The All-Terrain Vehicle Market, by value, is projected to grow to USD 4.4 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 2.4% during the forecast period. The market growth is driven by the increasing off-road recreational activities, growing demand for ATVs in agriculture and military & defense applications, and increased purchasing power and spending capacity of individuals. All-terrain vehicles are used to enhance operational efficiency in several segments including military & defense, construction, mining, and agriculture. These vehicles can help overcome several challenges by providing a compact, powerful, and faster solution in day to day operations.
Technological advancements and upgrades have improved the performance of ATVs with better handling, suspension, engine power, and safety. To enhance the driving experience, manufacturers are constantly working on advancements in the infotainment system, superior entertainment, user-friendly experience with GPS tracking, Bluetooth connectivity, and mobile tracking facilities. The Australian & New Zealand Governments have taken initiatives such as Rollover protective structure to ATVs to avoid injuries. These norms are expected to create significant opportunities for manufacturers in ROPS technology. Also, the EU government set new regulations on ATVs related to specific construction, sound, and emission requirements. These regulations can negatively impact the market growth of ATVs in the region. However, it can also create opportunities for ATV manufacturers to comply with the norms and reestablish the ATV market in the EU. An increase in demand from users for higher cc ATVs and rising demand for silent, smooth, and environment-friendly ATVs are projected to create significant opportunities for ATV suppliers to manufacture higher cc and electric ATVs. Today, only a few players in the market offer 1000cc ATVs and electric ATVs.
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Utility ATV segment is expected to grow at the highest CAGR during the forecast period. Growing usage in agricultural application and using ATVs as a substitute for mini tractors have raised the demand for ATVs in the agriculture sector. At the same time, the demand for ATVs has increased in military and defense. For instance, the US & Russian governments now prefer to deploy ATVs in military and defense activities. These two application areas (agriculture & military and defense) have accentuated the demand for more compact, powerful, and robust ATVs that can perform the work effectively and efficiently. For special operations of the military, the demand for silent and powerful ATVs has increased, and this will increase the demand for electric ATVs in this sector. This is expected to create substantial opportunities for manufacturers in the high growth market for all-terrain vehicles.
The all-terrain vehicle market has been segmented into 4 regions, namely, North America, Asia Pacific, Europe, and the Rest of the World (RoW). Europe is expected to record the highest growth rate during the forecast period. The growing demand for leisure activities, expansion of trade and tourism, and increasing awareness among individuals are expected to boost the European all-terrain vehicle market. For instance, in the UK, one can ride quad bikes weighing less than 550 kg on public roads. The rider should have a B1 license along with registration and insurance.
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New product developments and mergers & acquisitions are the key strategies adopted by leading players in the all-terrain vehicle market. ATV suppliers, manufacturers, and providers have increased investments in product innovation and testing. For instance, in June 2018, BRP achieved a critical milestone with its 2019 lineup of Can-Am ATVs and SSVs. It has brought its renowned performance, functionality, and capability, together with Anti-Lock Brake System (ABS) technology. There are enhancements across the entire 2019 lineup, which now includes a whole range of Can-Am SSV models featuring the ABS technology. These vehicles are available now in dealerships.
Key Market Players:
Some of the key players in the all-terrain vehicle market are Polaris Industries (US), Textron (US), Honda (Japan), Kawasaki (Japan), Suzuki (Japan), and BRP (Canada). Polaris Industries (US) is expected to be the leading player in the all-terrain vehicle market. The company is a globally renowned supplier of ATVs to end users. The company has adopted the strategies of new product developments and mergers to gain a competitive edge in the ATV market.
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