All-Terrain Vehicle Market is growing rapidly across the world according to a recent study report published by the Market Research Future on Global All-Terrain Vehicle Market. Global All-Terrain Vehicle industry to witness steady growth from 2018 to 2023. Report provides All-Terrain Vehicle Market Analysis by Scope, Stake, Industry Statistics, Progress, Trends and Forecast to 2023.
All-Terrain Vehicle Global Market is segmented by Vehicle Type (Sports Utility, Utility, Recreational, Sports, Touring, Others), Displacement (Low, Mid, High), Application (Sports, Entertainment, Agriculture, Military, Hunting, Others), and Region.
All-Terrain Vehicle Market Key Companies Studied in This Research Report Are:
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) are the other main players in this market.
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Global All-Terrain Vehicle Market Overview:
All-Terrain Vehicle (ATV) are any non-road licensed vehicles that are used for recreational purpose or for riding off-the road. They can be driven on all-terrain roads including trail roads among others. They are most prepared in racing course, competitions, and adventure.
There are several factors responsible for the growth of the global all-terrain vehicle market. Firstly, the growing economy of the country is leading to higher purchasing power and spending capacity of individuals and societies for these leisure and adventure vehicles. Secondly, competitions involving all-terrain vehicles in the developed nations lead to greater tourism, which further drives this market. Thirdly, all-terrain vehicles present an easier option to people with disabilities or physical shortcomings to explore the natural terrain, which otherwise would have been a problem.
The governments have set various rules with respect to different age groups to mitigate the risk of accident. For instance, children below 12 years of age have to be under strict monitoring while operating all-terraine vehicles, which makes it a restraint for the person to ride the ATVs. Individuals in the age group of 12 – 17 years should have a valid ATV certificate which makes it difficult for such riders to ride the ATV. The factors mentioned above are expected to act as a major restriant for the All-Terrain Vehicle market during the forecast.
The strict government rules and regulation for ride an All-Terrain Vehicle (ATV) are expected to adversely impact the All-Terrain vehicle market in the future. Additionally, the customer base of riders below 18 years of age, may not have proper guidance for riding the ATV, which may result into accident. This will be restraining factor for the growth of the market.
The global All-Terrain Vehicle (ATV) vehicle market has been segmented based on product as sports ATV, sports utility ATV, utility ATV and Others. Based on application, the market has been segmented as sports & recreation, agriculture, military & defense and forestry. Based on basis of geography, the market has been segmented as Americas, Europe, Asia Pacific and Rest of the world.
The increase in the government regulation for licencing and certificates will result in the decline for the sales of the vehicles during the forecast period. Many people lack proper certification in accordance with the safety requirements due to which there will be a decline in the buying criteria of the consumer. The stringency in the government standards and criteria can result in the decline of the market.
The Asia Pacific region dominated the Global All-Terrain Vehicle (ATV) Market in 2016, with North America and Europe closely following.
In Europe, the All-Terrain Vehicle (ATV) industry has been growing due to various initiatives taken by the European government. The region is expected to grow due to increase demand of mobility by masses. Mobility will be a major factor contributing to the growth of the region during the forecast period. There has been increase in the training center development in Europe which will add to their awareness about the skills required and riding experience pertaining to all-terrain vehicles. This will led to growth of the market during the forecast period.
All-Terrain Vehicle Market by Segmentation:
Based on vehicle type, the sports utility category is the most widely sold and popular among customers. The sports utility ATVs are generally used explicitly for racing purpose. These vehicles thus tend be lighter, smaller and faster than other ATVs. These vehicles are easy to maneuver and thus, sudden and swift actions such as accelerating, and cornering become easier with their use. These are generally rear wheel drive, which in rare cases can be custom made and converted into a four-wheel drive vehicle. They are installed with robust and strong suspension system to ease the jerks while speeding or landing on the racing track.
The utility ATVs are built with either four-wheel drive or two-wheel drive. They are generally used for towing large and heavy loads and thus, are often fitted with hooks, fenders and other accessories to help in the cargo transport. The touring ATVs have the same application as cruiser motorcycles. They are mainly used for touring over long distances. They can be maneuvered through multiple surfaces such as smooth roads, rocky terrains, uneven & muddy patches, and forest trails. These vehicles thus have larger engine capacity and a decent engine fuel mileage to aid long-distance travel. These are quite large in size compared to the sports utility vehicle but require less maintenance comparatively since the engine is not subjected to extreme and differential load over a short duration
Based on region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. North America region leads the global production and sales of all types of ATVs. Countries such as U.S. and Canada have a vast and diverse landscape ranging from mountain ranges to huge forest spaces. ATV manufacturers thus, develop different vehicles, which can be used in different scenarios and landscapes. The biggest attraction in regard to ATVs in the U.S. is the annual ATV motorsport competition involving different formats such as snow racing, mountain terrain, rocky terrain, plain surface terrain. Thus, ATV competition causes significant growth in the tourism adding to the economy, which ultimately leads to the growth of this market.
Major Table Of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
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