Global All-terrain Vehicle Market to 2027 - Size, Share & Industry Trends Analysis Report - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global All-terrain Vehicle Market Size, Share & Industry Trends Analysis Report By Application, By Engine Type, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global All-terrain Vehicle Market size is expected to reach $3.8 billion by 2027, rising at a market growth of 4.2% CAGR during the forecast period.

A vehicle equipped with four low-pressure tires and handlebars is known as an all-terrain vehicle (ATV). Known for their sturdiness, off-road characteristics, and flexibility, they are deployed regularly in surveying, agriculture, forestry, sports, military, and other fields. ATVs are handled differently, and they require some instruction before they can be properly operated.

These vehicles are typically utilized off-road, although only a few regions allow them to be driven on public roads. These have grown in popularity in recent years because they provide access to inaccessible locations and give a simple way of transporting supplies and equipment. They may even replace the conventional method of transporting a pack of animals. ATVs are also employed by the military, the marines, and the army's ground forces.

The key factors for the growth of all-terrain vehicles are an increase in demand for off-road vehicles and an increase in disposable income. The demand for this industry is fueled by the requirement for The agricultural sector has seen an increase in the demand for ATVs for different farm-related activities such as weed management, fence repairing, field plowing, basic transportation, and animal handling. Manufacturing, construction, utilities, mining, and search and rescue are just a few of the industries that use them. Several major corporations are hosting adventure sports and off-road racing events, as well as offering sponsorships, in order to attract new customers and raise product awareness.

Owing to its widespread use in sports and military applications, demand for gasoline-based ATVs has skyrocketed. For cargo handling and forceful hauling, heavy-duty ATVs are typically equipped with diesel engines. Electric all-terrain vehicles are becoming more popular in Europe and North America as a viable alternative to diesel and gasoline-powered ATVs. Fluctuating gasoline and diesel prices, as well as environmental concerns, are expected to fuel demand for electric vehicles around the world. Electric all-terrain vehicles now have a performance edge over diesel and gasoline equivalents because of the development of powerful electric motors.

Market driving Factors:

Rise in the number of adventurous and sport events

Each year, the number of outdoor events continues to rise. At the national level, sports authorities hold all-terrain vehicle tournaments with off-terrain ATVs in challenging conditions in various countries such as the U.S. and Australia. There are many sports events or racing events hosted across various nations of the world.

For example, The World Off-Road Championship Series (WORCS) is one of the most popular racing events hosted in the US. A big agricultural and farm equipment company, John Deere, recently debuted UTV versions for farming uses. This is owing to the considerable demand for such vehicles among agricultural customers for diverse uses. For example, John Deere released an updated version of its iconic GatorTM Utility Vehicles (UVs) in September 2020.

Increasing Investment in R&D of All-Terrain Vehicles

Manufacturers of all-terrain vehicles are increasingly adopting technologies linked to electric ATVs. Firms in leading markets for electric ATVs, such as China, the United States, and Germany, are spending extensively on off-road vehicle R&D activities. Since original equipment manufacturers are under a lot of pressure to reduce greenhouse gas emissions, owing to new rules established by nations across the world, the majority of this investment is likely to go towards the development of electric cars, which also applies to the all-terrain vehicle industry.

For example, Polaris will debut its electric ATV, the Ranger XP Kinetic, in 2021, which was created in conjunction with Zero Motorcycles. It features a 14.9kWH battery that allows it to travel 45 kilometers on a single charge.

Marketing Restraining Factor:

Lack of Safety and Government regulations

Buyers and manufacturers are most concerned about the safety of passengers and vehicles. Every regulatory authority in the world has the singular aim of enhancing the safety of drivers and citizens by augmenting the safety characteristics of each vehicle. An all-terrain vehicle's speed, navigation, and other statistics are frequently monitored by drivers.

Any distraction or ignorance on the part of the operator could result in a serious mishap. When an all-terrain vehicle flips or rolls over, the most typical of these occurs. When this happens, the ATV driver and passenger may be thrown out of the vehicle or even trapped inside it. All-terrain vehicles are not designed to transport passengers in the back, yet there is a frequent misunderstanding about this.

Scope of the Study

Market Segments Covered in the Report:

By Application

• Recreational
• Sports
• Military & Defense
• Agriculture

By Engine Type

• 400cc-800cc
• Below 400cc
• Above 800cc

By Geography

• North America
• Europe
• Asia Pacific
• LAMEA

Key Market Players

• Textron, Inc.
• Bombardier Recreational Products, Inc.
• Zhejiang CFMoto Power Co., Ltd.
• Polaris, Inc.
• Deere & Company
• Kwang Yang Motor Company Ltd.
• Suzuki Motor Corporation
• Honda Motor Co. Ltd.
• Yamaha Motor Co., Ltd.
• Kawasaki Heavy Industries, Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/7x044n