LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global sports ATV equipment market to grow at a CAGR of around 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global sports ATV equipment market for 2017-2021. The report also lists sports ATV and protective gear as the two major product segments, of which the sports ATV segment accounted for more than 92% of the market in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global sports ATV equipment market:
- Growing popularity of off-road recreational activities
- Regulations mandating the usage of protective gear
- Growing number of ATV tournaments
Growing popularity of off-road recreational activities
The number of sports enthusiasts for activities like backpacking, scuba diving, rafting, snorkeling, mountain biking, and dirt racing has been increasing. The popularity of such activities can be attributed to the need for leisure with a busy lifestyle of today's global population, especially in the urban areas. This increased interest in off-road recreational activities is expected to propel the sports ATV equipment market in regions like North America and Europe.
“The demand for recreational adventure off-road activities has also been increasing in emerging markets like India. For example, in October 2016, Avigna Motor Sports announced that it would be setting an 18-kilometer dirt track in Karnataka, India,” says Brijesh Kumar Choubey, a lead analyst at Technavio for outdoor gear research.
Regulations mandating the usage of protective gear
Most adventure sports activities are governed by safety standards that are set by different governments, and national health and public health organizations to prevent injuries. Such standards also mandate the use of protective gear for specific sports, particularly for off-road adventure activities, to reduce the risk of injury.
“Such regulations, alongside ensuring the safety of ATV sports enthusiasts, has also added to the growth of the protective gear market. Protective gear for ATV riders include helmets, protective eyewear, mouth guards, knee guards, face protection gear, and ATV boots,” says Brijesh.
Growing number of ATV tournaments
The rising interest of the global population in adventure sports activities has a direct impact on the growth of the number of ATV users and enthusiasts. The American All-terrain Vehicle Association commenced ATV tournaments for both professional and amateur riders. Also, the association also hosts national events for professionally licensed riders. Nearly 500-800 ATV racers from Canada, Europe, Australia, and South America participate in the ATV MX National Championship.
The popularity for such tournaments has been increasing, especially, with developing nations like India coming up with ATV tournaments for adventure enthusiasts. The Mega ATV Championship is an off-terrain ATV; Dune Buggy and Mini BAJA racing competition are based on real-life challenges. To be held in March 2017, the tournament is a four-day long event, which will happen in Nashik, India.
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