All-Terrain Vehicle Market size is set to surpass USD 5 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the significant rise in ATV and off-road sports championships and events as a leading factor spurring the demand for all-terrain vehicles. Racing championships have gained substantial traction over recent years, with a rising percentage of the youth participating in these events. The growing investments by major automotive giants toward organizing sports championships and developing cutting-edge vehicles leveraging progressive technologies will transform the industry dynamics.
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Increasing R&D investments to aid the growth of ATVs with 400cc displacement
The ATV market from the below 400cc segment accounted for 27% of revenue share in 2021. ATVs with below 400cc displacement are ideal for kids below 12 years of age to brand new riders and shorter adults due to their light work and easy trailing riding. The emerging R&D activities and investments by key automobile manufacturers towards introducing a new product range with added functionalities will create new growth prospects for this segment.
Positive economic outlook to boost the adoption of adult ATVs
The adult ATV segment held over 70% of the market share in 2021. A rapid upsurge in off-trailing and recreational activities, backed by the consistent improvement in disposable incomes and rising spending capabilities, is expected to accelerate the segmental expansion. In addition, the growing emphasis on enhancing durability by integrating additional accessories in high-end models and the availability of low-cost models with improved functionalities will proliferate the industry demand.
Growing expansion of agricultural and forestry sectors
The utility segment is projected to reach USD 1 billion by 2030. The increasing demand for ATVs across a range of utility-based applications across the forestry and agricultural sector may bring lucrative gains to the industry. These vehicles are designed to deliver customization, better performance, and high-power output. An appreciable rise in the development of advanced product portfolios to cater to the rising demand for numerous applications will strengthen the market outlook.
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Increasing off-road activities across North America
North America ATV market hold over USD 2 billion in 2021. The flourishing outlook of the tourism and travel sector and the subsequent rise in recreational activities such as off-roading and camping are anticipated to foster product adoption across North America. The region is home to various adventurous trails and forests such as Oak Hill Raceway, Rockey Ridge Ranch, River Valley Motocross, and many more vehicle parks, creating prospects for further regional expansion.
Product line expansion to come forth as a key growth strategy
Key players operating in the ATV industry are Polaris, Arctic Cat Inc., Bombardier Recreational Products, Hisun, Honda Motor Co., Ltd, and Yamaha Motor Corporation, CF Moto, ARGO, KYMCO, and Suzuki Motor Corporation. The introduction of a new product line has emerged as a major growth tactic among these participants to safeguard their dominance and bolster their existing consumer base.
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/all-terrain-vehicle-atv-market
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 ATV industry 360° synopsis, 2018 – 2030
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on ATV industry
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Pricing trend analysis, region
3.7 Investment landscape
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
126.96.36.199 Growing number of ATV sports events and championships
188.8.131.52 Increasing focus on enhancing product functionality in North America
184.108.40.206 Development of electric ATVs in Europe
220.127.116.11 Increasing participation in adventurous activities in Asia Pacific
18.104.22.168 Proliferation of the tourism industry in Middle Eastern and Latin American countries
3.9.2 Industry pitfalls & challenges
22.214.171.124 Increasing fatalities and safety concerns related to ATV
126.96.36.199 Environmental impact of ATV riding
3.10 Growth potential analysis
3.11 Porter’s analysis
3.11.1 Supplier power
3.11.2 Buyer power
3.11.3 Threat of new entrants
3.11.4 Threat of substitutes
3.11.5 Internal rivalry
3.12 PESTEL analysis
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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