Chicago, Oct. 18, 2022 (GLOBE NEWSWIRE) -- All-terrain Vehicle Market size is projected to reach USD 5.0 billion by 2027, from an estimated USD 4.3 billion in 2022, at a CAGR of 2.7%, from 2022 to 2027. According to a new report by MarketsandMarkets increasing demand for all-terrain vehicles in agriculture, military & defense, and recreation is driving the growth of the ATVs Market. Also, the increased purchasing power and spending capacity of individuals and societies for leisure and adventure vehicles would increase the sales of all-terrain vehicles, which would drive the market for all-terrain vehicles.
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4WD ATVs is estimated to be the largest market during the forecast period
The 4WD ATV is characterized by the engine’s power being equally/differentially divided among the wheels on the front and rear axles. Because of its better control capability and performance in the field, the 4WD ATVs are mainly preferred for utility activities such as farming which require efficient pulling power like inspecting crops and livestock, applying fertilizers and chemicals, marking timber, moving dirt, and transporting materials etc. 4WD are also generally used in recreational activities and offer multiple technical advantages over 2WD. For instance, 4WD offers better holdback when driving downhill, less likely to flip while uphill, better traction inn slippery riding conditions etc. Thus, considering the advantages offered by the 4WD, it leads the market and is expected to remain the dominant market in the forecast period.
Two-seat ATVs is estimated to register the highest CAGR
Two-seat ATVs are designed to carry both the rider and passenger. Two-seat ATVs are generally used for recreational riding, transporting cargo, towing, transporting etc. These ATVs differ from sport ATVs which are smaller, lighter, and designed for fast, extreme riding. The market for two-seater ATV is estimated to grow during the forecast period due to shift in consumer pattern and likeliness for two-seater ATVs and its associated benefits for recreational and occupational purposes. The companies are simultaneously strategizing their designs and models to accommodate the changes in buying pattern of the consumers and coming up with multiple seater capacity for ATVs. In September 2021, Polaris launched RANGER SP 570, available in two-seat crew configurations with a 44 hp ProStar 570 engine and 1,500 pounds of towing capacity.
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“Asia Pacific to be the fastest growing market for All-terrain vehicles”
The major all-terrain vehicle countries in Asia Oceania are China, Australia. Australia is the largest seller of ATVs in the region. Utility ATVs are estimated to hold the largest share of the All-terrain Vehicle Market, by type, in the region. Utility ATVs are multipurpose and can be used in different applications such as military, agriculture, construction, forestry, etc. The region, thus, offers lucrative opportunities for all-terrain vehicle manufacturers. In addition, the increasing demand for recreational and sports activities in countries such as India and Australia would further drive the All-terrain Vehicle Market.
OEMs such as Honda Motors (Japan) and Kawasaki (Japan) have manufacturing units in the Asia Oceania region. Factors such as increasing GDP, rising per capita income, low production costs, availability of cheap labor, and government initiatives for FDIs have created growth opportunities in the Asia Oceania region. The region has a higher growth potential than matured markets such as North America and Europe, which encourages the growth of the All-terrain Vehicle Market.
Key Market Players
The All-terrain Vehicle Market is primarily dominated by globally established players such Polaris (USA), Honda (Japan), Can-Am (Canada), Yamaha (Japan), and Textron (USA). These companies are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high growth ATV market across different regions.
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