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Al-Terrain Vehicle Market

Global All-Terrain Vehicle Market is expected to foresee significant growth. APAC to lead the growth!

An all-terrain vehicle (ATV) is defined as a motorized off-highway vehicle designed to travel on four low-pressure or non-pneumatic tires, having a seat designed to be straddled by the operator and handlebars for steering control. In recent years, the demand for ATVs has risen dramatically due to the rising awareness and interest of adventure enthusiasts in Powersports as well as the growing number of recreational events. For instance, the U.S holds multiple racing events across the year where participants compete for titles and rewards. World Off-Road Championship Series (WORCS) is one of the biggest racing events organized in the country.

The All-Terrain Vehicle Market is expected to grow at a steady rate of around 5% owing to the increasing off-road recreational activities coupled with the growing adoption of ATVs in agriculture and military & defense sectors. Major companies in the market offer ATVs for military and defense applications with technologically advanced features. For instance, Polaris Inc. offers air-transportable, deployable, highly mobile DAGOR, MRZR Diesel, MRZR Alpha, and Sportsman MV850 vehicles which are used by the U.S. and allied forces in ultra-light tactical missions around the world.

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Based on type, the market is segmented into utility all-terrain vehicles and sport all-terrain vehicles. Sport all-terrain vehicles category to witness higher CAGR during the forecast period owing to the growing penetration of ATVs from developing nations such as China, India, and Mexico, among others. ATVs are being adopted to promote off-road vehicles due to the growing trend of adventure sports across geographies. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, CFMoto, a Chinese manufacturer of ATVs, announced its plan to launch its products in the Indian market.

On the basis of drive type, the market is categorized into 2WD, 4WD, and AWD. Among these, the 4WD to hold a significant share in the market in 2020. This is mainly due to the advantages 4WD offers as compared to its counterparts. 4WD has been witnessing higher adoption from the agriculture sector as farming requires efficient pulling power like inspecting crops and livestock, applying fertilizers and chemicals, marking timber, moving dirt, transporting materials, etc. Thus, 4WD ATVs offer better control capability and performance in the field.

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For a better understanding of the market adoption of the All-Terrain Vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of off-road recreational activities backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, wide expansion of applications along with growth in the military & defense industry and agriculture sector is further expected to support the market growth. In addition, the constant development of remote & hilly areas along with growth in recreational activities further accelerates the ATV market growth in the region. Also, major players in the market continue to invest in organizing various championships for Powersports enthusiasts. For instance, The Yamaha Australian Off-Road Championship is Australia’s premier off-road racing competition. It is also primarily held over fourteen rounds throughout the year and runs in conjunction with other state off-road championships across Australia.

Some of the major players operating in the market include Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD., and Hisun Motors Corp.

Global All-Terrain Vehicle Market Segmentation

Market Insight, by Type

• Utility all-terrain vehicle
• Sport all-terrain vehicle

Market Insight, by Drive Type

  • Two-wheel-drive (2WD)
  • Four-wheel drive (4WD)
  • All-wheel drive (AWD)           

Market Insight, by Application

Market Insight, by Region

  • North America
    •  US
    •  Canada
    •  Rest of North America
  • Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of the World

Top Company Profiles

  • Polaris Inc.
  • Honda Motor Co. Ltd.
  • Textron Inc.
  • Kawasaki Heavy Industries Ltd.
  • Yamaha Motor Co. Ltd.
  • Suzuki Motor Corporation
  • Deere & Company
  • Bombardier Recreational Products Inc.
  • Hisun Motors Corp.

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