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“Increasing off-road recreational activities would drive market growth”
The all-terrain vehicle market, by value, is projected to grow to USD 4.7 billion by 2027 from USD 3.9 billion in 2019, at a CAGR of 2.2% 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.
“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 2027. 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.
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“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 MarketsandMarkets 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.
Breakup of primary respondents
- By Company Type: Tier I - 10%, Tier II - 20%, and OEMs -70%
- By Designation: C level - 30%, D level - 40%, Others – 30%
- By Region: North America - 20%, Europe - 10%, Asia Oceania - 50%, RoW – 20%
The all-terrain vehicle market is dominated by global players and comprises several regional players. The key players in the all-terrain vehicle market are Polaris Industries (US), Textron (US), Honda (Japan), Kawasaki (Japan), Suzuki (Japan), and BRP (Canada). The study includes an in-depth competitive analysis of these key players in the all-terrain vehicle materials market with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
- The study segments the all-terrain vehicle market by application (Sports, Entertainment, Agriculture, Military & Defense, and others); type (Utility ATV and Sports ATV); drive type (2WD, 4WD, and AWD); seating capacity (One seat and Two seats); number of wheels (Four wheel, More than Four wheel); fuel type (Gasoline ATV and Electric ATV); engine type (<400 CC, 400 to 800 CC, and >800 CC) and region (Asia Pacific (China, Australia, New Zealand, India, and Japan), Europe (Germany, France, UK, Spain, Sweden, Russia, and Rest of Europe), North America (US, Canada, and Mexico), RoW (South Africa, UAE, Saudi Arabia, and Brazil).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
- Country-level market by all-terrain vehicle Type: The report offers in-depth market sizing and forecast up to 2027, by ATV Type (Sport and Utility). The market sizing for all-terrain vehicle market is covered at the country and regional levels that are considered in this study.
- Market coverage by fuel type for gasoline and electric ATV at the regional level.
- The report provides “Market Share” of the leading players in the all-terrain vehicle market.
- Market Development: The report provides comprehensive information about lucrative emerging markets for all-terrain vehicles across different regions.
- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the all-terrain vehicle market.
- Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the all-terrain vehicle market.