All-terrain Vehicle (ATV) Engines Market Overview
All-terrain vehicle (ATV) engines are designed with the cylinder and head canted forward to provide easy control and maneuverability to the driver. The seat height of ATV engines is generally lower than traditional bikes. ATV engines are attaining broader acceptance and significance in the present world. Market Research Future (MRFR) has deemed the growth of the global all-terrain vehicle (ATV) engine market to be healthy at a CAGR of 5.38% over the forecast period of 2018-2025.
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ATV engines are widely used for recreational purposes but have also gained traction in industrial and agricultural setting as well. ATV organizations and manufacturing companies are progressively creating niche ATV experience zones where consumers can experience actual off-road thrill of riding an ATV which has resulted in the increased adoption of such vehicles. The number of ATV circuits is growing in America as well as other developing countries. For instance, Polaris India, a leading ATV manufacturing company has created more than 80 ATV experience zones across India.
Adventure tourism and enthusiasm for off-road experience has witnessed a tremendous surge over the last few years. Eyeing this growing consumer affinity towards adventure tourism, various ATV experience zones are being created to support the concept of a developing tourism product as well as maximize economic benefits to the adventure tourism industry. Various government organizations across the US, such as Bureau of Land Management, National Park Service, Federal Highway Administration, the UNITED STATES Forest Service, and National Oceanic & Atmosphere Administration are taking various initiatives to capitalize on the increased demand for ATV which further accelerates the growth of the global all-terrain vehicle engines market.
Rise in the R&D expenditure by key players such as Polaris, Yamaha, Arctic Cat, Honda, Suzuki, and BRP for the advancement in design, fuel storage capacity, fuel efficiency, and engine light-weight technology, and transmission system has resulted in key market developments which are likely to augur the growth of the global all-terrain vehicle engines market.
On the contrary, significant bottlenecks to the growth of the global all-terrain vehicle engines market include strict government restrictions regarding ATV riding and alteration of soil structure and adverse impact on vegetation. Serious injuries can result from improper use of ATVs which subjects them to various government mandates which reduce the sales of ATV engines.
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Segmentation
The global all-terrain vehicle (ATV) engines market has been segmented based on type, application, and power.
By type, the global all-terrain vehicle engines market has been segmented into 0-300cc, 300-500cc, 500-800cc, 800-1000cc, and 1000cc and above. Currently, the 0-300cc segment accounts for the largest share of the market and is likely to retain its position throughout the forecast period. 0-300cc ATV engines provide the advantages of easy operability, automatic transmission and are best suited for entry-level riders. They offer moderate fuel average and are lightweight and compact in size which leads to a higher sale. The 500-800cc segment is likely to be the fastest growing segment at a CAGR of 5.53% over the forecast period. 500-800cc ATV engines are specially designed to perform heavy tasks and are being increasingly adopted by military and Special Forces.
By application, the global all-terrain vehicle engines market has been segmented into OEM and aftermarket. The OEM segment is the largest as well as the fastest growing segment which is expected to register a CAGR of 5.35% over the forecast period. Growing demand for replacement of ATV engines to upgrade to latest advanced versions will create opportunities for the growth of the OEMs.
By power, the global all-terrain vehicle engine market has been segmented into Up to 80HP and above 80HP. The up to 80HP segment is the largest as well as the fastest growing segment. Up to 80HP engines can be used for a variety of applications such as hauling, carrying, transporting, and farming which boosts the growth of the segment. The segment is expected to capture a CAGR of 5.43% over the forecast period.
Regional Analysis
By region, the global all-terrain engines market share has been segmented into the United States, Europe, China, Japan, South Korea, India, and the Rest of the World (RoW).
The United States is the largest market for all-terrain vehicle engines market and was valued at USD 847.9 Mn in 2018. The US market for ATV engines is spurred by the presence of major manufacturers in the region. Massive surge in the sales of ATV engines purveyed by large-scale use in agricultural lands, forestry, and mountains has also been a plus for the growth of the market. Industry giants such as BRP Inc., Polaris Industries Inc., and Arctic Cat present in the region are outlaying substantial amounts on R&D activities which further enhances the growth of the United States all-terrain vehicle engines market. The United States all-terrain vehicle engines market is likely to register a CAGR of 5.31% over the forecast period.
Europe is the second largest market for all-terrain vehicle engines market and is anticipated to grow at a CAGR of 5.20% over the forecast period. Europe is a major ATV manufacturing hub marked by the presence of manufacturers such as Adrenalin ATV, Polaris Industries Inc., Kawasaki Heavy Industries Inc., Yamaha Motor Corporation, and Honda Motor Company, Ltd.
China is likely to emerge as the fastest growing market for all-terrain vehicle engines market at a CAGR of 5.50% favorable government policies, rising per capita disposable income, and the presence of ATV engine manufacturers such as CFMOTO, HISUN, and Chongqing Jianshe Motorcycle spurs the growth of the China ATV engines market.
Competitive Landscape
The notable players in the global all-terrain vehicle engines market include Textron Inc., Massimo Motor Sports, LLC, Honda Motor Co., Ltd., CFMOTO, Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., Taiwan Golden Bee Co., BRP-Rotax GmbH & Co KG, Suzuki motor corporation, and Polaris Industries, Inc.
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