The all-terrain vehicle market is projected to grow from USD 2.9 billion in 2024 to USD 3.3 billion by 2030, at a CAGR of 2.3% from 2024 to 2030. The North American ATV market is decreasing due to a shift in consumer buying behavior towards side-by-side vehicles, which provide extra seating capacity and safety for riders. Moreover, according to the annual report of Polaris Inc 2023, the retail sales of side-by-side vehicles have increased by 9.5% from 2019 to 2023. i.e.
the sales for side-by-side vehicles increased from 510,000 units in 2019 to 550,000 units in 2023, whereas ATVs retail sales in North America was 260,000 units in 2019 which has decreased to 240,000 units in 2023, which showcases the interest of change in consumer from ATVs towards side-by-side vehicles. In contrast, the market will remain steady in other regions. Moreover, the growth in military and farming applications has also boosted the market, which needs ATVs with high load-carrying capacity.
The ATV sports activity has a strong culture and demand in North America and Europe, where these regions have large concentrations of ATV clubs, racing leagues, and events, increasing interest among the people. OEMs also play an essential role in driving the market for sports ATVs, where OEMs are actively investing in R&D to innovate and release new models for sports riders.
Companies like Polaris Inc. (US), BRP (Canada), Textron (US), Yamaha Motor Co., Ltd (Japan), CFMOTO (China), and Honda Motor Co., Ltd (Japan) actively launches ATVs and SxS vehicle to compete in the global market. For instance, Honda launched 2024 TRX450R ATV in March 2024 which was offered with 450 cc engine. Similarly, Yamaha had launched Raptor 700R in April 2024 which was offered with a 686 cc engine. Hence, the increase in number of clubs & leagues for ATVs & SxS vehicles, and new ATVs launched by the OEM for sports applications would drive the market.
>800 cc to be the fastest-growing market for All-terrain vehicles.
The market for >800 cc engines is growing fast due to increased demand for high-performance vehicles capable of handling extreme terrains and rigorous track activities. These higher-engine capacity in ATVs are usually preferred for sports activities such as race events & recreational task whereas utility vehicles are used for mining, forestry, and search & rescue operations. After the pandemic, sports and outdoor activities have increased in North America, due to which there was a gradual growth in ATV market for higher engine capacity. Some of the major ATV race events held are Grand National Cross Country (GNCC) Series and the Baja 1000 which requires higher engine capacity in ATVs.
OEMs are also expanding their product portfolio for >800 cc engines in ATVs. For instance, In May 2024, Yamaha developed a new 1000 cc ATV for off-road enthusiasts, which was sold in domestic and international markets. OEMs are also expanding their manufacturing facility to cater to the increasing demand for ATVs. For instance, In July 2023, Honda Motor Co., Ltd. (Japan) in North Carolina Manufacturing facility started the production of ATVs with higher engine capacity due to an increase in demand for them in North America. The company invested USD 380 million to develop FourTrax and TRX series ATV models.
Similarly, In July 2022, BRP (Canada) started their new manufacturing plant in Querétaro, Mexico, including a production line for >800 cc engines in ATVs. Similarly, Arctic Cat (US) (Subsidiary company of Textron Inc (US)) had invested USD 26 million in their new manufacturing facility at Thief River Falls due to increased outdoor activities and sports events in North America. Hence, these investments by the key players and rising race events have boosted the market for engines >800 cc.
Also, many events are held in China to create new racing enthusiasts for ATVs, and the company holds events such as CFMOTO DAY every year. As the ATV market is gradually moving towards electrification, critical players in this region are focused on developing electric drivetrains, which has created new opportunities in the ATV market. Indian Startups like Powerland had raised USD 1.2 million funds in equity and debt finance in its pre-Series A round from the company named ILAFA Vertriebs GmbH (Germany) to increase the production and commercialization of the electric version of ATVs, mainly focusing on Powerland Tachyon 4x4. Moreover, these electric ATVs have gained a higher demand in European countries due to emission regulations.
The key players are also acquiring other companies to increase their presence in other countries. Hence, these investments, events, and increased export rates are driving the market for ATVs.
the sales for side-by-side vehicles increased from 510,000 units in 2019 to 550,000 units in 2023, whereas ATVs retail sales in North America was 260,000 units in 2019 which has decreased to 240,000 units in 2023, which showcases the interest of change in consumer from ATVs towards side-by-side vehicles. In contrast, the market will remain steady in other regions. Moreover, the growth in military and farming applications has also boosted the market, which needs ATVs with high load-carrying capacity.
