All Terrain Vehicles Market Report
All-Terrain Vehicles Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
All-Terrain Vehicles Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
All-Terrain Vehicles (ATVs) Market by Vehicle Type (Utility, Recreational, Sports, and Youth), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), by Displacement Type (Low CC, Mid CC, and High CC), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
All-Terrain Vehicles (ATVs) Market by Vehicle Type (Utility, Recreational, Sports, and Youth), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), by Displacement Type (Low CC, Mid CC, and High CC), and by Region...
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.
Based on the primary interview results conducted across the value chain, it is estimated that the market may maintain its dazzling growth momentum in the near future. Also, the long-term growth would be healthy keeping the transition from ATVs to SSVs in mind. Overall, the ATV 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.
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.
The supply chain of this market comprises raw material suppliers, component manufacturers, ATV manufacturers, and distributors. The global ATV market is a consolidated market with the presence of global as well as regional players.
The key ATV manufacturers are-
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s all-terrain vehicles market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a 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. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The all-terrain vehicle's market is segmented into the following categories:
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The all-terrain vehicles market is estimated to grow at a CAGR of 4.8% in the coming five years.
Arctic Cat Inc., BRP Inc., Polaris Inc., Yamaha Motor Co., Ltd., Honda Motor Co., Ltd., Kawasaki Motors Co., Ltd., and Suzuki Motor Corporation are some of the key players in the market.
North America is estimated to remain dominant region in the all-terrain vehicles market in the coming years.
sports and entertainment applications are expected to be the largest segments in the all-terrain vehicle market in the coming years.
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