All-Terrain Vehicle Market is expected to display a steady growth by 2027| UnivDatos Market Insights

NOIDA, India, Oct. 14, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the All-Terrain Vehicle Market was valued at more than USD 4 billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Utility all-terrain vehicle and Sport all-terrain vehicle); Drive Type (2WD, 4WD, and AWD); Application (Sports, Agriculture, Military & Defense, and Others)); Region/Country.

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The All-Terrain Vehicle market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the All-Terrain Vehicle market. The All-Terrain Vehicle market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the All-Terrain Vehicle market at the global and regional levels.

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Market Overview

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.

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.

COVID-19 Impact

Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the all-terrain vehicle industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for All-Terrain Vehicle manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China's supply shortages have triggered a chain reaction throughout the world.

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The global All-Terrain Vehicle market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• 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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All-Terrain Vehicle Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

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.

The major players targeting 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.
• Hisun Motors Corp.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the All-Terrain Vehicle Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the All-Terrain Vehicle market?
• Which factors are influencing the All-Terrain Vehicle market over the forecast period?
• What are the global challenges, threats, and risks in the All-Terrain Vehicle market?
• Which factors are propelling and restraining the All-Terrain Vehicle market?
• What are the demanding global regions of the All-Terrain Vehicle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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All-Terrain Vehicle Market Report Coverage

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