Sports application holds the largest market in all-terrain vehicles.
In sports applications, the ATVs are designed for high performance and speed, which makes them ideal for competitive racing. The engine capacity of sport ATVs ranges from 100 - 1000 cc. This sports ATVs are modified & equipped with different accessories to design a unique style and power. Also, these ATVs are usually popular amongst young riders as they seek them for adventure sports and actively participate in race events and motocross competitions.The ATV sports activity has a strong culture and demand in North America and Europe, where these regions have large concentrations of ATV clubs, racing leagues, and events, increasing interest among the people. OEMs also play an essential role in driving the market for sports ATVs, where OEMs are actively investing in R&D to innovate and release new models for sports riders.
Companies like Polaris Inc. (US), BRP (Canada), Textron (US), Yamaha Motor Co., Ltd (Japan), CFMOTO (China), and Honda Motor Co., Ltd (Japan) actively launches ATVs and SxS vehicle to compete in the global market. For instance, Honda launched 2024 TRX450R ATV in March 2024 which was offered with 450 cc engine. Similarly, Yamaha had launched Raptor 700R in April 2024 which was offered with a 686 cc engine. Hence, the increase in number of clubs & leagues for ATVs & SxS vehicles, and new ATVs launched by the OEM for sports applications would drive the market.
>800 cc to be the fastest-growing market for All-terrain vehicles.
The market for >800 cc engines is growing fast due to increased demand for high-performance vehicles capable of handling extreme terrains and rigorous track activities. These higher-engine capacity in ATVs are usually preferred for sports activities such as race events & recreational task whereas utility vehicles are used for mining, forestry, and search & rescue operations. After the pandemic, sports and outdoor activities have increased in North America, due to which there was a gradual growth in ATV market for higher engine capacity. Some of the major ATV race events held are Grand National Cross Country (GNCC) Series and the Baja 1000 which requires higher engine capacity in ATVs.
OEMs are also expanding their product portfolio for >800 cc engines in ATVs. For instance, In May 2024, Yamaha developed a new 1000 cc ATV for off-road enthusiasts, which was sold in domestic and international markets. OEMs are also expanding their manufacturing facility to cater to the increasing demand for ATVs. For instance, In July 2023, Honda Motor Co., Ltd. (Japan) in North Carolina Manufacturing facility started the production of ATVs with higher engine capacity due to an increase in demand for them in North America. The company invested USD 380 million to develop FourTrax and TRX series ATV models.
Similarly, In July 2022, BRP (Canada) started their new manufacturing plant in Querétaro, Mexico, including a production line for >800 cc engines in ATVs. Similarly, Arctic Cat (US) (Subsidiary company of Textron Inc (US)) had invested USD 26 million in their new manufacturing facility at Thief River Falls due to increased outdoor activities and sports events in North America. Hence, these investments by the key players and rising race events have boosted the market for engines >800 cc.
Asia Oceania is the fastest growing market for All-terrain vehicles.
Asia Oceania region has significant countries like China and Australia, where ATV has a higher market share. Countries like Australia have extensive farmland and agricultural spaces where ATVs are essential for farming and caring for livestock. Similarly, China is Asia Oceania's second-largest market, with some dominating players like CFMOTO (China), Chongqing Huansong (China), and Linhai (China). However, many ATVs that these key players in China manufacture are exported to Europe and other countries due to higher demand. According to International Trade Centre (ITC) data for 2023, China exports most ATVs to the US, Russia, and Mexico, where China also holds a total trade value of USD 2.12 billion in 2023. On the other hand, the top leading player like CFMOTO (China) mentioned on their website that more than 70% of their ATVs are sold in 100 countries, whereas 60% of their vehicles are sold in Europe.Also, many events are held in China to create new racing enthusiasts for ATVs, and the company holds events such as CFMOTO DAY every year. As the ATV market is gradually moving towards electrification, critical players in this region are focused on developing electric drivetrains, which has created new opportunities in the ATV market. Indian Startups like Powerland had raised USD 1.2 million funds in equity and debt finance in its pre-Series A round from the company named ILAFA Vertriebs GmbH (Germany) to increase the production and commercialization of the electric version of ATVs, mainly focusing on Powerland Tachyon 4x4. Moreover, these electric ATVs have gained a higher demand in European countries due to emission regulations.
