The All-terrain Vehicle Market, by value, is projected to reach USD 5.0 billion by 2027 from an estimated USD 4.3 billion in 2022, at a CAGR of 2.7% from 2022 to 2027. The market has a promising growth potential due to factors like rising applications from farm management to enhancing military mobility operations, including ease in regulatory norms for registration across different regions of world. The growth opportunity is also driven by factors such as rising popularity of ATVs in recreational activities, mainly worldwide championships, sports and entertainment purpose.
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“Military & Defence: The fastest growing segment in terms of applications for all-terrain vehicles”
Features of all-terrain vehicles like delivering the sheer enhanced mobility, versatility, responsiveness and capability needed in a range of military operations from tactical missions to base support has widen its scope of use in different military operations and applications. For instance, SPORTSMAN MV850 delivers off-road capability, durability, and tactical features and most preferred for its best fit for various military purposes. Increasing investment in research and development of advanced military ATVs is expected to further drive the market. For instance, in September 2021, Polaris unveiled its newest light tactical vehicle — the MRZR Alpha — for the first time at London-based defense show. MRZR Alpha has increased exportable power capability, more cab space and more configurability opportunities, according to Leonard. The demand for ATVs will going to see a rise in the coming years due to increase in military spending for mobility solutions for varied rugged and difficult terrains.
“The electric all-terrain vehicles is estimated to register highest CAGR, under fuel type segment”
New product launches and developments in electric ATV models by ATV manufacturers accompanied with stringent emission standards is likely to driving electric ATV market. Battery-powered ATVs are efficient as they have an advantage of lower installation and operational costs than conventional Gasoline ATVs. Also, the biggest advantage is their noise – electric vehicles have a very low operational noise compared to other ATVs. Electric ATVs don’t burn gas hence there is no harmful emissions released, making way for a cleaner atmosphere. Also, developments in battery driving range and energy density, various advanced electric ATVs are launched with longer driving ranges. For instance, newer versions of electric ATVs such as the EZ Raider HD4 has a very powerful battery that enables riders to travel as far as a gas-powered ATV would. Thus, growing environmental concerns, developments in battery driving ranges, launches of various electric ATV models, electric ATV market is expected to grow.
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“The Asia Oceania is estimated to be fastest and North America to be the largest market for all-terrain vehicles during the forecast period”
Though in terms of volume, the Asia Oceania is the third largest market of all-terrain vehicles in the world compared to North America which stands first, still the Asia Oceania region is projected to register the fastest growth in terms of CAGR, for the year 2022 to 2027. The major all-terrain vehicle countries in Asia Oceania are China and Australia out of which Australia is the largest seller of ATVs in the region. The market growth in this region can be attributed to the positive growth in macroeconomic fundamentals in emerging economies such as China and India, subsequently influencing buying behaviour for all-terrain vehicles based upon sports/recreational or utility needs. On the other side, The factors which drive the market in North America are long stretch of natural terrains, unpaved roads, large farm sizes and increasing usage of ATVs in agriculture and military and defense. Further after the Covid-19 pandemic, the inclination towards off-roading and recreational activities have increased, due to which people are opting for ATVs of different models and prices to participating in off-roading racing events.
Key Market Players:
The all-terrain vehicle market is primarily dominated by globally established players such Polaris (USA), Honda (Japan), Can-Am (Canada), Yamaha (Japan), and Textron (USA). These companies are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high growth ATV market across different regions.
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