LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ATV market to grow at a CAGR of almost 3% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ATV market for 2017-2021. To calculate the market size, Technavio analysts consider the revenue generated from the implementation of software-defined storage solutions among enterprises worldwide.
Competition is increasing as more companies are increasing their distribution centers in countries such as Russia, South Korea, India, and Australia. Companies such as BRP and Arctic Cat are acquiring companies that provide aftermarket products such as accessories or parts that are important for rider’s safety to became aggregators. New start-ups and companies of other business segments are entering the market considering its potential. For instance, Acer, a consumer electronics manufacturer, has exhibited their new business into electric ATV (e-ATV), called as X Terran, at the eCarTech conference held in Munich in October 2015.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global ATV market:
- Lower maintenance cost of e-ATVs
- Increased adoption in commercial transport application on uneven roads
- Increasing adoption of recreational and off-road activities
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Lower maintenance cost of e-ATVs
Electric ATVs (e-ATVs) have an electric powertrain that lowers environmental pollution and excessive vehicle sound. Since the electric powertrain already contains battery, controller, and motor/generator device to power the wheels, it eliminates the need for gas-powered engine and other mechanical components. Lesser the number of mechanical components, lower the maintenance cost. Also, the cost of electrically charging vehicles is less than the conventional fuel cost. Therefore, with the use of e-ATVs, the total maintenance cost of ATVs reduces significantly. This will push more customers to adopt these vehicles
Increased adoption in commercial transport application on uneven roads
Because of the stability and swiftness that ATVs provide in mountainous, forested, and rocky areas, they are becoming the preferred mode of transportation on uneven roads. ATVs are known for operating in a variety of conditions such as mud, water, rough areas, and other surfaces. This gives an advantage of operation to ATVs over other vehicles.
Amey Vikram, a lead automotive manufacturing research analyst at Technavio, says, “Countries like Australia, Germany, and France are adopting ATVs for farming purposes, which earlier required workforce. This leads to a reduction in their overall costs. Although ATVs can be comfortable for agricultural applications, countries such as India have not yet adopted the same. However, with more companies, including BRP and Polaris Industries entering the market, the sales of utility ATVs are expected to grow.”
Increasing adoption of recreational and off-road activities
Increase in outdoor recreational activities such as off-roading, racing events, and experience zones are driving the ATV market in North America and Europe. There is a rise in enthusiasts for activities like mountain racing and dirt racing due to which these activities are gaining more attraction. Every year, snowmobile associations, clubs, and organizations in North America and Canada conduct sports events that increase the sales of ATVs in the region.
Changing lifestyles, adoption of off-roading recreational activities by youth and middle-aged individuals, and improving tourism developments are the major factors driving the ATV market in emerging countries. Increased emphasis on safety through training sessions and safety accessories have decreased the risk involved in riding ATVs thus encouraging the rider to adopt these vehicles.
Top vendors:
- BRP
- Honda Motors
- Polaris Industries
- Yamaha Motor
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