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The ATV Tire Market is projected to grow with a CAGR of more than 7% during the forecast period.
- Some of the major factors driving the growth of the ATV tire market are increase in demand of ATVs in various segments like recreation and sports, defense and military, agriculture, mining etc.
- There is an increase in demand for ATVs\UTVs from the tourism sector. With an increase in global income level people are spending more on recreational and leisure activities. Also, with the number of sporting events growing all over the world, there is an increase in number of ATV tracks as well. For instance, UTV takeover in Coos Bay, US is an event which takes place on Box car Hill Campground just outside the city of Coos Bay. The event has gained a lot of recognition as anyone who knows how to drive ATV/UTV can take part in the event.
- Demand for ATVs is seeing an increase in the military and defense sector also. Defense troops around the world are using ATVs for patrolling along international borders which fall under desert areas. For instance, Polaris is supplying ATVs to US Marine and Army tactical Units since 2004, and these vehicles were used in Afghanistan also.
Indian Army ordered light strike vehicles from Force Motors in May 2018. These vehicles can perform on extreme terrain, with precise maneuverability, high speed and stability along with a 4x4 drive. These vehicles can be used across a temperature range of 50oC to -300C.
Key Market Trends
Government Initiatives to Boost Recreational Activities will Drive the Market
The US government is taking new initiatives to boost the demand for ATVs. The administration increased the budgetary allocations to build new off-road trails that are helpful for recreational enthusiasts and boost adventure sports in the region.?The United States has various national parks, such as Wisconsin, which emerged as a major geographical terrain that assisted North American youth ATV and UTV participants. In April 2017, the Georgia Department of Natural Resources announced a federal recreational trail grant of USD 1 million for the Bush Head Shoals State ATV Park, which helped in the growth of the market.
North America is Expected to Lead the Market During
There are many sport events taking place in the North American countries like USA and Canada. The grand national cross-country series, ATV National Motocross Championship, and Championship Mud Racing are few such events where a different class of ATVs are used. Also, the demand of ATVs in all the age sections of the society will drive the growth of the market in the forecast period. For instance, in 2018, 8.11% of Americans aged between 18 and 29 years owned an ATV, 11.85% of people aged between 30 and 49 years owned an ATV, and 5.5% of people aged between 50 and 64 years own an ATV.
This percentage is expected to increase over the forecast period, with an anticipated increase of people’s interest in recreational activities. The United States is the largest market in the North American region, occupying more than 90% of the total value, followed by Canada and Mexico.
The ATV Tire market is relatively fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the ATV tire market are Goodyear tires, Duro Tires, Maxxis Tires and BKT Tires. Companies are investing heavily in research and development for the innovation of new and advanced products. In April 2019, BKT inaugurates their European headquarters in Seregno, Italy. It a strategic move to place their headquarters in Italy.
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