All-Terrain Vehicle Market Size to Generate $5.0 Billion, by 2031 with 4.8% CAGR: States Allied Market Research
The global all-terrain vehicle market is experiencing growth due to factors such as favorable government regulations, surge in trend of adventure sports, and rise in trend of recreational activities and adventure sports.
Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “All-terrain Vehicle Market Size by Type (Utility all-terrain vehicle, Sport all-terrain vehicle, Others), by Fuel Type (Gasoline powered, Diesel powered, Electric powered, Solar powered), by Displacement (Less than 400 CC, Between 400 CC and 800 CC, Greater than 800 CC), by End-use (Agriculture, Military, Mountaineering, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. The report indicates that the industry size is projected to generate $5.0 billion by 2031, having witnessed a revenue of $3.2 billion in 2021, with a noteworthy CAGR of 4.8% during the forecast period of 2022 to 2031. The report provides an in-depth analysis of value chain, dynamic market trends, key investment pockets, competitive landscape, top segments, and regional analysis.
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Key Players in All-Terrain Vehicle Industry:
- Yamaha Motor Co., Ltd.
- Textron Inc.
- Suzuki Motor Corporation
- Polaris Industries, Inc.
- Kwang Yang Motor Co., Ltd.
- KUBOTA Corporation
- Kawasaki Heavy Industries Ltd.
- Honda Motor Co., Ltd.
- Hisun Motors Corp.
- Deere & Company
- BRP Inc.
The report examines the major participants in the global all-terrain vehicle market. These participants have implemented a range of strategies, including the introduction of new products, expansion, collaborations, and other approaches, in order to enhance their market presence and strengthen their standing within the industry. The report provides valuable insights into evaluating the operational segments, business performance, product range, and advancements made by each market participant.
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Factors influencing the market growth:
The global all-terrain vehicle market is experiencing growth due to factors such as favorable government regulations, surge in trend of adventure sports, and rise in trend of recreational activities and adventure sports. On the other hand, high maintenance cost and restriction on ATV driving in wildlife area restrain the market growth to some extent. Nevertheless, manufacturing of safer ATVs is estimated to offer remunerative growth opportunities in the upcoming years.
The sport all-terrain vehicle segment garnered the major share in 2021
Based on type, the sport all-terrain vehicle segment grabbed the major share in 2021, contributed to nearly three-fifths of the overall market revenue and is expected to rule the roost throughout the forecast timeframe. A surge in demand for ATVs for sports applications, rise in availability of groomed trails, and growth in number of sport racing events drive the growth of the segment.
The electric powered segment to witness the fastest growth by 2030
Based on fuel type, the electric powered segment is estimated to display a notable CAGR of 9.6% during the forecast period. The growth is attributed to volatile prices of gasoline and diesel and surging environmental concerns. The gasoline powered segment, on the other hand, is contributed to the highest market share of nearly 90% of the overall market revenue, due to launch of advanced gasoline-powered ATV with improved performance by enhancements in engine and added safety features.
The mountaineering segment grabbed the highest share in 2021
On the basis of end-use, the mountaineering segment accounted for the largest share of nearly three-fifths of the global all-terrain vehicle market revenue in 2021. The increase in adventurous activities and surge in mountain adventure activities, like rock racing, ATV hill climbing, and ATV rock climbing accelerate the expansion of the segment. The military segment, on the other hand, would display the fastest growth with 7.0% CAGR from 2022 to 2031. The high maneuverability, superior navigation and mobility, and flexibility of the ATVs resulted in heightened demand for them.
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North America grabbed the lion’s share
The regional analysis in the report indicates that North America held the highest share of nearly half of the overall market revenue in 2021, due to racing championships arranged by top ATV clubs and integration of new models by frontrunners across the region. However, the Asia-Pacific would cite the highest CAGR of 6.2% throughout the forecast timeframe. Introduction of new range of all-terrain vehicle models and launch of all-terrain vehicle in line with defense application accelerates the growth of the market across the Asia-Pacific region. Furthermore, the surge in spending on recreational activities in emerging economies and the introduction of circuits in all-terrain vehicles drive the market growth.
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