All Terrain Vehicle Market in North America to hit USD 4 billion by 2024

North America All Terrain Vehicle Market is estimated to surpass USD 4 billion by 2024 owing to shifting trends towards widespread usage in various terrains including mountains, forestry, and agricultural fields. The U.S. is expected to hold major share due to existing large stretches of natural terrain, unpaved roads, along with large farms & ranches. In addition, presence of established industry players such as BRP, Polaris, and Arctic Cat will further accelerate the regional dominance over the study period.

All Terrain Vehicle Market segment in Youth will exhibit approximately 5% CAGR over the forecast time span. High prominence among the young generation along with increasing focus of industry players towards offering these bikes for multiple sports events will propel the segment size. Sports segment of the all terrain vehicle market is expected to acquire 26% of the volume share by 2024. This can be attributed to rising racing and sports activities, particularly in developed countries.

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Military & defense sector is predicted to pose a CAGR of about 4% between 2017 and 2024. Rising acceptance of the product at inaccessible locations for transportation purpose and supplying armor will improve the industry growth rate.

Rising disposable income along with high adoption rate of recreational off-road activities couple with sports and racing around the globe will drive the industry growth over the projected time frame. The industry is observing continuous advancements for manufacturing zero emission models of these quad bikes that will result in reduced environmental and sound pollution thereby spurring all-terrain vehicle industry.

Regulatory organizations such as All Terrain Vehicle Safety Institute (ASI) promotes and controls the use of ATV approved components and accessories such as seatbelts, helmets, and footrest. Government has mandated rules on number of passengers and usage by children of less than sixteen years of age for minimizing fatalities and injuries.

The all terrain vehicle business has also experienced an upsurge in multiple regions owing to unique ride experience. However, increasing demand for enhanced features such as integrated communication units and display monitor will consequently increase production costs and hamper the all terrain vehicle market growth.

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Utility all terrain vehicle is anticipated to gain highest revenue share in the ATV industry. The segment growth can be credited to its importance in military & defense sector as it seamlessly work on rough and rocky terrains. High cargo capacity along with fast mobility on hard surfaces are of greater importance in border security combats and anti-terrorist operations. This in turn will escalate the product usage, strengthening its adoption over the study period.

Asia Pacific all terrain vehicle market share will pose more than 5% CAGR over the forecast period. Increasing demand from developing nations including China and India is contributing significantly in the revenue generation. Multiple industry players are focusing on establishing their production facilities in these countries which will pave growth opportunities for regional growth.

Prominent industry participants of the all terrain vehicle market are Arctic Cat, Honda, Polaris Industries, Yamaha, and Can-Am. Other notable industry players include KYMCO, Cecktek, Shuopu, John Deere, Taiwan Golden Bee, and Suzuki. Key strategy adopted by the players are mergers and acquisitions to improve their industry share. For instance, in 2015, Polaris acquired Hammerhead that helped in expanding company’s product range.

Browse key industry insights spread across 250 pages with 326 market data tables & 13 figures & charts from the report, “All-Terrain Vehicle (ATV) Market Size By Product (Sport ATV, Sport Utility ATV, Utility ATV, Youth ATV), By Application (Sports, Entertainment, Agriculture, Military & Defense, Forestry), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Russia, France, Australia, India, Japan, China, Mexico, Brazil, UAE, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/all-terrain-vehicle-atv-market

 

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