June 29, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the All-Terrain Vehicles Market.
It was estimated prior to this unanticipated outbreak that the All-Terrain Vehicles Market is likely to grow at a healthy CAGR of 4.8% over the next five years to reach a value of US$ 6.0 billion in 2027. ATVs were introduced to the North American market in 1971 by Honda Motors. Other Japanese major motorcycle manufacturers (Yamaha, Kawasaki, and Suzuki) entered the North American ATV market in the late 1970s and early 1980s. The growth in the ATV market attracted North American companies like Polaris Industries, Arctic Cat, and BRP Inc., which entered the ATV market in 1985, 1995, and 1998 respectively. In addition to major global players, there are a number of other Chinese and Taiwanese manufacturers who produce low combustion chamber engine-based ATVs for the local market. ATVs are well-known for their mobility and off-road capabilities. They're used in several applications such as agriculture, surveying and patrolling, law enforcement, sports, forestry, among others. These vehicles are typically used off-road; however, a few regions allow them to be driven on public routes.
Side by Side is another off-road vehicle type and offers many advantages over ATVs, such as a better riding experience, rollover protection bars, and ease of mobility. Over the last ten years, the Off-road industry has noticed a continuous shift from ATVs to Side-by-Side vehicles.
Unlike other vehicles, such as cars and commercial vehicles that recorded a tremendous decline amid the pandemic, ATVs emerged as a rising star and recorded magnetic growth amid the pandemic, mainly driven by an extraordinary boost in the North American market. Overall, the ATV market registered over 20% growth in the year 2020 in terms of the number of vehicles sold.
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Segments' Analysis
Based on the vehicle type, the market is classified as utility, recreational, sports, and youth. Utility is estimated to remain the most preferred vehicle type in the market over the next five years. All of the major players have a large product offering targeting the utility segment. The sports vehicle type is expected to witness the highest growth throughout the forecast period. This is majorly due to the increased applications of ATVs in sports and recreational activities.
Based on the application type, the market is segmented as sports, entertainment, agriculture, military, hunting, and others. More than 50% of the ATV sales come from sports and entertainment applications. These applications are expected to remain the largest types in the next five years as well, owing to an increase in the demand for ATVs for sports applications such as racing in hilly, desert, and ice regions. In addition, the increasing number of adventure enthusiasts around the world also influences the growth of this segment.
In terms of regions, North America is expected to remain the largest market for all-terrain vehicles during the forecast period, owing to the high demand for powersport vehicles including ATVs in the military, agricultural, sports, entertainment, hunting, forestry, mining, and construction activities. The Year 2020 proved to be invigorating for the ATV manufacturers, particularly for North America. The demand for ATVs soared extremely high, reaching new heights. Asia-Pacific is a relatively small market but is likely to exhibit excellent growth opportunities in the years to come. Markets, such as Australia, China, and India, generate a sizeable demand for ATVs as well as other powersport vehicles.
Key Players:
Key players operating in the global All-Terrain Vehicles market are-
- Arctic Cat Inc.
- BRP Inc.
- Polaris Inc.
- Yamaha Motor Co., Ltd.
- Honda Motor Co., Ltd.
- Kawasaki Motors Co., Ltd.
- Suzuki Motor Corporation
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The All-Terrain Vehicles analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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All-terrain vehicles are automobiles that are certified according to the standards of the American National Standards Institute (ANSI), which are capable of mobility on low pressure tires, a specialized seat for straddling by the user, and steering controls through handlebars.
These vehicles are popular owing to easier access to remote and rural areas, applications in combat areas, and potential for replacing conventional pack animals.Such vehicles are primarily popular for high levels of maneuverability, and are consequently used in a number of end use industries including sports, military, agriculture, surveying and forestry.
ATVs are handled in unique methods, and users need specialized training prior to use.
Select governments have also allowed the use of all-terrain vehicles in public roads.
The global all-terrain vehicles market is projected to grow at a sluggish CAGR of 2 per cent till the end of the forecast period in 2027.
This growth will account for USD 3.9 billion in this period.
Fact.MR has adopted multi-disciplinary approach to shed light on the evolution of the global All-terrain Vehicle market during the historical period of 2014 – 2018.
The study presents a deep-dive assessment of the current growth dynamics, major avenues in the estimation year of 2027, and key prospects over the forecast period 2019 – 2027.Fact.MR reveals in its newest report that the global all-terrain vehicle market will witness a fourfold growth to reach a valuation of US$ 3.9 Bn by the end of 2027.
Extensive rounds of primary and a comprehensive secondary research have been leveraged by the analysts at Fact.MR to arrive at various estimations and projections of the All-terrain Vehicle market, both at global and regional levels.
The analysts have used numerous industry-wide prominent business intelligence tools to consolidate facts, figures, and market data into revenue estimations and projections in the All-terrain Vehicle market.Request to View Sample of Report @ https://www.factmr.com/connectus/sample?flag=S_id=4439After reading the All-terrain Vehicle market report, readers get insight into:Major drivers and restraining factors, opportunities and challenges, and the competitive landscapeNew, promising avenues in key regionsNew revenue streams for all players in emerging marketsFocus and changing role of various regulatory agencies in bolstering new opportunities in various regionsDemand and uptake patterns in key industries of the All-terrain Vehicle marketNew research and development projects in new technologies in key regional marketsChanging revenue share and size of key product segments during the forecast periodTechnologies and business models with disruptive potentialThe All-terrain Vehicle market report offers assessment of prevailing opportunities in various regions and evaluates their shares of revenue by the end of different years of the assessment period.
Key regions covered comprise:North AmericaLatin AmericaEuropeEast AsiaSouth Asia & OceaniaMiddle East & AfricaThe evaluation of the competitive landscape in the All-terrain Vehicle market covers the profile of the following top players: Suzuki Motor CorporationKTM AGNebula Automotive Pvt.
Ltd.Arctic CatTo expand the understanding of opportunities in the global All-terrain Vehicle market report looks at close quarters into the opportunities and new avenues in following key segments: SportsEntertainmentAgricultureMilitary & DefenseIn addition to understanding the demand patterns of various end users, the report on the All-terrain Vehicle market also enumerates trends expected to attract investments by other various associated industries.On the basis of Fuel types, the All-terrain Vehicle market report offers insight into major adoption trends for the following segments:GasolineBelow 400 cc400 - 800 ccMore than 800 ccElectricThe global All-terrain Vehicle market report offers detailed assessments and quantitative evaluations that shed light on numerous key aspects that have shaped its evolution over the historical period.
