All Terrain Vehicle Market Size
The emergence of several renowned automakers in all-terrain vehicle market is likely to have a major imprint on the future of ATVs. For instance, German-based world-class automaker, Mercedes-Benz revealed its E-class ATV in 2018. In the newly revealed ATV, the company included several advanced features such as sports beefier bumpers, plastic underbody protection, and typical body cladding focusing on consumer requirements.
U.S. All-Terrain Vehicle (ATV) Market, By Application, 2018 & 2025, (USD Million)
In addition, another well-known automaker, Jaguar made it to the headlines a couple of years back for planning to make various design variations in its Range Rover platform to make it feasible for ATVs. The development of highly advanced ATVs comprising various innovative features such as keyless entry, Wi-Fi hotspot, and powered gesture tailgate will thus boost all-terrain vehicle (ATV) industry share over the years ahead.
Furthermore, it is imperative to state that Honda has also developed an autonomous ATV for off-road work such as firefighting, rescue missions, and agricultural purposes, in which the company has implemented varieties of attachments that would help carry out the aforementioned functions. The deployment of such multipurpose ATVs, undeniably, is slated to stimulate all-terrain vehicle market outlook.
With the surging inventions of novel agricultural equipment, farmers have been working toward major land cultivation, focusing on increasing productivity. The availability of innovative farming equipment has indeed reduced the generation gap between tradition and present farming technology. The involvement of technology in the agricultural sector is thus likely to prove beneficial for the smoother transition of agricultural management to next generation farming, setting the base for the expansion of ATV market.
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Most of the farmers are increasingly becoming adaptable to the use of technologies for improving overall farm productivity. For the record, the adoption rate of such technologies is higher in U.S. as compared to the other countries.
As per Global Market Insights, Inc., over the coming years, North America will cover a substantial proportion of all-terrain vehicle market, owing to surging use of such technologically advanced equipment for forestry and agricultural purposes. Apart from that, the regional growth will also be driven by the presence of myriad industry contenders across the United States and Canada.
At present, ATVs are prominently gaining popularity across the defense sector, pertaining to their ease of application for border patrolling and other military activities. These vehicles offer advanced off-road technology and superior mobility at a very affordable price, which is one of the factors driving all-terrain vehicle industry size. In fact, several regional governments have also been establishing joint ventures with leading giants in ATV market.
For instance, in 2017, the United States Marine Corp. has signed a contract with the renowned leader in off-road vehicle production, Polaris Government and Defense in order to improve its marine operational capabilities with the deployment of utility task vehicles. Taking into account the increasing requirement of ATVs for defense applications, Polaris is investing significantly in research and development activities to improve the handling of vehicles for a highly responsive ride and enhanced maneuverability. Indeed, this validates that continuous product enhancements of robotic vehicles will certainly fuel ATV industry share.
Considering the vast expanse of all-terrain vehicle (ATV) market, companies have been constantly focusing on new product developments in order to expand their product portfolios. In fact, performance and versatility are the major design factors that researchers have been concentrating on, of late.
The increasing upgradation in existing vehicle technology with advanced infotainment systems and installation of advanced safety features, undoubtedly is slated to propel all-terrain vehicle (ATV) industry share. As per estimates, global all-terrain vehicle (ATV) market size will surpass USD 3.3 billion by 2025.
Author Name : Sunil Hebbalkar