The all-terrain vehicle market will develop at a 7% CAGR in the forecast period 2018- 2023, states the latest Market Research Future (MRFR) report. All-terrain vehicles or quadricycles or quad bikes are vehicles with robust and large tires with low tire pressure. It has a wide seat that helps the driver to be seated comfortably and is fitted with a wide length handlebar allowing maneuverability and easy control to the driver. It is designed to be ridden preferably as a single seater or with a pillion rider.
On the contrary, increasing fatalities, fall in product demand due to the COVID-19 outbreak, stringency in government standards and criteria, and environmental issues like safety regulations, carbon emission, and terrain damage may limit the global all-terrain vehicle market growth over the forecast period.
Various factors are fuelling the global all-terrain vehicle market growth. According to the recent MRFR market estimates, such factors include the growing inclination towards off-road sports activities across the globe, increasing number of adventure trails and parks, rising disposable income in emerging and developed nations, ongoing investment to improve vehicle performance and improve consumer experience, increasing demand in agricultural and military applications, increasing disposable income, and increasing purchasing power in emerging and developed economies.
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The MRFR report throws light on an inclusive segmental analysis of the global all-terrain vehicle market based on application, displacement, and vehicle type.
By vehicle type, the global all-terrain vehicle market is segmented into touring, recreational, utility, sports, sports utility, and others.
By application, the all-terrain vehicle market is segmented into hunting, military, agriculture, entertainment, sports, and others.
By displacement, the global all-terrain vehicle market is segmented into high, mid, and low.
By region, the global all-terrain vehicle market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. High demand for all-terrain vehicle, consumer’s high disposable income, upcoming electric vehicle projects, scope for advanced and new technologies, developed economy, government regulations regarding ATV designs, high demand in different end use industries in the US such as construction activities, mining, forestry, hunting, entertainment, sports, agriculture, and military, and increasing preference for recreational activities like forest adventures and camping are adding to the all-terrain vehicle market growth in the region. Besides, the presence of multiple off-road parks and trails, and off road race competitions are also adding market growth.
In the APAC region, the all-terrain vehicle market is predicted to have fast growth over the forecast period. Proliferating tourism industry, rising demand in utility applications in livestock management and agriculture, large addressable market, availability of low-cost manufacturing, and rising military expenditure are adding to the global all-terrain vehicle market growth in the region.
In Europe, the all-terrain vehicle market is predicted to hold the second-largest share over the forecast period. Various initiatives undertaken by the European government, increasing demand of mobility by the masses, and rise in training center development are adding to the global all-terrain vehicle market growth in the region.
The all-terrain vehicle market in RoW is predicted to have sound growth over the forecast period.
The leading players profiled in the all-terrain vehicle market report include BMW (Germany), KTM AG (Austria), CFMOTO Powersports Inc. (U.S.), Suzuki Motor Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), Arctic Cat (U.S.), Bombardier Recreational Products (Canada), Yamaha Motor Company Limited (Japan), Polaris Industries Inc. (U.S.), and Honda Motor Company, Ltd. (Japan), among others. Mergers and acquisitions, strategic alliances, geographic expansions, new product launches and developments, partnerships, collaborations and joint ventures among others are the key strategies used by industry players to remain at the forefront. They are also making investments in research and development activities to cater to customers surging needs.
March 2021- A Royal Enfield Himalayan has been modified into a 4 wheel ATV that is worth Rs 3.5 lakhs.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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