Market Scope
MarketResearch Future (MRFR) believes that the all-terrain vehicle market 2020 has the potential to register aCAGR of 7% CAGR between 2018 and 2023 (forecast timeframe).
Main Boosters and KeyBarriers
Surgein off-road sports activities around the world can benefit the all-terrainvehicle market during the projected timeframe. To illustrate, in January 2019,the U.S. conducted a Desert Series Pro ATV championship, which attracted alarge number of trail riding enthusiasts. Growing number of sports activitiesalong with desert competitions like GNCC Amateur Competition can benefit the globalmarket in the near future.
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Mountingnumber of adventure parks and trails can boost the demand for all-terrainvehicles across the globe. Also, constant government support to developoff-road trails can strengthen the industry in the next couple of years. Risingdisposable income in emerging countries can also work in favor of the market.
Increasinginvestments in the improvement of vehicle performance and also enhance theconsumer experience can elevate the market revenue. Various players are makinguse of innovative technologies like Independent Rear Suspension (IRS) forsuperior stability as well as operation in different terrains. Rising adoptionof advanced systems to smoothen the ride on rough terrains can help the marketsize expand during the assessment period.
Market Segmentation
Theglobal market for all-terrain vehicle (ATV) market can be segmented in terms ofproduct and application.
Theproduct types are sports utility ATV, sports ATV, utility ATV and others. Thesports utility category is most popular among customers, as these are easy tomaneuver and can handle swift and sudden actions like cornering andaccelerating.
Themain applications are agriculture, sports & recreation, forestry andmilitary & defense. Sports and recreation account for a significant portionof the market owing to the rising inclination towards camping and hiking. Manygovernment bodies are organizing various programs and offering grants toindividuals who are into off-highway activities.Military can also witness majorgrowth in the coming years, given the rising need for vehicles for tacticalmissions.
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Regional Analysis
AsiaPacific (APAC), North America, Europe and the Middle East and Africa (MEA) arethe primary markets for all-terrain vehicles.
In2016, APAC controlled the global ATV market, with North America and Europecoming in second and third, respectively.
InNorth America, the increasing number of standardized safety requirements aswell as test methods, paired with the stringent regulations with regard to theemissions from non-road mobile machinery uplifts the market demand. The regionoffers feasible growth opportunities to the all-terrain vehicle manufacturersbecause of the huge addressable market, high military expenditure, and theavailability of low-cost manufacturing.
APACis a strong contender in the global market, evident from the rising preferencesfor recreational activities like forest adventures and camping. The presence ofvarious off-road parks and trials including river valley motocross, rocky ridgeranch, northwest ohv park and oak hill raceway can boost the industry shareduring the given timeframe. Off-road race competitions like ATV super challengeseries, pro quad championship series and ATV mud nationals can also back themarket growth in the region.
InEurope, the ATV market is flourishing on the back of several initiatives beingimplemented by the government. The region shows promise, on account of the highdemand for mobility among masses. Also, the growth in the training centerdevelopment to boost the riding skills pertaining to all-terrain vehicles cancatalyze the market growth in the region from 2018 to 2023.
Top Competitors
Topcompetitors in the global market for all-terrain vehicle are BombardierRecreational Products (Canada), Honda Motor Company, Ltd. (Japan), Arctic Cat(U.S.), Polaris Industries Inc. (U.S.), Yamaha Motor Company Limited (Japan),and others.
KTMAG (Austria), CFMOTO Powersports Inc. (U.S.), Suzuki Motor Corporation (Japan),Kawasaki Heavy Industries Ltd. (Japan), BMW (Germany) are some other leadingcompanies in the global market.
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