LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global all-terrain vehicle (ATV) coilover shock market is expected to reach 273.70 thousand units during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the ‘Global ATV Coilover Shock Market for 2017-2021’. The report further segments the market based on application (ATVs and UTVs), and geography (the Americas, APAC, and EMEA).
The automotive coilover shock market is expected to grow at a rapid rate through the forecasted period. There is high demand for ATVs and UTVs in the military and defense operations, which use off-road vehicles for the transportation of military equipment in tough terrains. This has triggered the growth of the ATV coilover shock market. The usage of ATVs is growing with the increase in demand for off-road vehicles for transportation, agriculture, and sports activities.
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Technavio automotive analysts highlight the three key factors that are contributing to the growth of the global ATV coilover shock market:
- Rise in the participation of outdoor recreational activities
- Growing preference for ATVs and UTVs for defense and military applications
- Growing adoption of ATVs for the transport in hostile terrains
Rise in the participation of outdoor recreational activities
The increasing outdoor recreational activities like mountain racing and dirt racing are increasing in regions like North America and Europe. This is because of increase in the number of sports enthusiasts. Associations such as Canadian Council of Snowmobile Organizations are conducting sports events every year, and this, in turn, is increasing the sale of ATVs.
According to Siddharth Jaiswal, a lead automotive components, “ If sports enthusiasts are provided with the required training and safety accessories, then it will reduce the safety-related concerns. And this will, in turn, drive the market for the ATV coilover shock market. Recreational activities increase mainly during the winter and fall. This shows that the OEMs must focus on expanding their customer base by providing terrain vehicle sports packages according to the seasons, which will increase the sales of ATVs.”
Growing preference for ATVs and UTVs for defense and military applications
Defense and military operations require vehicles which can be used in rocky terrains, forest areas, and coastal regions. This increases the demand for ATV market in the military-dominated regions. In countries like the US, 55% of the total terrain vehicle sales are for defense and military purposes. The US army started using ATVs for defense purposes in 2004 by placing an order for 1,200 ATVs, which was a five-year agreement.
“Technological advancements have made the ATVs to detect land mines and the ability to monitor routes using real-time data. India has started using ATVs for defense purposes. Other countries like Iran and Iraq have also started the use of ATVs during combat,” adds Siddharth.
Growing adoption of ATVs for the transport in hostile terrains
ATV vehicles are useful for transportation purpose in rocky areas. Countries such as Australia, the US, Germany, and India are adopting ATVs for farming so that manpower can be reduced, which will reduce the overall cost. In places like Africa, people find it difficult to travel in the forests. From this perspective, the emerging countries are potential markets for ATV coilover shock manufacturers.
Top vendors:
- Bosch Rexroth
- Ingenia Motion Control
- Robotics & Drives
- YASKAWA Electric Corporation
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