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Major all-terrain vehicle market players include Polaris, Arctic Cat Inc., Bombardier Recreational Products, Hisun, Honda Motor Co., Ltd, and Yamaha Motor Corporation, CF Moto, ARGO, and others.
SELBYVILLE, Del., Sept. 13, 2022 /PRNewswire/ -- The all-terrain vehicle market is expected to record a valuation of USD 5 billion by 2030, according to the latest research study by Global Market Insights Inc.
The report predicts the increasing popularity of electric ATVs as a prominent factor shaping the industry outlook. The rising environmental pollution levels induced by fuel-based ATVs have shifted people's inclination toward electric vehicles, encouraging existing and new market entrants to deliver products with breakthrough capabilities and lower environmental impact.
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All-Terrain Vehicle Market
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Changing buyer behavior to sway the adoption of adult ATVs
The adult all-terrain vehicle market is poised to register significant growth during the forecast period. The demand for adult ATVs is driven by the flourishing travel and tourism landscape fostering the growth of off-trailing and recreational activities. The rapid improvement in the economic outlook and changing buying behavior has significantly boosted the sales of these vehicles. In addition, the considerable rise in investments by key industry shareholders to manufacture low-cost products with improved capabilities while improving the durability of high-end models will drive the demand for adult ATVs.
Accelerating efforts by major firms to propel the sales of ATVs with above 800cc displacement engine
The above 800cc segment in the all-terrain vehicle market accounted for USD 800 million in terms of revenue in 2021. Substantial growth in off-road sports activities and a subsequent rise in demand for ATVs with higher displacement engines may contribute to the expansion of the above 800cc segment. High-power engines enable vehicles to acquire extra power and torque, offering more flexibility to change gears at high speed. Additionally, the increasing efforts by leading manufacturing firms to develop engines with sharp handling and superior performance may escalate the market forecast.
Rising product demand across sports applications
The all-terrain vehicle market from the sports application is estimated to attain 5% growth rate till 2030, credited to the increasing youth spending capabilities and growing disposable incomes bolstering the demand for tourism and travel. The rising desire to explore the outdoors has shifted customer inclination towards adventurous and recreational sports activities. These factors, coupled with the availability of a wide range of lightweight vehicles by industry leaders such as Honda and Polaris capable of offering required suspension to control jumps, turns, and bumps may create new growth avenues for the ATV industry.
Significant investments by large automotive firms across Latin America
The Latin America all-terrain vehicle market registered sales of over 25,000 units in 2021. This growth is attributed to the emerging investments by leading automotive giants to set up their manufacturing units and proliferate ATV production in the region. The increasing utilization of these vehicles for several industrial and agricultural purposes in covalence with the remarkable rise in off-roading and recreational activities may push the regional growth.
Portfolio expansion to define the competitive landscape
Leading manufacturing firms participating in the all-terrain vehicle market are Polaris, Arctic Cat Inc., Bombardier Recreational Products, Hisun, Honda Motor Co., Ltd, Yamaha Motor Corporation, and others, including CF Moto, ARGO, KYMCO, and Suzuki Motor Corporation. These companies are leveraging cutting-edge technologies to foster innovation in all ATVs to broaden their horizons in the global industry and expand their product offerings.
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Partial Table of Contents (ToC) of the report:
Chapter 3 All-Terrain Vehicle Market Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on ATV industry
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.4.1 Infotainment systems
3.4.2 Hybrid ATVs
3.5 Patent analysis
3.6 Pricing trend analysis, region
3.7 Investment landscape
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Growing number of ATV sports events and championships
3.9.1.2 Increasing focus on enhancing product functionality in North America
3.9.1.3 Development of electric ATVs in Europe
3.9.1.4 Increasing participation in adventurous activities in Asia Pacific
3.9.1.5 Proliferation of the tourism industry in Middle Eastern and Latin American countries
3.9.2 Industry pitfalls & challenges
3.9.2.1 Increasing fatalities and safety concerns related to ATV
3.9.2.2 Environmental impact of ATV riding
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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