US All-Terrain Vehicle Market is expected to foresee significant growth
- Himanshu Patni
- September 30, 2021
- AUTOMOTIVE, NEWS
- All-Terrain Vehicle Market, All-Terrain Vehicle Market growth, All-Terrain Vehicle Market share, All-Terrain Vehicle Market size
- 0 Comments
US All-Terrain Vehicle Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX % during the forecast period (2021-2027) from US$ XX million in 2020. It is mainly attributed due to the improvement of people living standard and scientific development, many kinds of terrain vehicle have been created to enrich people life. Moreover, surging application of all-terrain vehicle in various industries such as sports, entertainment, agriculture, military, and defense forestry can provide the functions such as global positioning system (GPS) tracking, mobile tracking, and Bluetooth, integrated smart phones, audio entertainment, and Go-Pro cameras, that can bring convenience to customers.
The global lockdown and travel restrictions imposed by government authorities for some time in United States led to a rapid decline in motorsports and recreational activities during the first two quarters of 2020. However, from the third quarter of 2020, the ATV industry witnessed a swift growth in unit shipments of ATVs led by the shift in preference for sports activities among consumers. The lifting of lockdown has gradually gained momentum and rising inclination toward outdoor sports & recreational activities.
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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. For instance, the U.S. Forest Service established Travel Management and Off-Highway Vehicle program to raise awareness regarding the availability of trails. Moreover, increasing private sector participation in the construction of dedicated infrastructure for recreational and amusement purposes will add to the market growth.
Based on the application, the US All-Terrain Vehicle market is segmented into sports, entertainment, agriculture, military and defense, hunting & forestry. The entertainment and sports segment together generated revenue of USD XX million in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027. It is mainly owing to the technological innovations that have played a major role in developing new-age vehicle coupled with increasing spending rate on power sports products, growing urban population, and continuous global economic development. Moreover, introduction of new terrains and challenges are raising the new growth opportunities for Power Sports such as ATVs.
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Stakeholders of the U.S. all-terrain vehicle market have been adversely affected by the COVID-19 pandemic on various levels. Industry participants are witnessing a slow, yet steady growth in unit shipments due to a shift in consumer buying preferences. In response to the growing demand for all-terrain vehicles during the second half of 2020, several companies including Honda, Polaris, and BRP began offering lucrative financing solutions and discounts on their products. This aided the companies to attract more customers and increase their sales, mitigating the impact of the industry challenges.
Additionally, the report provides detailed initiatives that are being taken in the field of All-Terrain Vehicle market. The market is classified into distinct regions of United States including Northeast, South, Midwest and West. US dominated the All-Terrain Vehicle Market, accounting for nearly xx% share in 2020 as the major all-terrain vehicle manufacturing companies in the US.
US All-Terrain Vehicle Market Segmentation
Market Insight, by Application
- Military & Defense
- Hunting & Forestry
Market Insight, by Type
- Utility ATV
- Sport ATV
Market Insight, by Drive Type
Market Insight, by Seating Capacity
- One Seat
- Two Seat
Market Insight, by Fuel Type
- Electric Vehicle
Market Insight, by Engine Type
- <400 CC
- 400 to 800 CC
- > 800 CC
Market Insight, by Region
Top Company Profiles
- Polaris Inc.
- American Honda Motor Co., Inc.
- Bombardier Recreational Products (BRP)
- Yamaha Motor Corporation
- Arctic Cat Inc.
- CFMOTO Powersports
- Deere & Company