PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485883
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485883
All-Terrain Vehicle Market size was valued at USD 3,361.5 Million in 2023, expanding at a CAGR of 3.40% from 2024 to 2032.
A vehicle that has handlebars and three low-pressure tires at minimum is called an all-terrain vehicle (ATV). A four-wheeled or even six-wheeled all-terrain vehicle is possible. Furthermore, ATVs can be classified into two categories: Type I and Type II. Single operators and no passengers are meant to use Type I ATVs. An operator and a passenger are meant to use Type II ATVs. The military, survey, forestry, agriculture, sports, and other fields can all benefit from the maneuverability and off-road capabilities of ATVs. They require training since they are handled very differently.
All-Terrain Vehicle Market- Market Dynamics
Increased Use of ATVs in Military Operations to Propel Market Demand
The military is using ATVs more and more for tasks like troop transportation and off-road driving in challenging terrain. ATVs are also anticipated to see significant expansion in the military market because of the improved mobility they offer for tactical operations. Further supporting the expansion of the ATV market are elements like excellent mobility, adaptability, and enhanced navigational aids that provide drivers with instantaneous directions. For instance, in October 2020, Kia Motors Corporation announced that it was planning to create a new generation of ATVs for the military. The car will have anti-spin regulators, around-view monitors, satellite navigation, rear parking assistants, and automatic gearboxes. Furthermore, in May 2020, Polaris Government and Defense was given a $109 million seven-year contract by the U.S. Special Operations Command (USSOCOM) for the Polaris MRZR Alpha, a brand-new Lightweight Tactical All-Terrain Vehicle (LTATV). Consequently, the market for all-terrain vehicles is growing due to the increase in demand for ATVs from military personnel.
All-Terrain Vehicle Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.40% over the forecast period (2024-2032)
Based on propulsion segmentation, gasoline was predicted to show maximum market share in the year 2023
Based on application segmentation, sports was the leading type in 2023
Based on engine type segmentation, 400 - 800cc was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global All-Terrain Vehicle Market is segmented based on Propulsion, Application, Engine Type, Type, and Region.
The market is divided into three categories based on engine type: Below 400cc, 400 - 800cc, and Above 800cc. The 400 - 800cc category dominates the market. The rise in popularity of these cars for practical purposes can be ascribed to this. For instance, ATVs are often utilised to transport goods and equipment because of their high storage capacity. Government agencies are using these vehicles to monitor wild and forest regions and conduct search and rescue missions. Leading brands in the industry are introducing 400cc-800cc ATVs to reach a wider audience and explore new markets.
The market is divided into four categories based on application: Agriculture, Sports, Recreational, and Military and Defense. The sports category dominates the market and is likely to maintain its dominance during the forecast period because ATVs from emerging countries like China, India, and Mexico are becoming more and more common. Adventure sports are becoming popular worldwide, and as a result, ATVs are being used to promote off-road vehicles. Additionally, as countries concentrate on boosting visitor arrivals, budgetary allocations for the construction of new off-road paths that can be helpful for outdoor enthusiasts and adventure sports activities have expanded globally.
All-Terrain Vehicle Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America accounted for a sizeable portion of the worldwide ATV market. The growth of off-roading activities and increased leisure expenditure are the main drivers of the ATV sector in the region. Many factors are driving the market's growth, such as young people's growing interest in off-roading and adventure activities as well as the availability of a large selection of goods at different price points. Furthermore, ATVs are highly helpful for outdoor pursuits, including hiking, hunting, and nature exploration. As a result, one of the main factors propelling the market has been the rise in outdoor recreational activity engagement.
The second-largest all-terrain vehicle market is believed to be in Asia Pacific. The leading ATV sellers in nations like Australia and China are mostly responsible for the market's expansion. Additionally, the region's use of utility ATVs for sports, agriculture, and other purposes is growing demand for them. Furthermore, the Asia Pacific area is seeing a surge in demand for all-terrain vehicles due to the low cost of production in the region.
A few key companies, such as Kawasaki Heavy Industries Ltd., Polaris Industries, Inc., Honda Motor Co., Ltd., Kwang Yang Motor Co., Ltd, and others, control a sizable portion of the worldwide all-terrain vehicle market and have a strong regional presence. These top businesses continue to be dedicated to ongoing R&D projects and actively participate in strategic growth efforts such as partnerships, joint ventures, product launches, and product development. These businesses are pursuing these tactics to gain a larger market share, improve their standing in the marketplace, and increase the number of clients they serve.
February 2024: Together with two ATV variants, CFMOTO has unveiled two motorcycle models that are making their American debut. The CFORCE 800 Touring ATV is one of the newer models; it provides a trailblazing experience for two people at a reasonable price. A redesigned CVT transmission, a state-of-the-art user interface, and an upgraded 800cc engine with ride-by-wire throttle for improved power and torque distribution are among the notable features.
July 2023: Yamaha presents its range of recreational and utility ATVs for 2024. These vehicles are designed to be highly effective in a variety of scenarios, from demanding off-road adventures to heavy-duty farm and ranch work. Among these, the Grizzly stands out as the ultimate adventure ATV because of its exceptional power and performance, which are designed to tackle even the most difficult trails.
GLOBAL ALL-TERRAIN VEHICLE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Kawasaki Heavy Industries Ltd.
Hisun Motors Corp.
Polaris Industries, Inc.
BRP Inc.
Honda Motor Co., Ltd.
Deere & Company
Kwang Yang Motor Co., Ltd.
Suzuki Motor Corporation
Textron Inc.
Yamaha Motor Co., Ltd.
CFMOTO
KUBOTA Corporation
Others