Sport all-terrain vehicle (ATV) market to gain a remarkable revenue by 2024, surging demand from entertainment applications to spur the industry growth
Changing preferences toward off-road activities such as racing will stimulate all-terrain vehicle (ATV) market size over the years ahead. ATVs incorporated with infotainment systems offer a user friendly and enhanced driving experience, which will favorably boost the product demand. Owing to the increased demand for a convenient, luxurious driving experience, ATVs have been gaining remarkable popularity among consumers across the globe. Efforts taken by business giants to develop eco-friendly ATVs will also boost all-terrain vehicle industry size. As per the report by Global Market Insights, Inc., “Worldwide All-Terrain Vehicle (ATV) Market having had a revenue of USD 6 billion, will collect considerable revenue of USD 9.2 billion by 2024 with an annual growth rate of 5% over the period of 2016-2024.”
U.S. All Terrain Vehicle (ATV) Market size, by application, 2013-2024 (USD Million)
ATVs are witnessing a heavy demand across the agricultural sector on account of being used as a substitute for heavy vehicles and tractors. Agriculture application segment collected a revenue of more than USD 800 million in 2015 and will exhibit a CAGR of 5.3% over the coming seven years. Market players are investing significantly to incorporate technologically advanced features such as display monitors and communication systems in the products and make them available at an affordable price to attract more customers. Key participants in all-terrain vehicle (ATV) market are Honda, Arctic Cat, Polaris ATVs, Can-Am motorcycles, Yamaha, Cectek, Suzuki, John Deere, KYMCO, Taiwan Golden Bee, Kawasaki HiSun, Linhai Co., Ltd., and ShuoPu Science and Technology Development Co.,Ltd.
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Most of the companies in ATV market are willing to develop customized and fully equipped ATV products such as covered roof, airless tires, independent suspensions, and 2-wheel and 4-wheel drive. Puncture free tire is also a new, recent innovation, which is deemed to reduce the occurrences of accidents. Sport utility covered more than 28% of the ATV market product landscape in 2015 and will collect significant revenue over the years ahead.
ATV market from the military & defense sector will grow lucratively with an annual growth rate of more than 9% over the coming seven years. Increasing use of the product for transportation in far-flung, inaccessible areas will stimulate the ATV industry share. Youth ATV market generated a revenue of USD 750 million in 2015 and will record considerable growth over the coming timeframe.
Asia pacific all-terrain vehicle market covered 12% of overall regional share in 2015 and will collect notable revenue over the years ahead. Surging use of this vehicle for various purposes such as tourism, agriculture, and search & rescue operations will augment the regional demand considerably. China accounted for more than 35% of the APAC market share in 2015.
In North America, U.S. ATV industry collected a revenue of USD 2.5 billion in 2015 and will generate considerable revenue with an annual growth rate of 4.5% over the period of 2016 to 2024. The attributing factor toward the industry growth is the shifting trend of using the product for numerous competitive sports activities.
Many of the players operating in all-terrain vehicle market are adopting growth strategies such as mergers and acquisitions and strategic partnerships to expand their regional base. Also, to sustain their business position in the competitive scenario, the industry players are investing heavily in R&D activities to develop technologically enhanced and high performance vehicles.
Author Name :Sunil Hebbalkar