All-terrain vehicle market is primarily driven by agricultural, industrial, and recreational use. As has limited off-road terrains, ATVs are commonly used in farms, fisheries, and construction sites. Japanese consumers are interested in innovative, fuel-efficient, and compact ATV designs, catering to their need for practical vehicles in rural settings. The demand for electric ATVs is also gaining momentum, aligning with Japan's focus on sustainability. Despite limited space for recreational off-roading, Japan's technological advancements and growing emphasis on smart and eco-friendly ATVs are supporting market growth.
All-terrain vehicles or quadricycles or quad bikes are vehicles with robust and large tires with low tire pressure. It has a wide seat that helps the driver to be seated comfortably and is fitted with a wide length handlebar allowing maneuverability and easy control to the driver. It is designed to be ridden preferably as a single seater or with a pillion rider.
The All-Terrain Vehicle Market Size was valued at USD 4.12 Billion in 2021 and the industry is projected to grow from USD 4.63 Billion in 2022 to USD 8.79 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.32% during the forecast period (2024 - 2030).
The growing popularity of outdoor entertainment activities such as off-road sports, the growing number of trails & adventure parks, and the rising demand for all-terrain vehicles for military and agricultural applications are the key drivers behind market growth. Increased purchasing power and disposable income in developed and emerging economies are expected to drive demand for such vehicles during the forecast period.
Various factors are fuelling the global all-terrain vehicle market growth. According to the recent MRFR market estimates, such factors include the growing inclination towards off-road sports activities across the globe, increasing number of adventure trails and parks, rising disposable income in emerging and developed nations, ongoing investment to improve vehicle performance and improve consumer experience, increasing demand in agricultural and military applications, increasing disposable income, and increasing purchasing power in emerging and developed economies.
On the contrary, increasing fatalities, fall in product demand due to the COVID-19 outbreak, stringency in government standards and criteria, and environmental issues like safety regulations, carbon emission, and terrain damage may limit the global all-terrain vehicle market growth over the forecast period.
Market Segmentation of All-Terrain Vehicle Market (ATV) Market
The MRFR report throws light on an inclusive segmental analysis of the global all-terrain vehicle market based on application, displacement, and vehicle type.
By vehicle type, the global all-terrain vehicle market is segmented into touring, recreational, utility, sports, sports utility, and others.
By displacement, the global all-terrain vehicle market is segmented into high, mid, and low.
By application, the all-terrain vehicle market is segmented into hunting, military, agriculture, entertainment, sports, and others.
Regional Analysis of All-Terrain Vehicle (ATV) Market
By region, the global all-terrain vehicle market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period.
High demand for all-terrain vehicle, consumer’s high disposable income, upcoming electric vehicle projects, scope for advanced and new technologies, developed economy, government regulations regarding ATV designs, high demand in different end use industries in the US such as construction activities, mining, forestry, hunting, entertainment, sports, agriculture, and military, and increasing preference for recreational activities like forest adventures and camping are adding to the all-terrain vehicle market growth in the region. Besides, the presence of multiple off-road parks and trails, and off road race competitions are also adding market growth.
In Europe, the all-terrain vehicle market is predicted to hold the second-largest share over the forecast period. Various initiatives undertaken by the European government, increasing demand of mobility by the masses, and rise in training center development are adding to the global all-terrain vehicle market growth in the region.
In the APAC region, the all-terrain vehicle market is predicted to have fast growth over the forecast period. Proliferating tourism industry, rising demand in utility applications in livestock management and agriculture, large addressable market, availability of low-cost manufacturing, and rising military expenditure are adding to the global all-terrain vehicle market growth in the region.
The all-terrain vehicle market in RoW is predicted to have sound growth over the forecast period.
Key Players of All-Terrain Vehicle (ATV) Market
The leading players profiled in the all-terrain vehicle market report include BMW (United States), KTM AG (Austria), CFMOTO Powersports Inc. (U.S.), Suzuki Motor Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), Arctic Cat (U.S.), Bombardier Recreational Products (Canada), Yamaha Motor Company Limited (Japan), Polaris Industries Inc. (U.S.), and Honda Motor Company, Ltd. (Japan), among others. Mergers and acquisitions, strategic alliances, geographic expansions, new product launches and developments, partnerships, collaborations and joint ventures among others are the key strategies used by industry players to remain at the forefront. They are also making investments in research and development activities to cater to customers surging needs.
Many companies in All-Terrain Vehicle (ATV) Market are focusing on advancements to stay ahead in the competition.
Industry Updates
As per May 2023 All-Terrain Vehicle (ATV) industry update, Polaris Inc. had launched the 2024 XPEDITION XP and ADV models as the first in a new category that they are calling ‘Adventure side-by-sides’. These advanced vehicles combine traditional side-by-side off-road capabilities with abundant, secure storage for overland adventures at premium levels of convenience. The purpose of creating these two models was to reiterate Polaris’ commitment to offering a rugged performance yet high-comfort adventure vehicle that would meet all off-road lovers’ needs without any restriction.
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