Global All-terrain Vehicle Market Research Report 2023-2028: "Sports ATVs Lead the All-Terrain Vehicle Market with a CAGR of 3.0% - Revving up Adventure - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "All-terrain Vehicle Market by Type & Application (Sport, Entertainment, Agri, Military & Defense), Drive (2wd, 4wd, AWD), Engine (<400, 400-800, >800cc), Fuel Type, Wheel Number, Seating Capacity, Side-By-Side Vehicle and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global all-terrain vehicle (ATV) market is projected to grow from USD 3.2 billion in 2023 to USD 3.7 billion by 2028, with a CAGR of 3.0% during the forecast period (2023-2028). The market shows promising growth potential driven by increasing farm management applications and military mobility operations. Additionally, relaxed regulatory norms for registration across regions contribute to the growing demand for ATVs.

Sports Segment Leads the Market

The sports application segment holds the largest share of the all-terrain vehicle market. Sports ATVs boast powerful engines and long-travel suspensions, enhancing the handling experience. They are favored by ATV championship riders for their high-power engines and torque capabilities. With engine capacities ranging from 100 to 1000cc, sport ATVs can be customized with various accessories to enhance performance and style, making them ideal for sporting activities.

Growing Demand for >800cc Engine ATVs

The >800cc engine segment is projected to be the fastest-growing segment during the forecast period. ATVs with engine capacities greater than 800cc offer high power, tractability, and strength, making them suitable for carrying heavy loads and navigating rough terrains. The demand for ATVs with >800cc engine capacity is expected to increase substantially in North America, a mature market where consumers are shifting to higher capacity engines for recreational and work activities.

Rapid Growth of Electric ATVs

Electric all-terrain vehicles are estimated to register the highest CAGR. Upcoming developments in alternate propulsion technologies, lower battery costs, and increasing charging infrastructure are driving the adoption of electric ATVs. Battery-powered ATVs are more efficient, with lower installation and operational costs and negligible emissions, making them environmentally friendly and quieter than conventional gasoline ATVs. The advancements in battery technology, fast charging, and long-range batteries are expected to fuel the demand for electric ATVs.

Asia Oceania Emerges as the Fastest-Growing Market

The Asia Oceania region is speculated to be the fastest-growing market for all-terrain vehicles, with Australia and China being the largest markets and India showing the highest growth. The region's market growth is fueled by increasing sports and entertainment activities, along with rising demand for ATVs in military and defense applications. Increased disposable incomes, growing economies, low production costs, availability of cheap labor, and government initiatives for foreign direct investments (FDIs) are driving increased spending on leisure activities, boosting ATV sales.

Competitive Assessment:

In-depth assessment of market shares, growth strategies, and service offerings of leading players like Polaris Inc. (US), BRP (Canada), Honda Motor Co., Ltd (Japan), Textron Inc. (US), and Yamaha Motor Corporation (Japan). In the all-terrain vehicle market.

Premium Insights

• Increasing Penetration of Utility ATVs in Agriculture and Military & Defense and Growing Popularity of Sports and Recreational Activities to Drive Market
• Utility ATV Segment to Hold Larger Market Share During Forecast Period
• Sports Segment to Lead Market During Forecast Period
• Awd Segment to Witness Fastest CAGR During Forecast Period
• Electric Segment to Register Higher CAGR During Forecast Period
• 400-800 Cc Segment to Lead Market During Forecast Period
• Four Wheels Segment to Lead All-Terrain Vehicle Market During Forecast Period
• One-Seater Segment to Hold Larger Market Share During Forecast Period
• North America to Lead Market During Forecast Period
• Asia Oceania to be the Fastest-Growing Market During Forecast Period

Market Dynamics

Drivers

• Increasing Off-Road Recreational Activities
• Increasing Demand for ATVs in Agriculture and Military & Defense
• Rising Purchasing Power and Spending Capacity of Individuals

Restraints

• High Accident Rates
• Restriction on ATV Usage in Wildlife Zones

Opportunities

• Increased Use of Technology in ATVs
• Positive Outlook Toward Electric ATVs

Challenges

• Trade Barriers Between Different Regions
• High Cost of ATVs

Case Study Analysis

Use Case 1: John Deere and Applied Marketing Science Case Study

Use Case 2: Polaris Inc. and Comtech Case Study

Use Case 3: Kawasaki Arc Welding Solutions for All-Terrain Vehicles

Companies Mentioned

• American Landmaster
• Baltmotors
• Bennche, LLC
• BRP
• Cectek
• Cfmoto
• Eco Charger
• Hisun Motors Corporation
• Honda Motor Co. Ltd.
• John Deere
• Kawasaki Heavy Industries Ltd.
• Kymco
• Linhai
• Nebula Automotive Private Limited
• Polaris Inc.
• Suzuki Motor Corporation
• Taiwan Golden Bee (Tgb)
• Textron Inc.
• Velomotors
• Yamaha Motor Corporation

   

   

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