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  • All-Terrain Vehicles Market Forecast | 2022-2027

    All-Terrain Vehicles Market Forecast | 2022-2027

    All-Terrain Vehicles Market Forecast | 2022-2027
    Report code - SRCG104 Published On : Dec,2021 No. of Pages: 125
    All-Terrain Vehicles Market Size, Share, Forecast, Industry, and Growth Analysis (2022-202 See more...

    Market Insights

    The All-Terrain Vehicles Market was expected to grow from USD 4.3 billion in 2021 to USD 5.7 billion by 2027 at a healthy CAGR of 4.8% during the forecast period of 2022-2027.

    All-Terrain Vehicles Market Size

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    What are All-Terrain Vehicles?

    ATV or All-Terrain Vehicle usually refers to vehicles that have specialized treads or wheels allowing them to commute on off-road terrain. ATVs are specifically designed to travel on rocks, snow, and various difficult terrain. They are generally equipped with low-pressure tires, a seat to accommodate one or more people, and handlebars for steering. ATVs are well-known for their mobility and off-road capabilities. These vehicles are typically used off-road; however, a few regions allow them to be driven on public routes.

    All-Terrain Vehicles Market Features

    Market Size in 2021

    USD 4.3 billion

    Market Size in 2027

    USD 5.7 billion

    Market Growth by 2022-2027

    CAGR of 4.8%

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2027

    Dominant Region

    North America is expected to remain the largest market.

    Segments Covered

    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)

    By Region (North America, Europe, Asia-Pacific, and the Rest of the World).

    Market Drivers

    The prime factors that are driving the market are –

    • Rising popularity of adventure sports and outdoor recreation, the growing tourism industry.
    • The growing use of ATVs for various other purposes like farming, construction, military operations, surveying and patrolling, law enforcement, forestry, and others.
    • Various technological advancements in ATV engines and the introduction of new advanced ATV models.
    • The increasing demand for sustainable and eco-friendly vehicles.
    • The high cost of ATVs and safety concerns of customers regarding ATVs, deterring potential buyers.
    • The presence of stringent government regulations regarding the use of ATVs.

    All-Terrain Vehicles Market Snapshot

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    Key Players

    Some of the major players in the market are-

    Segments Analysis

    Vehicle Trends

    The market is classified as utility, recreational, sports, and youth. The Utility is estimated to remain the most preferred vehicle type in the market over the next five years. All the major players have a large product offering targeting the utility segment. 

    The Sports Vehicle type is expected to grow at the fastest rate of 6% during the assessment period of 2022-2027. This is majorly due to the increased applications of ATVs in sports and recreational activities.

    Application Trends

    The market is segmented as sports, entertainment, agriculture, military, hunting, and others. The Sports Application segment accounted for the largest market share of more than 30% in 2021 and is projected to expand further at a steady CAGR from 2022 to 2027.

    More than 50% of 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.

    Regional Analysis

    North America is expected to remain the largest market for all-terrain vehicles during 2022-2027, owing to the high demand for power sport vehicles including ATVs in the military, agricultural, sports, entertainment, hunting, forestry, mining, and construction activities.

    The Year 2020 proved to be invigorating for ATV manufacturers, particularly in North America. The demand for ATVs soared extremely high, reaching new heights. 

    All-Terrain Vehicles Market Regional Growth

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    Asia-Pacific is expected to witness the highest CAGR of 6.4% during 2022-2027. Markets, such as Australia, China, and India, generate a sizeable demand for ATVs as well as other power sports vehicles.

    The market is segmented into the following categories. 

    By Vehicle Type

    • Utility
    • Recreational Use
    • Sports
    • Youth

    By Displacement Type

    • Low CC
    • Mid CC
    • High CC

    By Application

    • Sports
    • Entertainment
    • Military
    • Agriculture
    • Hunting
    • Others

    By Region

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

     

    Covid-19 Impact

    Unlike other vehicles, such as cars and commercial vehicles which 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.

    Report Features

    This report provides market intelligence most comprehensively. 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.

    Report – Features

    Market Segmentation

    04

    Regions Covered

    04

    Countries/Sub-Regions Covered

    15

    No. of Figures & Tables

    >120

    Company Profiles

    07

     

    The following are the key features of the report:

    • Overview, industry life cycle analysis, supply chain analysis
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Trend and forecast analysis.
    • Segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
    • Attractive segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Research Methodology

    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.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: 

    Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    ATV or All-Terrain Vehicle usually refers to vehicles that have specialized treads or wheels allowing them to commute on off-road terrain. ATVs are specifically designed to travel on rocks, snow, and various difficult terrain. They are generally equipped with low-pressure tires, a seat to accommodate one or more people, and handlebars for steering. ATVs are well-known for their mobility and off-road capabilities. These vehicles are typically used off-road; however, a few regions allow them to be driven on public routes.

    The market was expected to grow from USD 4.3 billion in 2021 to USD 5.7 billion by 2027.

    The market is expected to grow at a CAGR of 4.8% during the forecast period.

    North America is expected to remain the largest market for all-terrain vehicles during the forecast period.

    Some of the major players in the market are Arctic Cat Inc., BRP Inc., Polaris Inc., Yamaha Motor Co. Ltd., Honda Motor Co. Ltd., Kawasaki Motors Co. Ltd., and Suzuki Motor Corporation.

    The driving factors for the ATV market include the rising popularity of adventure sports and outdoor recreation, the growing tourism industry, and the growing use of ATVs for various other purposes like farming, construction, military operations, surveying and patrolling, law enforcement, forestry, and others. Various technological advancements in ATV engines and the introduction of new advanced ATV models are also expected to increase the demand for ATVs. In addition, one of the factors aiding the growth of the ATV market is the increasing demand for sustainable and eco-friendly vehicles. However, the market growth may likely be hindered by factors such as the high cost of ATVs and safety concerns of customers regarding ATVs, deterring potential buyers. Another factor limiting the market growth is the presence of stringent government regulations regarding the use of ATVs.

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