The new report by Expert Market Research titled, ‘Global All-Terrain Vehicle Market Outlook, Size, Share, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global all-terrain vehicle market, assessing the market based on its segments like drive type, fuel type, application, engine capacity, seating capacity, type, number of wheels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 2.67%
- Forecast Market Size (2026): USD 4.7 Billion
The all-terrain vehicle market is witnessing substantial growth owing to the increasing demand in sports, agricultural, and military applications. Reasons like government regulations pertaining to designs, economical growth, emergence of new technologies, growing disposable income, and new projects related to electric vehicles have triggered the demand for all-terrain vehicles.
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Moreover, because of the large demand in applications like construction, mining, forestry, hunting, and entertainment, the market is likely to witness considerable growth over the forecast period.
All-Terrain Vehicle Industry Definition and Major Segments
An all-terrain vehicle (ATV), also called a quad bike or light utility vehicle (LUV), is a vehicle that traverses on tires with low-pressure and has a seat that is straddled by the rider, while also having handlebars for steering the vehicle.
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The industry can be broken down based on drive type into:
Based on fuel type, the market is bifurcated into:
- Electric ATV
- Gasoline ATV
The market can be categorized by application into:
- Military and Defense
- Hunting and Forestry
Based on engine capacity, the industry is classified into:
- <400 CC
- 400 to 800 CC
- >800 CC
By seating capacity, the market can be divided into:
- One-Seat ATV
- Two-Seat ATV
The industry is segmented based on type into:
- Utility ATV
- Sport ATV
The market can be bifurcated by number of wheels into:
Regionally, the industry is segmented into:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
All-Terrain Vehicle Market Trends
Recently, some key industrial developments have showcased the potential to drive the growth of the market over the forecast period. For example, Polaris announced the launching of the new Sportsman 570 and Sportsman 450 H.O. in August 2020, thus strengthening its already industry-leading ATV product line for 2021. Polaris improved on the popular sportsman characteristics that riders fancy, thus further raising the standards set by the firm in the ATV market.
Key Market Players
The major players in the market are Polaris Inc., Textron Inc., Honda Motor Co. Ltd., Kawasaki Motors Corp., Suzuki Motor Corporation, and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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