Newark, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15 billion in 2023 global ATV and SxS market will reach USD 29.50 billion in 2033. All-terrain vehicles are known as ATVs, and side-by-side vehicles are referred to as SxS. Their purpose is off-roading. There is a large range of alternatives on the market with various specs. An ATV is four-wheeled. It provides exceptional ground clearance, which is essential for off-roading. ATVs also have sophisticated suspension systems installed. Its low-pressure tires allow it to be adaptable on a variety of surfaces. The handlebars are used to manoeuvre the vehicle. Depending on the purpose of the car, it has engines in the 100cc to 700cc range. ATVs are utilised for utility as well as leisure and adventure sports activities. Utility Task Vehicles, or UTVs, are another name for SxS vehicles. The driver and passenger are seated next to each other in the vehicle. ATVs are thought to be less stable than them. They also provide high clearance and superior suspension systems. Compared to ATVs, they have engines with more power, ranging from 400 to 1000cc. In addition, they serve practical and recreational functions.
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Key Insight of the Global ATV and SxS Market
North America will dominate the market during the forecast period.
There are places where ATVs and SxS vehicles can be used for leisure purposes due to the region's varied topography. With its abundance of mountains, forests, deserts, and other natural features, the area is perfect for a variety of leisure activities including ATVs and SxS vehicles. The growing popularity of outdoor leisure activities is another factor driving the market's expansion. ATVs and SxS vehicles are reliably supplied in the region given its firmly established networks of manufacture and distribution. The population's high per capita income and the availability of numerous financing alternatives facilitate the purchase and ownership of an ATV or SxS vehicle. The expansion of the market is further aided by the utility applications of SxS and ATVs in a variety of industries.
In 2023, the All-terrain Vehicle (ATV) segment dominated the market with the largest market share of 58% and revenue of USD 8.70 billion.
The type segment is divided into All-terrain Vehicle (ATV) and Side by Side (SxS). In 2023, the All-terrain Vehicle (ATV) segment dominated the market with the largest market share of 58% and revenue of USD 8.70 billion.
In 2023, the utility segment dominated the market with the largest market share of 54% and revenue of USD 8.10 billion.
The application segment is divided into sports and utility. In 2023, the utility segment dominated the market with the largest market share of 54% and revenue of 8.10 billion.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 7% |
| 2033 Value Projection | USD 29.50 Billion |
| Market Size in 2023 | USD 15 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, Side by Side, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| ATV and SxS Market Growth Drivers | The rising popularity of adventure sports and recreational activities |
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Advancement in market
Honda revealed the relaunch of the Pioneer 520 UTV and the Rincon ATV, now known as the Rubicon 4x4 Automatic. The latter receives new colour options to enable it survive for another year, while the former receives a plethora of tweaks and enhancements. For 2024, Honda has given the Rincon a new name—the renowned Fourtrax Rubicon.
Market Dynamics
Driver: The growing acceptance of adventure sports and leisure pursuits.
The global youth population, which has a high per capita income, a penchant for exploration, and a desire for adventure has all contributed to the growing appeal of outdoor and adventurous pursuits. Likewise, travel has developed to encompass experiences that are remote and in close proximity to nature. These locations are accessible to visitors and outdoor enthusiasts with ATVs and SxS. Adventure sports and recreational activities involving ATVs and SxS vehicles are becoming more and more popular due to the necessity for high-adrenaline outdoor activities. Additionally, the growing acceptance of organised off-roading events at various levels and in various places has added to the growing public awareness of ATVs and SxS vehicles. The industry is growing because more and more suppliers and service providers are making scheduled outdoor activities with ATVs and SxS vehicles available, inexpensive, and secure for regular customers. Among other things, these vehicles are employed for utility in the fields of agriculture, building and construction, transportation, and disaster response and management. As a result, the market will expand due to the growing utility of SxS and ATVs as well as the growing appeal of outdoor leisure activities.
Restraints: High prices for SxS and ATV vehicles.
These vehicles are complex pieces of equipment with top-notch parts and expert engineering that went into their assembly and overall manufacture. Since each of these variables requires a significant amount of capital, many people cannot afford them. Furthermore, owning an ATV or SxS is not a wise financial choice due to the decreased usage frequency of these vehicles. Instead of purchasing these cars, some customers could want to rent them as needed. Upkeep becomes even more crucial because these vehicles are used on tough terrain and have a harsh ride. This, in addition to reducing the vehicle's lifespan, can result in needless damage and monetary loss. Additionally, there are very high operational costs. ATV and SxS vehicle attraction is further diminished by the scarcity or restricted availability of trails or hilly terrain. Consequently, the market's expansion will be constrained by the high cost of acquisition, upkeep, and operation.
Opportunities: Economic and market-related aspects.
The demand for ATVs and SxS vehicles is positively impacted by the younger and incoming demographic's shifting purchasing patterns and increasing disposable income, as they have the financial means to indulge in these indulgences. Additionally, the industry is now more accessible to customers with the growing array of financing choices. As a result, market and economic variables will increase the demand for and accessibility of ATVs and SxS, favourably influencing the growth of the worldwide ATV and SxS market.
Challenges: Regulatory Restrictions.
The use of these vehicles is strictly regulated to protects certain areas and landscapes as a part of the government’s effort to save biodiversity and protect habitats. These restrictions limit the areas where they can used making it difficult to operate these. Furthermore, non-compliance with these regulations can lead to hefty fines or incarceration as well. the process to obtain permissions and licences to operate these vehicles is time-consuming, costly and complex with several authorities involved. Therefore, regulatory restrictions will challenge the market’s growth.
Some of the major players operating in the global ATV and SxS market are:
• Yamaha Motor Co., Ltd
• Textron Inc.
• Tao Motor
• Suzuki Motor Corporation
• Polaris Industries, Inc.
• Massimo Motor
• Kawasaki Heavy Industries, Ltd.
• John Deere
• Honda Motor Co., Ltd.
• Arctic Cat
Key Segments covered in the market:
By Type
• All-terrain Vehicle (ATV)
• Side by Side (SxS)
By Application
• Sports
• Utility
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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