All-terrain Vehicle Market Size and Investment Feasibility Analysis Report 2025
The global all-terrain vehicle market size is projected to touch USD 4.8 billion by the end of the forecast year 2025. It is estimated that the market would exhibit a CAGR of 3.1% from 2019 to 2025. The increasing number of off-road terrain, trails and development of parks for recreational purpose are attributing to the growth of the market. Further, government initiatives aimed at enhancing tourism by developing various adventurous terrains is predicted to bode well for the growth of the market. For example, the Forest Service in the U.S introduced Travel Management & Off-Highway Vehicle (OHV) Program in order to increase the awareness and popularity of trails. Additionally, the government of Canada invested around USD 1.7 million to develop the motorized trail. Such initiatives by federal governments are anticipated to augment market growth.
Increasing attraction towards off-road racing and advertisements are positively affecting the market growth. For example, in January 2019, the Desert Series Pro ATV organized a championship and it attracted ATV enthusiasts and off-road vehicles. Additionally, increasing financial support for such events is spurring their growth.
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Increasing purchasing power in emerging countries such as India and China has resulted in a rise in the use of ATVs for various applications including recreational and agriculture. For example, per capita income in India was upped by 8% in 2017 as compared to last year while China witnessed a growth of 9% in per capita income in the same year. Increasing purchasing power has also resulted in a rise in tourism sectors. The global World Travel and Tourism Council (WTTC) reported that the growth of the travel & tourism industry was 3.9% in 2018. Increasing tourism industry is also driving the growth of recreational activities, thereby proliferating the all-terrain vehicle(ATV) market growth.
Further key findings from the report suggest:
- The market was worth USD 3.9 billion in 2018. The market demand is attributed to the increasing popularity of off-road sports events and rise in the number of adventure parks.
- In 2018, the 400-800cc category accounted for more than 48% of the market share owing to increasing demand for this segment in utility purpose.
- Europe is estimated to register the highest growth in global market owing to the increasing use of such vehicles for defense purpose.
Impact of COVID-19
The market has been adversely affected owing to the outbreak of COVID-19. The pandemic led to the imposition of lockdown in several parts of the world, thereby, disrupting the supply chain. Additionally, closure of adventure parks, military exercise and various other activities has resulted in a lack of demand for ATVs, thereby, negatively affecting the market growth. Further, considering the low demand, major players have put a halt on their investment in research and development. However, with relaxing lockdown norms, various manufacturing operations are opening up their operations, which, in turn, offer an opportunity for the industry players. Additionally, despite the pandemic, ATVs demands for agricultural activities are gaining traction.
Global All-terrain Vehicle Market: Key Players
American Honda Motor Co., Inc., Yamaha Motor Corporation, Arctic Cat Inc. (acquired by Textron Inc.) and Polaris Inc.
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