The projected growth of the global all-terrain vehicle (ATV) market indicates an increase from USD 3.2 billion in 2023 to USD 3.7 billion by 2028, with a CAGR of 3.0% during the forecast period from 2023 to 2028.
The ATV market is witnessing growth due to the growing demand in various sectors such as agriculture, military and defense, and recreation. Increased participation in outdoor activities, utility applications, sports, and racing events are also driving the market. Additionally, the affordability of ATVs is improving, leading to increased sales and further contributing to market growth.
The utility segment is projected to be the largest in terms of ATV types during the forecast period. Utility ATVs find extensive applications in agriculture, military and defense, and forestry. In agriculture, they are used for tasks like crop inspection, transportation of materials, and repair work. The military and defense sector uses them for monitoring, supervision, and hunting purposes. The demand for utility ATVs is expected to grow in the Asia Pacific region, particularly in China and India, due to increased usage in agriculture and military applications. In Europe, the growth of utility ATVs is driven by farming applications and military and defense requirements. Manufacturers such as Polaris, Honda, Yamaha, and BRP are actively developing utility ATVs tailored to market needs.
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The market for ATVs with a seating capacity of two or more is expected to grow at the fastest CAGR during the forecast period. These ATVs offer versatility and convenience, catering to the rising preference for recreational activities and outdoor events with companions. They can accommodate families and groups, providing an opportunity for collective participation in outdoor activities. Manufacturers are adapting their designs to cater to this demand, offering two-seat configurations that are smaller in size and lighter in weight, suitable for fast-paced and extreme riding experiences. For instance, Polaris introduced the RANGER SP 570, a two-seat ATV designed for recreational and occupational purposes.
Europe is the second-largest market for all-terrain vehicles after North America. Countries like France, Germany, the UK, and Spain have a significant demand for ATVs, especially utility models used in agriculture and farm work. The introduction of regulations for ATV homologation in Europe has impacted the market, but manufacturers have proactively complied with these regulations, stabilizing the European market. The implementation of regulations to legalize the usage of ATVs on public roads is expected to drive ATV sales in Europe in the coming years.
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Key players in the ATV market include Polaris Inc (US), Honda Motor Co,. Ltd (Japan), BRP (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US). These companies are continuously developing new products, expanding their presence, and engaging in collaborations, partnerships, and mergers & acquisitions to capitalize on the growth opportunities in the ATV market across different regions.
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