All-terrain Vehicle Market worth $5.0 billion by 2027 – Exclusive Report by MarketsandMarkets™
Chicago, June 08, 2023 (GLOBE NEWSWIRE) — All-terrain Vehicle Market size is projected to reach USD USD 5.0 billion by 2027, from an estimated USD 4.3 billion in 2022, at a CAGR of 2.7%, from 2022 to 2027, according to a new report by MarketsandMarkets™.
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|Market size value in 2022:||USD 4.3 billion|
|Projected to reach 2027:||USD 5.0 billion|
|Base Year Considered:||2021|
|Region Covered:||North America, Europe, Asia Pacific, and Rest of the World|
|Segments Covered:||Type, Engine Capacity, Application, Number of Wheels, Seating Capacity, Drive Type, Fuel Type, and Region|
|Companies Covered:||Polaris (USA), Honda (Japan), Can-Am (Canada), Yamaha (Japan), and Textron (USA)|
increasing demand for all-terrain vehicles in agriculture, military & defense, and recreation is driving the growth of the all-terrain vehicle market. Also, the increased purchasing power and spending capacity of individuals and societies for leisure and adventure vehicles would increase the sales of all-terrain vehicles, which would drive the market for all-terrain vehicles.
Sports to be the fastest segment, by type.
The sports segment is projected to be the fastest in the all-terrain vehicle industry by type. ATVs used in sports feature energetic engines and long-travel suspension for a better handling experience. Riders prefer sport ATVs, especially in ATV championships. Their high-power engine and torque make them distinctive. The engine capacity of sport ATVs ranges from 100 to 1000cc. Also, sport ATVs can be modified and equipped with different accessories to design a unique style and power. The shifting skills and handling features make these types of ATVs ideal for sporting activities. The shifting skills and handling features make these types of ATVs exclusive for sporting activities. Almost every major player in the industry provides a wide range of customization options to customers to make their ATVs faster, agile and swift on racing tracks. Yamaha Raptor 700R SE, YXZ1000R SE, and YFZ450R SE are some of the popular sport ATV models available in the market. Sportsman XP 1000S, Scrambler 850, Scrambler XP 1000 S Limited Edition are some of the Polaris sports ATVs. Thus, the increase in recreational activities in the tourism sector is driving the growth of ATV market in sports applications globally.
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>800cc to be the fastest-growing market for All-terrain vehicles, by Engine Type.
The >800cc engine is the fastest growing engine type segment that ultimately defines the ATV power and efficiency. A >800cc engine ATV is used in loading, transporting, and heavy activities. OEMs and manufacturers are investing heavily in the development of improved engines with better horsepower and torque. Various developments with respect to vehicle design have been undertaken by OEMs to install high power engines. Moreover, the demand for >800cc engine variant ATVs is exponentially growing due to its usage in many heavy-duty applications.
The >800cc engine has a high demand in sports, recreation, agriculture, mining, and construction. Asia Oceania is the largest 400 to 800 cc is expected to be the fastest growing ATV market. The growing popularity of Polaris, Can-Amp, Yamaha in the region and product launches in this engine capacity is expected to drive the market. North America is the largest 400 to 800 cc market as majority of ATVs sales are sold in this range of engine capacity.Thus, >800cc engine type is estimated to be the fastest growing market for all-terrain vehicles, by engine type.
Asia Pacific to be the fastest growing market for All-terrain vehicles.
The major all-terrain vehicle countries in Asia Oceania are China, Australia. Australia is the largest seller of ATVs in the region. Utility ATVs are estimated to hold the largest share of the all-terrain vehicle market, by type, in the region. Utility ATVs are multipurpose and can be used in different applications such as military, agriculture, construction, forestry, etc. The region, thus, offers lucrative opportunities for all-terrain vehicle manufacturers. In addition, the increasing demand for recreational and sports activities in countries such as India and Australia would further drive the all-terrain vehicle market.
OEMs such as Honda Motors (Japan) and Kawasaki (Japan) have manufacturing units in the Asia Oceania region. Factors such as increasing GDP, rising per capita income, low production costs, availability of cheap labor, and government initiatives for FDIs have created growth opportunities in the Asia Oceania region. The region has a higher growth potential than matured markets such as North America and Europe, which encourages the growth of the all-terrain vehicle market.
Key Market Players:
The all-terrain vehicle companies is primarily dominated by globally established players such Polaris (USA), Honda (Japan), Can-Am (Canada), Yamaha (Japan), and Textron (USA). These companies are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high growth ATV market across different regions.
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