All Terrain Vehicle (ATV) Market size is expected to reach USD 9.2 billion by 2024: Global Market Insights Inc.
All Terrain Vehicle (ATV) Market size is expected to reach USD 9.2 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising trends in recreational uses like off-roading, sports & racing will stimulate all terrain vehicle market size. Changing consumer lifestyle, demographics and developing tourist attractions are the key factors supporting industry growth. GPS & mobile tracking along with bluetooth connectivity enhances the whole experience. Furthermore, introduction of next generation engines providing better fuel-efficiency and economy is expected to drive all terrain vehicle market size.
Hybrid engines provide better control while riding due to lighter weight, and can travel longer distances due to the presence of an alternate power reserve. Next generation ATVs offer customers with the choice of a propulsion system such as gas-electric, diesel-electric, or solar-electric drive trains. Various applications, such as defense and military explorations, require the utilization of propulsion systems by fuels, which are easily available.
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According to the Consumer Product Safety Commission (CPSC), children under 16 are not allowed to drive or ride adult ATVs and should always wear helmets & other protective gears such as eye protection, boots, long pants & sleeved shirts, and gloves. Distinct features, such as stiffer suspensions, lighter weights and lower centers of gravity providing superior handling abilities will drive industry demand across racing applications. Improving economic factors, such as rising GDP and GNI, along with growing urban population are the key factors driving sports ATV market share. Adverse environmental impact may hinder growth over the forecast timeline.
Browse key industry insights spread across 125 pages with 86 market data tables & 60 figures & charts from the report, “All Terrain Vehicle (ATV) Market Size By Application (Sports, Entertainment, Agriculture, Military & Defense, Forestry), By Product (Sport ATV, Sport Utility ATV, Utility ATV, Youth ATV), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Russia, France, Australia, India, Japan, China, Mexico, Brazil, UAE, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- ATV market share for ports utility was more than 25% of global 2015 revenue. Consumer inclination for an option with dual sport as well as utility applications will drive demand.
- Escalating usage as custom solutions for overcoming inaccessible locations for armor transport will favor demand across the military and defense sector.
- Agriculture application was valued at over USD 800 million in 2015 due to rising adoption as a substitute against heavy equipment.
- U.S. all terrain vehicle market share was more than USD 2.5 billion for 2015. China ATV market size accounted for over 35% of the Asia Pacific revenue. Increasing use for agriculture, search & recovery operations and travel will favor industry growth.
- Major industry participants are Polaris, Arctic Cat, Can-Am, Honda and Yamaha. The key strategies implemented by the manufacturers include new product development or introduction of advanced models in order to maintain their revenue.
- The competitive scenario is characterized by mergers & acquisitions to consolidate global share. For example, Polaris acquisition of Chinese Manufacturer Hammerhead in June 2016 to strengthen its position in India and China.
- The ATV market is anticipated to witness high R&D investments accompanied by swift technology innovation. Rising focus on developing eco-friendly versions owing to excessive sound and environmental pollution caused by traditional vehicles is likely to propel industry growth.
- Development of eco-friendly products, such as electrically operated vehicles, may offer potential growth avenues for incumbent players as well as new entrants.