Global All-terrain Vehicle Market Likely to Expand at a 3.7% CAGR from 2023 to 2031, Reaching a Valuation of US$ 5.8 billion: TMR Report

Wilmington, Delaware, United States, July 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market for all-terrain vehicles is forecast to rise at a CAGR of 3.7% from 2023 to 2031. By the end of the aforementioned period of assessment, Transparency Market Research has projected a valuation of US$ 5.8 billion for the industry.

All-terrain vehicles (ATVs) are popular for recreational activities such as trail riding, hunting, and exploration of outdoor areas. These vehicles are available in different sizes and models, ranging from single-rider to multi-passenger configurations, with varying engine capacities and features to suit different purposes and preferences.

Rise in disposable income and economic stability in several regions have contributed to the growth of the recreational vehicle market, including ATVs. The market size of all-terrain vehicles is anticipated to grow at a steady pace in the next few years, owing to the increase in financial resources of consumers to spend on leisure activities.

The popularity of off-roading has been steadily increasing, with more people embracing outdoor activities and seeking new adventures. Rise of off-roading clubs and organized group rides has fostered a strong community around ATV enthusiasts. This is further fuelling the demand for all-terrain vehicles.

Recreational destinations such as national parks, forests, and dedicated off-road parks offer ATV trails and facilities. This has led to an increase in recreational tourism, attracting visitors who wish to experience off-road adventures.

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Market Snapshot:

Key Takeaways from the Market Report

• In 2022, the global all-terrain vehicle market was valued at US$ 4.2 billion
• By 2023, a valuation of US$ 4.35 billion has been anticipated for the all-terrain vehicle market
• By application, ATVs for military & defense are expected to experience sales at a CAGR of over 4%
• ATVs with an engine displacement range over 500 cc are likely to be most preferred, accounting for nearly 50% of the global revenues
• Based on transmission, automatic all-terrain vehicles are expected to register high sales
• From 2023 to 2031, the all-terrain vehicle market is set to expand by 1.3x

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All-terrain Vehicle Market- Key Expansion Drivers

• ATVs have gained significant traction in the agriculture sector due to their ability to navigate challenging terrains and carry out various tasks. They are used for activities such as crop monitoring, transportation of farm supplies, towing trailers, spraying pesticides or fertilizers, and management of livestock.
• ATVs play a vital role in military operations, especially in rugged terrains and challenging environments. They are utilized for reconnaissance, patrolling, transportation of personnel and equipment, search and rescue missions, and border security.
• The ATV market has been expanding globally, driven by the increase in recreational activities and rise in popularity of off-road adventures. This expansion has led to a broader consumer base for ATVs, including individuals who may not have prior experience with manual transmissions or those seeking a more accessible option.
  

All-terrain Vehicle Market- Regional Profile

• North America is an important regional landscape for ATV sales expansion. A revenue share of over 55% is anticipated for the North American market. The adoption of ATVs witnessed a considerable increase owing to various factors, such as a higher disposable income of residents, developed economy, government regulations regarding ATVs, and upcoming electric vehicle projects

• All-terrain vehicle market demand is rising in countries such as China, Japan, Australia, and India in Asia Pacific. China, in particular, has emerged as a key market for ATVs, driven by its growing middle-class population and increase in popularity of off-road leisure activities.

Competitive Landscape

The global landscape for all-terrain vehicles is highly competitive, with the presence of several players that control a majority of the all-terrain vehicle market share. Companies are adopting various strategies such as new product development and technological advancements to gain a competitive edge. Some of the players profiled in the report include:

• American Honda Motor Co., Inc.
• Arctic Cat Inc.
• Argo XTV
• BRP Inc.
• Cectek Corporation
• CFMOTO Powersports Inc.
• Hisun Motors Corp., USA
• Honda Motor Co., Ltd.
• John Deere
• Kawasaki Heavy Industries, Ltd.
• KTM AG
• Kymco USA Inc.
• Linhai Co., Ltd.
• Mahindra & Mahindra Ltd.
• Massimo Motor Sports LLC
• ODES Industries Inc.
• Polaris Industries Inc.
• Suzuki Motor Corporation
• TGB Co., Ltd.
• Yamaha Motor Co., Ltd.

Market Developments

• In August 2022, Yamaha Motor Co., Ltd. announced the launch of Grizzly 90, Raptor 90, and YFZ50 Youth ATVs. These ATVs are available at affordable prices. These vehicles aim to ignite the passion for power sports among the next generation of enthusiasts.

• In December 2021, Polaris Industries Inc. launched Ranger XP Kinetic, a side-by-side vehicle that runs on electricity. This new ATV release aims to draw in fresh customers to the realm of power sports vehicles, encompassing ATVs, snowmobiles, personal watercraft, and large motorcycles.

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Key Segments

Type

• Utility ATV
• Sports ATV
• Youth ATV
  

Application

• Sports
• Entertainment
• Agriculture
• Military & Defense
• Hunting
• Others

Seating Capacity

• Single-seater
• Two-seater

Engine Displacement

• Small (Less than 200 cc)
• Mid-range (200 cc - 500 cc)
• Large (More than 500 cc)
  

Suspension Type

• Solid Axle Suspension
• Independent Suspension

Transmission Type

• Manual
• Automatic

Propulsion

• Gasoline-powered
• Diesel-powered
• Electric
  

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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