New York, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global all-terrain vehicle (ATV) market size is slated to expand at ~5.70% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 10.46 billion by the end of 2035, up from a revenue of ~USD 5.38 billion in the year 2022.The rising agricultural production and the huge number of the population employed in the agriculture sector is a major factor that is boosting the market growth. Agriculture employs over one-quarter of the global labor force.
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In several low- to middle-income nations, a lot of people work in agriculture and are dependent upon it. This will increase the number of workers using all-terrain vehicles. Moreover, owing to their higher speed and low carbon footprint, the ATVs are extensively used in the agriculture sector.
Procurement of All Terrain Vehicles by Military is to Boost the Growth of All-Terrain Vehicle (ATV) Market
The US Army has allotted a contract of USD 278 million to the BAE Systems (both American and Swedish branches) to build a new Cold Weather All-Terrain Vehicle for the US military. This project will be completed with BAE Systems collaboration with Oshkosh Defense-ST Engineering. The BAE Systems will provide its manufacturing unit, logistic support, and spare parts. All-terrain vehicles are highly essential for the military. They enable heavily outfitted SOF operators to maneuver quickly around the conflict zone in terrain that larger, heavier vehicles cannot easily negotiate.
All-Terrain Vehicle (ATV) Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The Rising Ownership of All Terrain Vehicles to Boost the North America Region
The All-Terrain vehicle (ATV) market in the North America region is anticipated to garner the largest revenue by the end of 2035. ATVs are extremely versatile and may be used for a variety of activities in the North America region. They are popular for a variety of recreational activities such as off-roading, exploring tough terrain, trail riding, and so on. This has increased the popularity of all-terrain vehicles in the region thus contributing the market growth. In Canada, around 61% of people have ridden all-terrain vehicles at least once, and nearly 15% drive them often. ATVs are very easy to learn, therefore it is accessible to a wide range of people, including family, outdoor recreational enthusiast, and others,
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Government Initiatives to Provide Assistance to Farmers to Elevate Market Growth in Asia-Pacific
The Asia-Pacific All-terrain vehicle (ATV) region is projected to have significant growth by the end of 2035To support the poor farmers and boost the agriculture sector of the nation, the Indian government has taken various initiatives to provide investment for building advanced technology and support the sector and farmers. The Summit on Farm Machinery Technology, organized by the Confederation of Indian Industry (CII) and Tractor and Mechanization Association (TMA), was opened by Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar. The aim of the summit is to help around 85% of farmers by providing them with farm technology and machinery.
All-Terrain Vehicle (ATV), Segmentation by Fuel Type
- Electric
- Solar
- Gasoline
- Diesel Powered
Based on fuel type, the electric segment is anticipated to dominate the market. Electric vehicles and machinery are the present and future of the world, and it is expected to hold the largest share in the upcoming years. Owing to higher pollution levels and the need to curb the levels of greenhouse gases, electric vehicles are gaining huge investment, and there are various government policies that favor the production of electric-powered machines and vehicles. Vehicle and battery manufacturers intend to make investments of USD 860 billion in making the switch to EVs by 2030.
All-Terrain Vehicle (ATV), Segmentation by Application
- Mountaineering
- Military
- Agriculture
The agriculture segment is predicted to hold the largest market share. The rising pest infestation has increased the demand for ATVs for agricultural farms. Farmers use the gadget to easily and effectively monitor their fields, livestock, and crops. They can readily assess agricultural status, examine for insect infestations, and inspect crop and animal health. Pests are responsible for up to 40% of all worldwide crop production loss, estimated by FAO. Diseases related to plants cost the world economy more than USD 220 billion per year
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A few of the well-known market leaders in the global all-terrain vehicle (ATV) market that are profiled by Research Nester are Suzuki Motor Corporation, Yamaha Motor Co., Ltd., BRP, Kawasaki Heavy Industries Ltd., Hisun, Kubota Corporation, Zhejiang CFmoto Power Co., Ltd., Polaris Inc., and Textron Inc.
Recent Developments in the All-Terrain Vehicle (ATV) Market
- Polaris has announced the launch and commercial availability of its new RZR Pro R Sport all-terrain vehicle in India. It will be priced at USD 71,000, it is mainly designed for off-road uses. The Polaris RZR Pro R Sport ATV is driven by a 2.0-litre, 4-cylinder engine with 222 BHP. An automatic gearbox is also connected to the engine.
- The Lamborghini Huracan Steratto was launched as the Huracan family's off-road vehicle. The Lamborghini Huracan Sterrato will only be restricted to 1,499 copies, making it one of the most exclusive Lamborghini models.
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