According to a report by TechSci Research titled “Global All Terrain Vehicle Market: Product Type, Engine Displacement, Application Type, Region, Competition, Forecast & Opportunities, 2016-2026,” the projected value of the global all terrain vehicle market is USD 6.2 billion by 2026. The market’s growth can be attributed to the increasing popularity of off-roading activities and the expanding use of ATVs in agriculture, particularly in Europe and North America. Furthermore, advancements in technology such as Bluetooth connectivity and GPS systems, coupled with the growing appeal of ATVs among the youth, are driving the global demand for these vehicles. The sales of all terrain vehicles are expected to receive a boost during the forecast period due to the rising demand from sectors like agriculture and defense. However, concerns regarding high accident rates and restrictions on ATV usage in wildlife zones may hinder the demand for ATVs. Additionally, factors like the high cost of ATVs, trade barriers between regions, and the impact of COVID-19 on the demand for these vehicles are likely to impede the growth of the global all terrain vehicle market in the forecast period.
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The global all terrain vehicle market can be segmented based on product type, engine displacement, application type, and region. Among product types, utility all terrain vehicles dominated the market in 2018, accounting for the largest market share. This is due to their versatile usage, high load carrying capacity, easy maintenance, and economical pricing compared to sports ATVs. The utility all terrain market is projected to hold the largest market share of 60.41%. In the upcoming years, major ATV manufacturers worldwide are expected to introduce a wide range of advanced and specially designed all terrain vehicles to cater to diverse customer requirements.
North America serves as a major demand generator for ATVs, driven by the increasing disposable income of individuals, the introduction of electric vehicles, and the growing usage of ATVs in agriculture, particularly in poultry farming. The region also witnesses a rise in off-roading activities. Additionally, the utilization of all terrain vehicles for material transport, hunting, and forest and desert safaris further contributes to their demand in North America. In 2018, North America held the largest market share, accounting for approximately 66% of the global all terrain vehicle market. It is expected to maintain its dominance throughout the forecast period. With the expanding demand for ATVs in the region, North America is projected to retain the largest market share in the global all terrain vehicle market based on region.
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“Growing use of ATVs in several applications such as sports, entertainment and agriculture coupled with increasing number of international brands and decline in component manufacturing cost is expected to boost the sales of all terrain vehicles across the globe over the coming years. Moreover, increasing focus of manufacturers to develop eco-friendly and advanced ATVs is further expected to act as a catalyst for the industry growth over the course of next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global All Terrain Vehicle Market By Product Type, By Engine Displacement, By Application Type, By Region, Competition, Forecast & Opportunities, 2016 – 2026” has evaluated the future growth potential of all terrain vehicles market, globally, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by global all terrain vehicle market.
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