The all-terrain vehicle (ATV) market is projected to reach a size of USD 5.0 billion by 2027, with a compound annual growth rate (CAGR) of 2.7% from 2022 to 2027. This growth is driven by the increasing demand for ATVs in various sectors such as agriculture, military & defense, and recreation. The market is also influenced by the rising purchasing power and spending capacity of individuals and societies for leisure and adventure vehicles, leading to increased ATV sales.
Among the different types of ATVs, the sports segment is expected to be the fastest-growing. Sports ATVs are known for their energetic engines and long-travel suspension, providing a better handling experience. They are popular among riders, especially in ATV championships, due to their high-power engines and torque. Sport ATVs typically range in engine capacity from 100 to 1000cc and offer customization options for enhanced speed and agility. The growing recreational activities in the tourism sector contribute to the global growth of ATVs in sports applications.
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In terms of engine type, ATVs with an engine capacity greater than 800cc are projected to be the fastest-growing segment. These powerful engines are used in heavy-duty applications such as loading, transporting, and other demanding tasks. Manufacturers are investing in the development of improved engines with higher horsepower and torque. The >800cc engine segment finds applications in sports, recreation, agriculture, mining, and construction. Asia Oceania, with its growing popularity of ATV brands like Polaris, Can-Am, and Yamaha, is expected to drive the market for ATVs in the >800cc engine category.
The Asia Pacific region is anticipated to be the fastest-growing market for all-terrain vehicles. China and Australia are major ATV markets in the region, with Australia being the largest seller. Utility ATVs, which have multipurpose applications in military, agriculture, construction, forestry, etc., are expected to hold the largest share in the region. Factors such as increasing GDP, rising per capita income, low production costs, availability of cheap labor, and government initiatives for foreign direct investments (FDIs) contribute to the growth opportunities in the Asia Pacific region.
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Key players dominating the all-terrain vehicle market include Polaris, Honda, Can-Am, Yamaha, and Textron. These companies continuously develop new products, pursue expansion strategies, and engage in collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth ATV market across different regions.
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