All-Terrain Vehicle Market 2020: Global Projection, Solutions, Services Forecast

Posted by Market Research Future on March 20th, 2020

Market Synopsis:

The global all terrain vehicle market is expected to grow at a robust growth rate over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR). The global all terrain vehicle market is mainly driven by the growing interest in recreational off-road riding and the growing commercial allure of all terrain vehicles.

The growing demand for recreational riding of all terrain vehicles is likely to be a key driver for the global all terrain vehicle market. All terrain vehicles have four wheels but are controlled and steered by a steering system similar to that of a motorcycle. This makes them more easily controllable than bikes, while providing a more solid foundation in the form of four wheels rather than two. The seat of all terrain vehicles is also usually wider and more comfortable than usual bike seats, allowing the rider to ride the vehicle over rougher terrain. This has driven the demand from the global all terrain vehicle market over the last few years, as the demand for recreational off-road driving has grown in recent years as a result of increasing televisual exposure to the sport and other factors.

The growing commercial potential of televised competitions involving all terrain vehicles is also likely to be a key driver for the global all terrain vehicle market over the forecast period. Due to the increasing financial backing from sponsors and the increasing popularity of off-road riding, the demand for competitive all terrain vehicle riding is likely to increase over the forecast period, thus driving the demand from the global all terrain vehicles market.

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Competitive Analysis:

Leading players in the global all terrain vehicle market include BMW, KTM AG, CFMOTO Powersports Inc., Suzuki Motor Corporation, Kawasaki Heavy Industries Ltd., Arctic Cat, Bombardier Recreational Products, Yamaha Motor Company Limited, Polaris Industries Inc., and Honda Motor Company Ltd.

Industry Updates:

In May 2019, all terrain vehicles became allowed on some public roads in Cowlitz County, Washington. All terrain vehicles aren’t always legal to run on public roads, with the absence of sophisticated instrumentation such as headlights, indicators, and mirrors being held up as the reasons for the same. However, an increasing number of jurisdictions in the U.S. are allowing the use of all terrain vehicles on public roads, which could become a key driver for the all terrain vehicles market in the country over the forecast period.

Segmentation:

The global all terrain vehicle market is segmented on the basis of vehicle type, displacement, application, and region.

By vehicle type, the global all terrain vehicle market is segmented into sports utility vehicles, utility vehicles, recreational vehicles, sports vehicles, touring vehicles, and others. Sports utility vehicles are highly popular among consumers and are likely to dominate the global all terrain vehicle market over the forecast period due to their growing demand.

By displacement, the global all terrain vehicle market is segmented into low CC, mid CC, and high CC.

By application, the global all terrain vehicle market is segmented into sports, entertainment, agriculture, military, hunting, and others.

Regional Analysis:

The global all terrain vehicle market is segmented by region into North America, Europe, Asia Pacific, and rest of the world. North America dominates the global all terrain vehicle market and is likely to remain the leading revenue generator over the forecast period due to the growing popularity of all terrain vehicles among the consumer demographics in the region. The easy availability of wilderness tracks and trails in the U.S. and Canada has led to a growing demand from the all terrain vehicle market, as consumers in the region are keen to exploit the geographical suitability of the region.

Europe is also likely to remain a key player in the global all terrain vehicle market due to the growing popularity of trail riding and offroading in large parts of Europe.

Asia Pacific, the Middle East, Africa, and Latin America are likely to lag behind North America and Europe in the global all terrain vehicle market over the forecast period, either due to the absence of suitable geographical features, or the low disposable income of consumers in these regions.