All-Terrain Vehicle Market on High Growth Trajectory on the Back of Outdoor Sports and Recreational Activities
Fact.MR projects that the all-terrain vehicles market will reach US$ 3.9 Bn mark by 2027 and witness a CAGR of over 2% during the foreseeable future (2019-2027).
Rockville, United States – January 10, 2020 /MarketersMedia/ —
All-terrain vehicles are automobiles that are certified according to the standards of the American National Standards Institute (ANSI), which are capable of mobility on low pressure tires, a specialized seat for straddling by the user, and steering controls through handlebars. These vehicles are popular owing to easier access to remote and rural areas, applications in combat areas, and potential for replacing conventional pack animals.
Such vehicles are primarily popular for high levels of maneuverability, and are consequently used in a number of end use industries including sports, military, agriculture, surveying and forestry. ATVs are handled in unique methods, and users need specialized training prior to use. Select governments have also allowed the use of all-terrain vehicles in public roads.
The global all-terrain vehicles market is projected to grow at a sluggish CAGR of 2 per cent till the end of the forecast period in 2027. This growth will account for USD 3.9 billion in this period. This growth will be attributed to the increased use of all-terrain vehicles for both professional and recreational applications.
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Four Wheel Drive Options to Gain Traction Owing to Higher Safety
The rapid increase in outdoor sports activity is expected to result in a higher demand for all-terrain vehicles owing to terrain navigation capabilities. Advances in terms of user friendliness and technology is also increasing the scope of the industry, which stimulates market growth, with the increase in global tourism.
According to estimates by analysts all-terrain vehicles with 4 wheel drives will become the segment with the fastest growth in terms of all-terrain vehicles and will gain control of ~ 40 per cent of overall market share by the end of the forecast period. 4-wheel drive all-terrain vehicles are gaining traction especially for military and agriculture applications, even as manufacturers push efforts to better productivity, design and durability.
Manufacturers Push for Partnerships to Penetrate Asia Pacific
The global all-terrain vehicle market is largely characterized with a wide spread of small and medium sized operators which compete with major multinationals. Major firms in the industry are seeking to make equipment purchases from other businesses with the aim of developing new products. Further strategic acquisitions are also expected to become key to business strategies across the industry to bolster market potential.
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Of the various regions, the all-terrain vehicle market of North America, is one of the most advanced in the world, the growth of this regional market is mostly associated with sales in the United States and Canada.
In addition, the United States has also set up a new free trade deal with Canada and Mexico, which is expected to influence and aid growth of all-terrain vehicle sales in the region. As the global all-terrain vehicles market is largely consolidated, automotive giants have become major influencers in the industry.
Manufacturers are increasingly pushing for advancements in tech such as electronic fuel injection and power steering, while also pushing for partnerships with regional players in the Asia Pacific, many of which are located in India for cheaper production of parts, while maintaining quality standards to boost profitability.
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About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help. More automotive industry insights could be read here.
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Source: MarketersMedia
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