US All-Terrain Vehicle Market: Current Analysis and Forecast (2021-2027)
Emphasis on Application (Sports, Entertainment, Agriculture, Military & Defense, Hunting & Forestry); Type (Utility ATV, Sports ATV), Drive Type (2WD, 4WD, AWD), Seating Capacity (One Seat, Two Seat), Fuel Type (Gasoline, Electric Vehicle), Engine Type (<400 CC, 400 to 800, >800 CC), and Region and Country
US All-Terrain Vehicle Market was valued around US$ 1.8 billion in 2020 and is anticipated showcase the growth rate of around 3% during the forecast period (2021-2027). Factors that are driving the market size of all-terrain vehicle in United states are rising number of desert competitions, ATV championships, adventure trails, and parks will propel the ATV market size. In addition, increasing government support for developing adventure trails for off-road vehicles is likely to augment the market growth. Other factors driving the growth of the All-Terrain Vehicle market globally are: Rising use of smart electronic devices, increasing usage of smart grid services & increasing usage of power in remote areas for power, and Technological shift toward renewable electricity generation and people’s need to be connected to uninterrupted power.
Polaris Inc., American Honda Motor Co., Inc, Bombardier Recreational Products (BRP), Yamaha Motor Corporation, Arctic Cat Inc., Delair, BMW, CFMOTO Powersports, Textron, Deere & Company etc. are some of the prominent players operating in the US All-Terrain Vehicle market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with more models & innovative portable power stations.
Insights Presented in the Report
“Amongst Application, Sports segment holds the major share.”
Based on Application, the market is classified into sports, entertainment, agriculture, military and defense and hunting & forestry. The sports segment generated prominent share in 2020. The segment is expected to grow at a substantial CAGR during the forecast period due to the new budgetary allocations by government to build new off-road trails that may be helpful for recreational enthusiasts and boost adventure sports activities in the region.
“Amongst Type, Utility ATV dominated the market in 2020.”
Based on Type, the market is classified into utility ATV and sport ATV. The utility ATV segment grabbed considerable market share of the US all-terrain vehicle market in 2020 owing to the growing adoption of UTVs for a variety of applications including farming, forestry, and movement of goods on construction sites is driving the industry demand.
“Amongst seating capacity, two seats capacity vehicle expected to dominate the market during the analyzed period.”
Based on Seating Capacity, the market is bifurcated into one seat and two seat. Currently, two seats segment dominated the all-terrain vehicle market in 2020. This segment will witness a considerable CAGR during the forecast period owing to its surging demand for two-seat ATVs in the tourism industry, military, and agriculture sectors.
“Northeast represents as the largest market in the US All-Terrain Vehicle market.”
For better understanding of the market penetration of all-terrain vehicle, the report provides a detailed analysis of major regions including northeast, south, Midwest and west. Northeast constitutes the largest market for the industry in 2020.
Reasons to buy this report:
- 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 country-level analysis of the industry
Customization Options:
The US All-Terrain Vehicle Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future of the US all-terrain vehicle adoption were the three major steps undertaken to create and analyze the adoption of all-vehicle terrain across various segments in United States. 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 all-terrain vehicle. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast 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 the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the All-Terrain Vehicle through company internal sources such as annual report & 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 included in the report are as application, type, drive type, seating capacity, fuel type, engine type and further regional-level analyses were conducted to evaluate the overall adoption of the All-Terrain Vehicle in the global context.
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 all-terrain vehicle. Further, we conducted factor analysis using dependent and independent variables like growing need for all-terrain vehicle and the improvement of people living standard and scientific development, many kinds of terrain vehicle have been created to enrich people life. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.
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 US All-Terrain Vehicle market, and market shares of the segments. All the required percentage 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., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of All-Terrain Vehicle across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the All-Terrain Vehicle market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the US All-Terrain Vehicle market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, type, drive type, seating capacity, fuel type, engine type.
The main objective of the All-Terrain Vehicle Market Study
The current & future market trends of All-Terrain Vehicle were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of All-Terrain Vehicle in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of power type, technology type, capacity range, and application verticals
- Defined analysis of the regulatory framework for the US All-Terrain Vehicle industry
- Analyze the customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the All-Terrain Vehicle for the major regions & countries
- Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
- Company profiles of the All-Terrain Vehicle market players and the growth strategies adopted by them to sustain in the fast-growing market
- Deep dive regional & country level analysis of the industry
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