valued at approximately USD 5.21 billion in 2020. The market is projected to rise from USD 5.37 billion in 2021 to USD 7.50 billion in 2028 at a 4.90% CAGR during the assessment period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “All-Terrain Vehicle Market, 2021-2028.”
Key Industry Developments
- July 2021- Polaris rolled out its 2022 model year range such as rider-inspired innovations and advancements across the RZR, RANGER, GENERAL, and Sportsman brands.
- November 2020- American Honda launched the 2021 version of their smallest ATVs- TRX250X sport model and FourTrax Recon multipurpose model.
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Drivers and Restraints
Strong Demand from Agriculture and Military & Defense to Bolster Growth Potentials
The All-Terrain Vehicle Market growth will be noticeable in the wake of rising penetration of the light utility vehicles across applications, including animal handling, field plowing and weed removal, among others. Besides, the military sector will be one of the primary recipients of the off-road vehicles following the investments from governments and other stakeholders. For instance, Polaris Government & Defense donated MRZR and two ATVs and UTVs to Latvia. Growing military applications ATVs are likely to encourage companies to invest in the landscape.
Meanwhile, a spike in the number of accidents as well as high costs could impede the market growth.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2019 to 2026 CAGR | 4.90% |
| 2026 Value Projection | USD 7.50 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 5.37 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | By Engine Size, By Application Type, By Geography |
| Growth Drivers | Increasing Demand for Recreational Activities and Rising Demand for ATVs in Agriculture and Military |
| The demand for ATVs from military organizations is propelling the market | |
| High Cost, and Growing ATVs Related Accident may Hamper the Growth of the Market |
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COVID-19 Impact
Dip in Sports Events to Mar the Industry Forecast Amidst the Pandemic
The COVID-19 outbreak had a notable influence on the industry forecast following the plunge in sports events and recreational activities. Supply chain disruptions, including surge in raw material costs could hamper the market. Prominently, escalating concerns of the U.S.-China trade war and the emergence of new players are likely to challenge ATV vehicle manufacturers.
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Regional Insights
Expanding penetration of key players, such as American Honda Motors, BRP, Textron, and Polaris, in the U.S. and Canada will support the leading companies, thereby bolstering the North America All-Terrain Vehicle Market share. Industry participants are likely to inject funds into the region owing to robust electric vehicle initiatives and demand from the military sector.
The market in Asia Pacific will be strong with soaring military spending and low-cost manufacturing across China, India, and Australia. Besides, advancements in the agriculture sector will bode well for regional growth. Not to mention, strategic approaches from Honda, Suzuki, and Yamaha Motor Corporation in Japan will remain instrumental over the next few years.
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Competitive Landscape
Leading Companies to Invest in Mergers & Acquisitions to Boost their Portfolio
Industry participants are expected to inject funds into organic and inorganic strategies such as product rollouts, mergers & acquisitions, technological advancements, and R&D activities. The competitiveness of the All-Terrain Vehicle Market will be propelled by geographical expansion and investments in product offerings.
Major Players Profiled in the Market Report
- Polaris Industries. (Medina, Minnesota, U.S.)
- Textron (Providence, Rhode Island, U.S.)
- Honda Powersport (Tokyo, Japan)
- Kawasaki heavy industries (Tokyo, Japan)
- Suzuki Motor Corporation (Hamamatsu, Shizuoka, Japan)
- BRP (Valcourt, Quebec, Canada)
- Yamaha Motor Corporation (Iwata, Shizuoka, Japan)
- Cfmoto (Hangzhou, China)
- Hisun (Chongqing, China)
- KYMCO, Inc. (Kaohsiung City, Taiwan)
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