All-Terrain Vehicle (ATV) Global Market Report 2024

An All-Terrain Vehicle (ATV) is a motorized vehicle that travels on low-pressure tires, typically featuring a seat straddled by the operator and handlebars for steering control. ATVs are designed to navigate a wide variety of terrains more effectively than other vehicles.

The main types of ATVs include utility ATVs, sports ATVs, recreational ATVs, and others. Utility ATVs are equipped with powerful engines for navigating diverse terrains and are commonly employed for heavy-duty tasks such as hauling cargo, plowing fields, or managing snow. These utility ATVs typically accommodate two passengers comfortably and offer better ground clearance. ATVs come in different displacements - low, mid, and high - and are used for various applications, including sports, entertainment, agriculture, military, and hunting.

The all-terrain vehicle (ATV) market research report is one of a series of new reports that provides all-terrain vehicle (ATV) market statistics, including all-terrain vehicle (ATV) industry global market size, regional shares, competitors with a all-terrain vehicle (ATV) market share, detailed all-terrain vehicle (ATV) market segments, market trends and opportunities, and any further data you may need to thrive in the all-terrain vehicle (ATV) industry. This all-terrain vehicle (ATV) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The all-terrain vehicle (atv) market size has grown strongly in recent years. It will grow from $3.56 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The observed growth in the historical period can be attributed to several factors, including the increasing popularity of recreational off-roading, the widespread use of ATVs in agricultural and farming applications, their utilization in military and defense contexts, and the overall expansion of outdoor recreation activities.

The all-terrain vehicle (atv) market size is expected to see strong growth in the next few years. It will grow to $4.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to factors such as increased urban and suburban recreational use of ATVs, adherence to stringent emission standards, the incorporation of advanced safety features, and a growing demand in emerging markets. Key trends expected in the forecast period include the introduction of electric ATV models, the development of autonomous ATV technologies, the use of lightweight and high-performance materials, integration with connectivity and IoT (Internet of Things), and an emphasis on customization and personalization options.

Government support plays a pivotal role in propelling the growth of the all-terrain vehicle (ATV) market as various governments globally are backing the automotive sector to innovate and provide advanced solutions. This support is anticipated to spur demand within the tourism industry, consequently driving the growth of the ATV market. For instance, in July 2022, the U. S. Department of Energy (DOE) allocated a $96 million funding opportunity aimed at decarbonizing the domestic transportation sector. The focus of this funding is to expand electric vehicle (EV) charging infrastructure, promote cleaner non-road vehicles through electrification and alternative fuels, and develop electric drive components and materials to enhance EV efficiency and affordability. Such governmental initiatives are expected to fuel the growth of the ATV market significantly.

The increasing number of high-net-worth individuals (HNWIs) is anticipated to contribute to the expansion of the ATV market during the forecast period. With HNWIs possessing liquid assets valued at $1 million or more, the automotive industry's market landscape widens, coinciding with the rising wealth levels. The projected surge in UHNWI individuals, particularly in regions like India, where there's an expected 58.4% increase in individuals with a net worth exceeding $30 million, signifies a potential growth area for the ATV market. Similarly, India's billionaire population is projected to increase, indicating a rise in potential consumers capable of investing in premium products like ATVs. This growth in the HNWI segment is likely to support the ATV market expansion.

New product innovations stand out as a key trend in the ATV market. Companies are placing emphasis on continuous product development to meet the escalating demands of end customers, expand their market share, and establish a global presence. Notable examples include Yamaha Motor Corp. 's launch of the Grizzly EPS XT-R in 2021, equipped with a 686 CC liquid-cooled SOHC 4-stroke engine and 3-way differential locking for utility purposes. Similarly, Suzuki Motors Corp. introduced the 2021 KingQuad ATV models featuring advanced electric power steering systems, independent suspension, and increased towing capacity, catering to the sports utility segment. These innovations align with evolving consumer preferences and technological advancements, driving the growth trajectory of the ATV market.

The all-terrain vehicle (ATV) market is witnessing a surge in collaborations and acquisitions among companies aiming to fortify their financial positions, enhance product portfolios, and expand their geographical reach. These strategic moves are geared towards fostering innovation, improving offerings, and catering to evolving consumer needs. For instance, in March 2023, the partnership between L1fe Outdoors, a prominent Canadian ATV dealer, and FINNTRAIL, specializing in manufacturing advanced off-road wading gear, represents a move to introduce cutting-edge ATV/UTV riding gear to Canadian off-road enthusiasts. This partnership emphasizes enhancing the riding experience by prioritizing safety, performance, and comfort for consumers navigating rugged terrains. Similarly, The Toro Company, a reputable US-based enterprise known for manufacturing lawn mowers, snow blowers, and irrigation supplies, acquired Intimidator Group in January 2022. Intimidator Group, a manufacturer of utility vehicles targeting rural markets and large acreage customers, notably includes Spartan Mowers in its portfolio. This acquisition strategically positions The Toro Company to strengthen its presence in the rapidly growing zero-turn mower market, further expanding its offerings to meet diverse consumer demands.

Planet Resource Recovery Inc. 's acquisition of MAX Amphibious All-Terrain Vehicle's assets, product line, tooling, and intellectual property from Agile Vehicle Technologies Limited in November 2021 indicates a strategic move to revitalize MAX ATVs in the market. By acquiring MAX's accessory and parts business, Planet Resource Recovery Inc. aims to reintroduce MAX vehicles to cater to the current ATV market demands.

Major companies operating in the in the all-terrain vehicle (atv) market report are Bombardier Recreational Products Inc., Suzuki Motors Corporation, Kawasaki Motors Corporation, HiSun Motors Corp., Yamaha Motor Co. Ltd., AISIN SEIKI Co. Ltd., Honda Motor Co. Ltd., Polaris Industries Inc., TEAM Industries Inc., Arctic Cat Inc., Deere & Company, KTM AG, Can-Am Off-Road, Textron Inc., CFMOTO Powersports Inc., Kwang Yang Motor Co. Ltd., Linhai Industrial Share Co. Ltd., TGB Group, Kandi Technologies Group, Kymco USA Inc., Massimo Motor Sports, ODES Industries LLC, Suzuki Motorcycle Corporation, Apollo io, BMS Motorsports, Maxtrade LLC, Hammerhead Off-Road Inc., Chongqing TaoTao Technology Co. Ltd., Trailmaster Inc., DRR USA Inc.

North America was the largest region in the all-terrain vehicle (ATV) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the all-terrain vehicle (atv) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the all-terrain vehicle (atv) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The all-terrain vehicle (ATV) market consists of sales of sport ATVs, side-by-side ATVs, utility ATVs and youth ATVs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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