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Utility segment in All-Terrain Vehicle Market is anticipated to hit USD 3 billion by 2024

Author : Ronak Bora | Published Date : 2019-03-26 

Asia Pacific all-terrain vehicle market share will pose more than 5% CAGR over the forecast period. Increasing demand from developing nations including China and India is contributing significantly in the revenue generation. Multiple industry players are focusing on establishing their production facilities in these countries which will pave growth opportunities for regional growth.

All-terrain vehicle market for Sports segment of the all-terrain vehicle market is expected to acquire 26% of the volume share by 2024. This can be attributed to rising racing and sports activities, particularly in developed countries.

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Military & defense sector is predicted to pose a CAGR of about 4% between 2017 and 2024. Rising acceptance of the product at inaccessible locations for transportation purpose and supplying armor will improve the industry growth rate.

Utility all-terrain vehicle is anticipated to gain highest revenue share in the ATV industry. The segment growth can be credited to its importance in military & defense sector as it seamlessly work on rough and rocky terrains. High cargo capacity along with fast mobility on hard surfaces are of greater importance in border security combats and anti-terrorist operations. This in turn will escalate the product usage, strengthening its adoption over the study period.

North America all-terrain vehicle market is estimated to surpass USD 4 billion by 2024 owing to shifting trends towards widespread usage in various terrains including mountains, forestry, and agricultural fields. The U.S. all-terrain vehicle market is expected to hold major share due to existing large stretches of natural terrain, unpaved roads, along with large farms & ranches. In addition, presence of established industry players such as BRP, Polaris, and Arctic Cat will further accelerate the regional dominance over the study period.

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The all-terrain vehicle market business has also experienced an upsurge in multiple regions owing to unique ride experience. However, increasing demand for enhanced features such as integrated communication units and display monitor will consequently increase production costs and hamper the all-terrain vehicle market growth.

Youth all-terrain vehicle market will exhibit approximately 5% CAGR over the forecast time span. High prominence among the young generation along with increasing focus of industry players towards offering these bikes for multiple sports events will propel the segment size.

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Prominent industry participants of the all-terrain vehicle market are Arctic Cat, Honda, Polaris Industries, Yamaha, and Can-Am. Other notable industry players include KYMCO, Cecktek, Shuopu, John Deere, Taiwan Golden Bee, and Suzuki. Key strategy adopted by the players are mergers and acquisitions to improve their industry share. For instance, in 2015, Polaris acquired Hammerhead that helped in expanding company’s product range.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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