All-Terrain Vehicle Market size is poised to cross USD 10.46 Billion by the end of 2035, growing at a CAGR of 5.7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of all-terrain vehicle was USD 5.38 Billion. The industry growth can be attributed to the surging popularity for outdoor entertainment activities such as off-roading. Furthermore, these vehicles are opted by the people for use on unusual road that might contain slippery road condition.
An all-terrain vehicle (ATV) refers to a motorized off-highway vehicle with four low-pressure or non-pneumatic tyres, a seat meant to be straddled by the operator, and handlebars for steering control. ATVs are classified into two types based on the manufacturer. The manufacturer intends for Type I ATVs to be used by a single operator with no passengers. The manufacturer designed Type II ATVs for usage by an operator and a passenger, with a specific seating place behind the operator. Likewise, motorcyclists must consider the varied ATV sizes.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~5.70% |
|
Base Year Market Size (2022) |
~ USD 5.38 Billion |
|
Forecast Year Market Size (2035) |
~ USD 10.46 Billion |
|
Regional Scope |
|
Growth Drivers
Challenges
Application (Mountaineering, Military, Agriculture)
The agriculture segment is estimated to hold 38% share of the all-terrain vehicle market by 2035. The growth of the segment can be attributed to the increasing use of all-terrain vehicles for agricultural purposes. The light footprints of these vehicles that don’t harm the agriculture areas, along with their speed, are the features that make them appropriate for agriculture activities. The ATVs are used in the agriculture sector for various activities such as animal handling, weed control, field plowing, and others. Moreover, ATVs provide easy to perform agricultural activities in desert areas. As a result, all these factors are expected to drive the growth of the agriculture segment in the market. As per the estimates in 2021, more than 35 percent of the total world’s food that includes half its livestock, are produced in dry areas.
Engine (<400, 400-800, >800 CC)
The all-terrain vehicle market from 400-800 CC segment is expected to garner a significant share of around 41% in the year 2035. This growth is attributed to the presence of large storage capacity of the engines, that are used for transporting supplies. Moreover, the manufacturers are focusing on 400-800 CC engines in order to cater the demands of various end users. Similarly, the >800 CC engine segment is also predicted to have a significant growth over the forecast period. These engines are generally adopted for the sports, and events that requires a large engine providing a competitive advantage to the participants. In addition, they are high opted for desert by the tourists for the sight viewing, or desert race events. Therefore, all these factors are anticipated to provide opportunities for the growth of the segment in the market.
Our in-depth analysis of the global market includes the following segments:
|
By Application |
|
|
By Engine |
|
|
By Fuel Type |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this Report
North American Market Statistics
The North America all-terrain vehicle market is projected to be the largest with a share of about 34% by the end of 2035. This growth is attributed majorly to the presence of key manufacturers of all-terrain vehicles in the region. Furthermore, there has been an increasing adoption of all-terrain vehicles in the region owing to various factors, such as the upcoming electric vehicle projects, research and development on new and sophisticated technologies. In addition, the surging disposable income of the people is increasing their investment in the entertainment sectors, such as off-roading, and events. The North American region also has various parks that uses all-terrain vehicles in order to attract tourists. Therefore, these factors are anticipated to expand the growth of the market in the region. According to the data, more than 1 million people in the United States are ATVs owners in 2020.
APAC ATV Market Analysis
The Asian Pacific all-terrain vehicle market is estimated to be the second largest, registering a share of about 24% by the end of 2035. The growth of the market can be attributed majorly to the of the largest seller of ATVs in the countries such as China, and Australia. Furthermore, the utility ATVs are used for various applications in the region such as agriculture, sports, and other activities, that is increasing their demand. Furthermore, the low manufacturing cost of the all-terrain vehicle in the region, is also surging their demand in the Asia Pacific region. Thus, all these reasons are expected to drive the market’s growth in the region.
Author Credits: Harshita Srivastava, Saima Khursheed
Ans: Growing government rules to drive ATVs on road, and increasing number of people participating in professional sports are the major factors driving the market growth.
Ans: The market size of all-terrain vehicle market is anticipated to attain a CAGR of ~5.70% over the forecast period, i.e., 2023 – 2035.
Ans: The major players in the market are Yamaha Motor Co., Ltd., BRP, Kawasaki Heavy Industries. Ltd., KWANG YANG MOTOR CO., LTD., HISUN, KUBOTA Corporation, ZHEJIANG CFMOTO POWER CO., LTD, Polaris Inc., Textron Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, engine, fuel type, and by region.
Ans: The agriculture segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: High initial and maintenance cost of all-terrain vehicle, and trade barriers for the raw material are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?