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Global All-Terrain Vehicle Market is Expected to Grow at a CAGR of 2.67% in the Forecast Period of 2022-2027.

According to a new report by EMR titled, 'Global All-Terrain Vehicle Market Report and Forecast 2022-2027', the global all-terrain vehicle market attained a value of USD 4 billion in 2020. The industry is further expected to grow at a CAGR of 2.67% in the forecast period of 2022-2027 to reach a value of around USD 4.7 billion by 2026.

North America is the leading region of the global all-terrain vehicle market, with the United States and Canada taking the bulk of regional market share. The Asia Pacific, although relatively smaller market, is projected to experience one of the fastest growth in the forecast period due to the increased spending on recreational activities, particularly in emerging economies such as China and India. The expansion of the major players in the region is also aiding the Asia Pacific all-terrain vehicle market. In 2016, Polaris Inc. (NYSE: PII), a United States-based all-terrain vehicle manufacturer, started importing CKD (completely knocked down) all-terrain vehicles to India from China to provide price-sensitive Indian consumers a more affordable option in the vehicles. The company also planned to double its import by 2017, thus, solidifying its foothold in the Indian market.

An all-terrain vehicle (ATV) is a single-seater/multi-seater motorized tri- or quadricycle bike and buggy designed for off-road travel and activities. Such vehicles are known for their maneuverability and off-road capabilities and can be used in the military, survey, forestry, agriculture, sports, and other sectors. Their rising demand can be attributed to the growing need for a lightweight, heavy-duty vehicle with high fuel efficiency and multipurpose application. The growth of recreational parks, an increase in advertisements, and the growing popularity of off-road racing events have further pushed the market forward. 

Market Analysis by Vehicle Type, Product Type, Application, and Region:

  • The market on the basis of vehicle type can be divided into utility ATV, sports ATV, recreational, and others.
  • Based on product type, the market can be divided into three-wheeler, four-wheeler, six-wheeler, and eight-wheeler.
  • All-terrain vehicles find application in agriculture, entertainment, military, and sports sectors, among others.
  • The product's regional market encompasses North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Findings of the Report:

  • The main drivers for the all-terrain vehicle market include the increasing demand for off-road vehicles and growing disposable incomes, globally.
  • The market is being supported by the rising advancements in technology for the production of the product.
  • The expansion by leading players into emerging economies is expected to provide various growth opportunities for the market in the coming years.

Key Offerings of the Report:

  • The EMR report offers an overview of the global all-terrain vehicle market for the periods (2017-2021) and (2022-2027).
  • The report also provides historical market size (2017-2021) and gives the market forecast (2022-2027) of the vehicle type, product type, application, and major regions of all-terrain vehicles.
  • The report renders recent events and developments in the market as well as hidden market opportunities.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter's Five Forces models.

The key players in the global all-terrain vehicle market include Yamaha Corporation, Honda Motor Co. Ltd., Arctic Cat Inc., Kawasaki Heavy Industries, Ltd., Suzuki Motor Corporation, ZHEJIANG CFMOTO POWER CO.,LTD, Deere & Company (NYSE: DE), HISUN Motors Corporation, and Polaris Inc., among others. The report presents a detailed analysis of the above key players on the global market for all-terrain vehicle, examining their capacity, market shares, and the latest developments such as capacity expansion, plant turnarounds, and mergers and acquisitions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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