DUBLIN–(BUSINESS WIRE)–The “All-terrain Vehicle Market by Type & Application (Sport, Entertainment, Agriculture, Military & Defense), Drive (2WD, 4WD, AWD), Engine (&lessThan;400, 400-800, >800cc), Fuel (Gasoline, Electric), Wheel Number, Seating Capacity, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The all-terrain vehicle market, by value, is projected to grow to USD 4.4 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 2.4% during the forecast period.
The rising demand for ATVs in recreational activities, mainly worldwide championships, will boost the future growth of the all-terrain vehicle market.
The COVID-19 pandemic has had a low impact on the North America and Asia Oceania all-terrain vehicle market. European countries and the RoW region were significantly impacted by COVID-19 and underwent lockdowns, therefore, powersports and recreational activities were stopped. Also, a majority of the ATV manufacturing companies in Europe reported steep decrease in revenues. However, with the resumption of a few power sports and entertainment activities in the coming months, the market is expected to grow in future.
More than four wheels ATVs to be the fastest growing segment in All-terrain vehicle, by number of wheels
More than four wheeled ATVs is projected to be the fastest growing market in the all-terrain vehicle market by 2025. OEMs are planning to be more customer-centric in terms of its manufacturing processes. The growing number of ATV buyers are looking for more than 4-wheel ATVs, especially in military and agricultural applications. Thus, OEMs, component manufacturers, and material providers are jointly working to develop more than 4 wheeled ATVs with better design, performance, and efficiency. Hence, more than four wheeled ATVs is projected to be the fastest growing all-terrain vehicle market.
Utility ATV is the largest segment in All-terrain vehicle market, by type
Utility ATVs are estimated to hold the largest share of the all-terrain vehicle market, by type. Utility ATVs are multipurpose and can be used in different applications such as military, agriculture, construction, forestry, etc. Thus, these vehicles offer lucrative opportunities for all-terrain vehicle manufacturers. In addition, the increasing demand for ATVs in agriculture and military & defense applications in Asia Pacific and North America would further drive the utility all-terrain vehicle market.
North America is estimated to be the largest market for all-terrain vehicles
The North American all-terrain vehicle industry is one of the most advanced industries in the world. Market growth in the North American region is driven by the dominating ATV market in the US and Canada. In recent years, the region has seen the highest ATV manufacturing growth. The US and Canada together accounted for around 96.2% of the total all-terrain vehicle production in the region in 2019. The Canadian all-terrain vehicle industry is a major contributor to the country’s economy and provides employment for over half a million people. The country has signed a free trade agreement with its neighbors to strengthen the automotive industry. Technological developments in the US have also impacted the Canadian market and boosted the demand for all-terrain vehicles in the country. Polaris Industries (US), Textron (US), and BRP (Canada) are the leading ATV players in the region. According to analysis, the US will continue to drive the growth of the all-terrain vehicle market. This trend of the all-terrain vehicle market in North America is expected to remain the same in the near future.
- Increasing Off-Road Recreational Activities Would Drive the Demand of ATVs
- Increasing Demand for ATVs in Agriculture and Military & Defense
- Increasing Purchasing Power and Spending Capacity of Individuals
- High Accident Rates May Hamper the ATV Sales
- Restriction on ATV Usage in Wildlife Zone May Hamper the ATV Demand
- Increase Use of Technology in ATV to Drive the Demand
- Positive Outlook Toward Electric ATVs
- Trade Barriers Between Different Regions
- High Cost of ATVs
- Impact of COVID-19 on the Demand for ATVs
- John Deere
- Nebula Automotive
- Taiwan Golden Bee
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