All-Terrain Vehicle Market Analysis
The Global All-Terrain Vehicle Market will grow at a 3% CAGR by 2027, states the latest Market Research Future (MRFR) report. All-terrain vehicles or quadricycles or quad bikes are vehicles with robust and large tires with low tire pressure. It has a wide seat that helps the driver to be seated comfortably and is fitted with a wide length handlebar allowing maneuverability and easy control to the driver. It is designed to be ridden preferably as a single seater or with a pillion rider.
Various factors are fuelling the global all-terrain vehicle market growth. According to the recent MRFR market estimates, such factors include the growing inclination towards off-road sports activities across the globe, increasing number of adventure trails and parks, rising disposable income in emerging and developed nations, ongoing investment to improve vehicle performance and improve consumer experience, increasing demand in agricultural and military applications, increasing disposable income, and increasing purchasing power in emerging and developed economies.
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On the contrary, increasing fatalities, fall in product demand due to the COVID-19 outbreak, stringency in government standards and criteria, and environmental issues like safety regulations, carbon emission, and terrain damage may limit the global all-terrain vehicle market growth over the forecast period.
Eminent industry players profiled in the all-terrain vehicle market report include Honda Motor Company, Ltd. (Japan), Polaris Industries Inc. (U.S.), Yamaha Motor Company Limited (Japan), Bombardier Recreational Products (Canada) and Arctic Cat (U.S.). Kawasaki Heavy Industries Ltd. (Japan), Suzuki Motor Corporation (Japan), CFMOTO Powersports Inc. (U.S.), KTM AG (Austria) and BMW (Germany).
All-Terrain Vehicle Market Dynamics
The popularity of ATV as an outdoor recreation activity has increased dramatically in recent years. The increasing demand from the tourism sector can be seen as a significant driver for the global market for ATV engines. The development of high-performance engines also creates opportunities for market players. A large range of ATVs has emerged in recent years, which has led OEMs to continue to focus on developing engine technology. The global market for ATV engines was estimated at USD 1.755.6 million, with up to 80 HP engines making a significant contribution to market revenue.
During the first quarter of the COVID-19 outbreak, the ATV market faced a setback owing to the lockdown imposed by the government and travel restrictions that led to a sharp drop in leisure activities and motorsports. But with relaxations in the lockdown, the market has experienced a rapid rise in unit shipments for the shift in the demand of customers for sports activities.
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All-Terrain Vehicle Market Segmentation
The global all-terrain vehicle market is bifurcated based on vehicle type, displacement, and application.
By vehicle type, the all-terrain vehicle market is segmented into Sports Utility, Utility, Recreational, Sports, Touring, and Others.
By displacement, the all-terrain vehicle market is segmented into high, mid, and low.
By application, the all-terrain vehicle market is segmented into Sports, Entertainment, Agriculture, Military, Hunting, and Others.
North America to Head All-Terrain Vehicle Market
North America will head the all-terrain vehicle market over the forecast period. The region leading the global production as well as sales of all forms of ATVs, US and Canada having diverse and vast landscape ranging from huge forest spaces to mountain ranges, annual ATV motorsport competition in the US including different formats like plain surface terrain, rocky terrain, mountain terrain, and snow racing, growth in the tourism, high need for ATV, high disposable income, upcoming electric vehicle projects, and scope for advanced and new technologies are adding to the global all-terrain vehicle market growth in the region.
Besides, developed economy, government regulations about ATV designs, high demand for ATV in the US in applications like construction activities, mining, forestry, hunting, entertainment, sports, agriculture, and military activities, impending electric vehicle projects, the scope for sophisticated and new technologies, government laws surrounding ATV designs, and established economy are also adding market growth in this region.
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