The key players are also acquiring other companies to increase their presence in other countries. Hence, these investments, events, and increased export rates are driving the market for ATVs.
Breakdown of Primaries
In-depth interviews were conducted with CXOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.- By Company Type: All-terrain Vehicle Manufacturer - 80%, and Other Companies - 20%
- By Designation: C Level Executives - 60%, Directors/ Vice Presidents - 10%, and Others - 30%
- By Region: North America - 20%, Europe - 10%, Asia Oceania - 50%, and Rest of the World - 20%
Research Coverage
The study segments the all-terrain vehicle market by application (sports, entertainment, agriculture, military & defense, and others); type (sports and utility); drive type (2WD, 4WD, and AWD); engine capacity (< 400 cc, 400 - 800 cc, and >800 CC); fuel type (gasoline and electric); seating capacity (One-seater and ≥2-Seater); the number of wheels (four wheels and >four wheels), electric ATV, by battery capacity (< 10kWh and >10 kWh), and Side-by-side vehicle market, by number of wheels (four wheels and >four wheels) region (Asia Oceania, Europe, North America, Rest of the world) and side-by-side by region.Key Benefits of Buying the Report:
The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the all-terrain vehicle market and its subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:
- Analysis of critical drivers (Increasing off-road recreational activities, growing demand for all-terrain vehicles in agriculture and military & defense sectors, rising purchasing power and spending capacity of individuals), Restraints (High accident rates are hampering the ATV sales, and Restriction on all-terrain vehicle use in wildlife zones), Opportunities (Integration of advanced technologies in all-terrain vehicles, Growing penetration of electric all-terrain vehicles, and Increasing rental services), Challenges (Trade barriers between different countries High cost of ATVs and High cost of all-terrain vehicles)
- New vehicles launch for electric ATVs with their battery capacity offered by the manufacturers which are used in military, agriculture and recreational purpose.
- OEM analysis for electric ATVS and SxS vehicles: battery capacity vs vehicle range; Gasoline ATVs: horsepower VS engine capacity; and Gasoline SxS vehicles: horsepower VS engine capacity.
- Total Cost of Ownership for ATVs for gasoline and electric fuel type
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the all-terrain vehicle market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the all-terrain vehicle market across different regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the all-terrain vehicle market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Polaris Inc. (US), BRP (Canada), Honda Motor Co., Ltd (Japan), Textron Inc. (US), and Yamaha Motor Corporation (Japan). In the all-terrain vehicle market.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 All-Terrain Vehicle Market, by Type
7 All-Terrain Vehicle Market, by Application
8 All-Terrain Vehicle Market, by Drive Type
9 All-Terrain Vehicle Market, by Engine Capacity
10 All-Terrain Vehicle Market, by Fuel Type
11 All-Terrain Vehicle Market, by Number of Wheels
12 All-Terrain Vehicle Market, by Seating Capacity
13 Electric All-Terrain Vehicle Market, by Battery Capacity
14 Side-By-Side Vehicle Market, by Number of Wheels
15 Side-By-Side Vehicle Market, by Region
16 All-Terrain Vehicle Market, by Region
17 Competitive Landscape
18 Company Profiles
19 Analyst's Recommendations
20 Appendix
List of Tables
List of Figures
Companies Mentioned
- Polaris Inc.
- Textron Inc.
- Honda Motor Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- Yamaha Motor Co. Ltd.
- Suzuki Motor Corporation
- Deere & Company
- Brp
- Cfmoto
- Hisun.
- Bennche, LLC
- Velomotors
- Eco Charger
- Baltmotors
- Cectek
- Nebula Automotive Private Limited
- Taiwan Golden Bee (Tgb)
- Kymco
- Linhai
- American Landmaster
- Segway Technology Co. Ltd
- Bad Boy Mowers.
- Massimo Motors Sports, LLC
- Intimidator Utv
- Ssr Motorsports
- Drr USA
- Argo
- Volcon
- Powerland
- Livaq
- Potential Motors
- Oreion Motors
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 377 |
Published | September 2024 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 2.9 Billion |
Forecasted Market Value ( USD | $ 3.3 Billion |
Compound Annual Growth Rate | 2.3% |
Regions Covered | Global |
No. of Companies Mentioned | 32 |