The global all-terrain vehicle market is predicted to grow to $6.75 billion by the end of 2033, from $4.65 billion in 2023. Fact.MR predicts that global demand for all-terrain vehicles will increase at a 3.8% CAGR between 2023 and 2033.
All-terrain vehicles, also known as quad bikes or quadricycles, have extremely durable tires with low tire pressure, and a wide seat that helps the driver sit comfortably. They have a wide handlebar that allows the driver to easily control and move around.
North America is expected to embrace its dominance in market with over 50% holdings in all-terrain vehicles industry. Asia stands next in the queue with plentiful growth opportunities, especially in China and India.
All-Terrain Vehicle Market Share & Trends Analysis, By Drive Type (2WD in All-Terrain Vehicles, 4WD in All-Terrain Vehicles, Others), By Fuel Type (Gasoline-powered All-Terrain Vehicles, Electric-powered All-Terrain Vehicles), By Seating Capacity, By Application & By Region Forecast, 2021-2031
Rising electric vehicles popularity along with inclination towards off-road sports has impelled market demand for all terrain vehicles. Additionally, development of intelligent torque vectoring for AWD is a major trend driving the growth of the market.
“Progress of hybrid engines with upgraded efficiency and negligible emissions accompanied by the introduction of lightweight models will further encourage industry growth,” comments a Fact.MR analyst
Key Takeaways from the Market Study:
- The global All-terrain vehicles market is anticipated to add 1.4x value by 2031
- By fuel type, gasoline-based all-terrain vehicles accounted for 3 out of 5 sales in 2020
- ATVs with more than 4 wheels to accelerate at a CAGR of over 3% until 2031
- In terms of seating capacity, two seat all-terrain vehicles to account for 2/5th of global revenue
- By application, military & defence ATVs to register a CAGR of 2.4% across the forecast period
- U.S market for ATVs was valued at US$ 2.3 Bn in 2020, capturing 50% of global demand
- Sales of ATVs in China are forecast to reach a projected size of US$ 2.1 Bn by 2031
- India is likely to emerge as a highly opportunistic market in coming years
Competitive Landscape:
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In Sept 2018, Powersports manufacturer Polaris Industries Inc. and WSI Industries Inc. jointly announced a merger agreement in cash for a total enterprise value of approximately US$23.9 Mn. The merger is expected to close in the Q4 of 2018.
- In June 2021, Honda becomes the first of Japan’s automakers to state publicly it will phase out sales of gasoline-powered cars completely, setting 2040 as the goal. The company plans to unveil 3 new electric two-wheelers by 2024, as well as 10 new EV cars in China within 5 years.
Historical performance reveals that sales of all-terrain vehicles expanded at over 2% CAGR between 2016 and 2020, closing in at US$ 3 Bn by the end of the aforementioned period. The outbreak of COVID-19 have stalled prospects, as production crunches experienced during the lockdowns significantly hindered automotive production. Prospects improved in the second half of 2020, however, prospects are expected to remain moderate.
Old Source: https://www.globenewswire.com/news-release/2022/02/22/2389649/0/en/Increased-Demand-For-Recreational-Activities-Agriculture-And-Military-Operations-To-Bolster-The-Growth-Of-The-All-Terrain-Vehicle-Market-During-The-Forecast-Period-2021-2030.html
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