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.
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.
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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Global All-Terrain Vehicle Market: In-Depth Assessment on Key Segments
The global all-terrain vehicle market is segmented on the basis of drive type, fuel type, seating capacity, application, age group, number of wheels and region.
|Number of Wheels||
Country-specific assessment on demand for all-terrain vehicles has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous all-terrain vehicle manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
Global All-Terrain Vehicle Market – Scope Of The Report
The following report provides forecast and analysis of the global all-terrain vehicle market along with the historical data of 2013, estimated data 2019 and forecast data up to 2027 in terms of revenue (US$ Mn) and volume (Units), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global all-terrain vehicle market along with several macro-economic indicators. This newly published and insightful report on all-terrain vehicle sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global all-terrain vehicle market.
The report also comprises the study of current issues with end users and opportunities for all-terrain vehicle. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of all-terrain vehicle manufacturers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the all-terrain vehicle market provided in the report adds to the credibility of this exhaustive research study.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates.
The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major competitors operating in the all-terrain vehicle market are Yamaha, Honda, Polaris Industries, Textron, Kawasaki, Suzuki, KTM, BRP (Can-am) and others.
Global All-Terrain Vehicle Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the all-terrain vehicle market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the all-terrain vehicle market, which includes global GDP growth rate, various industries growth rate, such as power sports vehicle, automotive sector and others.
This report serves as an authentic resource of intelligence on the all-terrain vehicle market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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