All-Terrain Vehicle Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Type (Utility all-terrain vehicle and Sport all-terrain vehicle); Drive Type (2WD, 4WD, and AWD); Application (Sports, Agriculture, Military & Defense, and Others)); and Region/Country
Detailed Analysis of COVID-19 Impact on the All-Terrain Vehicle Market
Global All-Terrain Vehicle Market is expected to grow at a significant rate of around 5% during the forecast period. 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. Furthermore, the rise in disposable income of individuals coupled with constant advancement in technology has boosted market growth. In addition, major players in the market are working towards launching electric ATVs. For instance, In July 2021, Polaris Inc. introduced its first electric drive train lineup powered by 110HP, 140lb-ft torque electric motor. It features 3 drive modes for the customer to choose from and has an 80-mile drive range on a single full charge. The vehicle also supports fast charging for its battery pack. Thus, the growing focus and investment of key stakeholders for the research and development of technologically advanced ATVs is further expected to support market growth.
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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, Sport all-terrain vehicles category to witness higher CAGR during the forecast period”
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, government authorities around the world have increased budgetary allocations to build new off-road trails that may be useful for recreational enthusiasts and boost adventure sports activities as nations focus on increasing tourist arrivals. Additionally, key stakeholders are concentrating on launching new ATVs with enhanced features in order to increase sales and strengthen their position in highly competitive ATV market.
“Amongst drive type, the 4WD to hold a significant share in the market in 2020”
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. Furthermore, the introduction of electric 4WD ATVs and other new technological developments is expected to create new growth opportunities for the ATVs market. The growing popularity of electric off-road vehicles owing to the rising emission concerns is expected to drive the industry at an exponential rate during the forecast period.
“North America to hold significant share in the market”
In 2020, North America held a significant share of the global ATV market. This is mainly attributed to the increasing recreational expenditure and the rising number of off-roading events driving the region’s ATV market. Moreover, the growing preference of the youth toward adventure and off-road events and the availability of a wide range of products across varied prices are the factors that drive the growth of the industry. In addition, ATVs are very useful in activities, such as hunting, nature exploration, hiking, and other outdoor exploration. Thus, growing participation in outdoor recreational activities has been a major driving factor in the market. For instance, fishing, hunting, trapping, and sport-shooting activities directly contributed $5 billion in economic activity to the Canadian economy in 2018. Moreover, it is expected that the market will continue to grow at a steady rate during the forecast period owing to the high-income levels of the consumers in the region coupled with rising awareness about the importance of spending time in outdoor recreational activities for a balanced and healthy life.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the All-Terrain Vehicle Market|
|2.2.||Research Methodology of the All-Terrain Vehicle Market|
|2.5.||Main Objective of the All-Terrain Vehicle Market Study|
|5||IMPACT OF COVID-19 ON THE ALL-TERRAIN VEHICLE MARKET|
|6||ALL-TERRAIN VEHICLE MARKET REVENUE (USD BN), 2019-2027F|
|7.1.||Utility all-terrain vehicle|
|7.2.||Sport all-terrain vehicle|
|9.3.||Military & Defense|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||ALL-TERRAIN VEHICLE MARKET OPPORTUNITIES|
|13||ALL-TERRAIN VEHICLE MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Fiver Forces Analysis|
|17.2.||Honda Motor Company Ltd.|
|17.4.||Kawasaki Heavy Industries Ltd.|
|17.5.||Yamaha Motor Co. Ltd.|
|17.6.||Suzuki Motor Corporation|
|17.7.||Deere & Company|
|17.8.||Bombardier Recreational Products Inc.|
|17.9.||KWANG YANG MOTOR CO., LTD.|
|17.10.||Hisun Motors Corp.|
Research Methodology for the All-Terrain Vehicle Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global all-terrain vehicle market were the three major steps undertaken to create and analyze the adoption of All-Terrain vehicles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global all-terrain vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the all-terrain vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the all-terrain vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, drive type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the all-terrain vehicle market. Further, we conducted factor analysis using dependent and independent variables such as various type, drive type, and applications of all-terrain vehicles. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the all-terrain vehicle market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global all-terrain vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the All-Terrain Vehicle market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global all-terrain vehicle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global all-terrain vehicle market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, drive type, and application in the global all-terrain vehicle market.
The main objective of the Global All-Terrain Vehicle Market Study
The current & future market trends of the global all-terrain vehicle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the all-terrain vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, drive type, and application.
- Define and analysis of the regulatory framework for the all-terrain vehicle market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the all-terrain vehicle market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the all-terrain vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry