All-Terrain Vehicle Market on High Growth Trajectory on the Back of Outdoor Sports and Recreational Activities
Fact.MR projects that the all-terrain vehicles market will reach US$ 3.9 Bn mark by 2027 and witness a CAGR of over 2% during the foreseeable future (2019-2027). Within the last two decades, all-terrain vehicles have become increasingly popular both recreationally and as a valuable asset for work. With the rising demand for off-road vehicles, all-terrain vehicles are slowly gaining traction across various fields such as sports, agriculture, military, tourism and entertainment.
A spurt in outdoor sporting activities is expected to translate directly into increased demand for all-terrain vehicles due to its rough terrain capabilities. The demand for all-terrain vehicles is also driven by technical advances and its enhanced user friendliness. Competitors involved in all-terrain vehicles are intensifying production due to increased tourism activities, which stimulates the growth of the market.
Four Wheel Drive Segment Is Expected to Grow 1.5x Owing To Higher Power and Safety Features
It is estimated that by 2027, four-wheeled drive all-terrain vehicles will be the fastest growing segment for all-terrain vehicles covering more than 40% market share. In terms of its manufacturing processes, OEMs are aiming to be more customer-centric with enhanced production of four wheeled all-terrain vehicles.
Four-wheeled all-terrain vehicles are being sought by the growing number of all-terrain vehicle buyers, especially in agricultural and military applications. Manufacturers of parts and suppliers of materials are working together to produce four wheeled all-terrain vehicles with better design, durability and productivity.
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North America Leads With More Than ½ Share in All-Terrain Vehicle Market, While APAC Witnesses Significant Growth
The all-terrain vehicle industry in North America is one of the world's most advanced industries. North American market growth is driven by the dominance of U.S. and Canadian all-terrain vehicles market. The region has seen the highest growth in manufacturing of all-terrain vehicles in recent years.
The U.S. accounted for around 50% percent of the region's total production of all-terrain vehicles in 2018. To strengthen the automotive industry, the country has authorized a free trade agreement with its neighbors. Technological developments in the U.S. have also had an impact on the Canadian market and increased the country's demand for all-terrain vehicles.
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Leading Players Relying on Collaborations for Business Expansion Across Asia Pacific
The all-terrain vehicles market is consolidated in nature with few of the automotive giants capturing a major chunk of the market share. Efforts to improve the technology used in all-terrain vehicles such as power steering, electronic fuel injection and four-wheel independent suspension are expected to fuel the demand for all-terrain vehicles during the forecast period. Some of the key developments in the market are:
- In 2018, Polaris Industries, an electric vehicle manufacturer based in the U.S., planned to assemble motorcycle and terrain vehicles in India. The company had previously been importing such vehicles for the domestic market primarily from the US.
- In 2019, Polaris in collaboration with Yansh Adventure Motorsports, inaugurated its 91st off-road adventure track namely Polaris Experience Zone (PEZ) in Gurgaon, India.
- In 2019, Yamaha Motor Corp announced its “proven off-road recreational, utility and sports” all-terrain vehicles for 2020. All all-terrain vehicle models are being made available with new color options and accessories.
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The global all-terrain vehicle market is characterized by a well-diversified presence of multinational and small and medium sized vendors. Leading companies are also purchasing equipment from other firms to develop their product offerings to increase market scope. In terms of geographical expansion and customer base growth, acquisitions are allowing key players to increase their market potential.
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