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I AgreeAnalysis of All-Terrain Vehicle market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global shipment of all-terrain vehicles are expected to surpass US$ 4 Bn by 2031, according to Fact.MR. As per the report, the market for all-terrain vehicles is anticipated to surge 1.4x until 2031.
With burgeoning demand for off-road vehicles, all-terrain vehicles are sluggishly gaining traction across several fields such as sports, agriculture, military, tourism and entertainment which is estimated to foster demand in forthcoming years.
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According to Fact.MR- a market research and competitive intelligence provider- the global market for all-terrain vehicles thrived at a CAGR of over 2% from 2016 to 2020, to reach US$ 3 Bn.
Sales outlook of all-terrain vehicles as per Fact.MR’s report is fairly positive, expected to touch US$ 4.2 Bn following a CAGR of 3.4% over the projected period 2021-2031.
North America is expected to embrace its dominance in market with over 50% holdings in all-terrain vehicles industry. Asia stands next in the queue with plentiful growth opportunities, especially in China and India.
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Sales of all-terrain vehicles are expanding significantly, owing to emerging popularity of extreme sports and necessity for robust compact equipment. Furthermore, expanding off-road activities in various industries like military and agriculture has driven market demand on a positive growth chart.
Additionally, the construction industry is progressively adopting off-road compact vehicles to boost up its efficiency. Furthermore, rapid industrialization and an upsurge in mining activities are major dynamics expected to drive market expansion.
Moreover, manufacturers' interest in frequent advancements in the development of various eco-friendly vehicles is likely to boost adoption of ATVs in the near future.
Growing preferences for hybrid and electric off-road vehicles are highly anticipated to drive the demand for off-road vehicles during the forecast period 2021-2031.
Vendors offering off-road vehicles are investing huge amounts in offering advanced off-road vehicles. Consequently, opening doors for the new opportunities in the various segments of all-terrain market. The growing demand for SUVs and pick-up trucks is estimated to offer immense growth opportunities in forthcoming years.
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Rising electric vehicles popularity along with inclination towards off-road sports has impelled market demand for all terrain vehicles. Additionally, development of intelligent torque vectoring for AWD is a major trend driving the growth of the market.
OEMs are developing specialized suspension systems with high ground clearance to help off-road vehicles travel greater distances, swift departure, and break-over angles. Furthermore, adoption of all wheel drive by government agencies is estimated to propel the market growth.
Progress of hybrid engines with upgraded efficiency and negligible emissions accompanied by the introduction of lightweight models will further encourage industry growth till 2031.
The U.S market for all-terrain vehicles was valued at around US$ 2.3 Bn in 2020, with over 300 Mn units of new ATVs sold. Furthermore, U.S dominates the regional market with 50% share holdings of ATV.
However, electric all-terrain vehicles are gaining popularity in North America and Europe as an alternative for ATVs operating on gasoline and diesel.
The market is expanding because of government initiatives and subsidies. For instance, the U.S Army has shown interest in acquiring ATVs with features such as rapid transportation capabilities and the ability to carry nine fully armed soldiers, agility, and a minimum speed of 55 mph.
China is forecast to reach a projected market size of US$ 2.1 Bn by 2031. China will endure among the fastest cultivating in this cluster of regional markets. Expanding construction and automotive sectors are catalysing adoption of ATVs to a large extent.
The presence of prominent manufacturers like China Peteresa Industrial Limited, Zhejiang Renli Vehicle Co. Ltd., and Shanghai Thunder Electric Technology Co. Ltd. has generated new grounds for market expansion.
Gasoline is projected to be the largest segment of the all-terrain vehicles market by fuel type. Gasoline is expected to dominate the market in the coming years with increased demand for gasoline ATVs in applications such as sports and military.
The segment accounted for a market share of exceeding 60% in 2020. Demand for gasoline ATVs is increasing owing to high demand in military and sports applications. Heavy-duty all-terrain vehicles are primarily equipped with diesel engines, as they are used for powerful towing and material handling applications.
More than four wheeled ATVs are predicted to be most sought after by 2031. OEMs are planning to be more customer-oriented in terms of its manufacturing processes.
The growing number of ATV buyers are looking for more than 4-wheel ATVs, especially in military and agricultural applications. Henceforth, more than four wheeled ATVs is projected to gain grounds worldwide. The market will accelerate at a CAGR exceeding 3% in the forthcoming decade.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
Attribute |
Details |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value & ‘000 Units for Volume |
Key Regions Covered |
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Key Countries Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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As of 2020, sales of all-terrain vehicles surpassed US$ 3 Bn
From 2016 to 2020, sales of All-terrain vehicles expanded above 2% CAGR
From 2021 to 2031, demand for all-terrain vehicles is expected to surge at approximately 4% CAGR
Adoption and innovation in electric vehicles is likely to open new doors for all-terrain vehicles across key industries
Increasing recreational activities such as adventure sports have surged the demand for ATV’s worldwide.
Demand for all-terrain vehicles in the U.S is expected to account for 50% revenue until 2031.
Due to Growing purchasing power and disposable income in emerging countries, the market demand is expected to surge in Asia
Polaris Industries (US), Textron (US), Honda (Japan), Kawasaki (Japan), Suzuki (Japan), BRP (Canada) are some prominent all-terrain vehicles manufacturers included in the report
Military & defence ATVs will garner maximum traction, projected to expand at a CAGR of 2.4% during the forecast period.