CHICAGO, June 14, 2019 /PRNewswire/ -- According to the new market research report "All-terrain Vehicle Market by Type & Application (Sport, Entertainment, Agriculture, Military & Defense), Drive (2WD, 4WD, AWD), Engine (<400, 400-800, >800cc), Fuel (Gasoline, Electric), Wheel Number, Seating Capacity, and Region-Global Forecast to 2027", published by MarketsandMarkets, the All-terrain Vehicle Market, by value, is projected to grow to USD 4.7 billion by 2027 from USD 3.9 billion in 2019, at a CAGR of 2.2% during the forecast period. The increasing demand for all-terrain vehicles in agriculture, military & defense, and recreation is driving the growth of the All-terrain Vehicle Market.
Browse and in-depth TOC on "All-terrain Vehicle Market"
109 - Tables
48 - Figures
165 - Pages
"Sports to be the largest segment, by Application"
The sports segment is projected to lead the All-terrain Vehicle Market, by application. ATVs used in sports feature energetic engines and long travel suspension for better handling experience. Riders prefer sport ATVs, especially in ATV championships. Their high-power engine and torque make them distinctive. The engine capacity of sport ATVs ranges from 100 to 1000cc. Also, sport ATVs can be modified and equipped with different accessories to design unique style and power. The shifting skills and handling features make these types of ATVs ideal for sporting activities. The increase in recreational activities in the tourism sector is driving the growth of ATV market in sports application globally.
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">800cc to be the fastest growing market for All-terrain vehicles, by Engine Type"
The >800cc engine is the fastest growing engine type segment that ultimately defines the ATV power and efficiency. A >800cc engine ATV is used in loading, transporting, and heavy activities. OEMs and manufacturers are investing heavily in the development of improved engines with better horsepower and torque. Various developments with respect to vehicle design have been undertaken by OEMs to install high power engines. Moreover, the demand for >800cc engine variant ATVs is exponentially growing due to its usage in many heavy-duty applications.
The >800cc engine has a high demand in sports, recreation, agriculture, mining, and construction. Thus, >800cc engine type is estimated to be the fastest growing market for all-terrain vehicles, by engine type.
"Europe to be the fastest growing market for All-terrain vehicles, followed by Asia Pacific"
The European region is expected to emerge as the fastest growing market for all-terrain vehicle from 2019 to 2027. The adoption of ATV regulations in Europe would lead to increasing demand for all-terrain vehicles in the region. For instance, the change in homologation system, the EU type-approval frameworks for quadricycles (L-category), and agricultural & forestry vehicles (T-category) came into force. These regulations replaced the directive-based homologation system. As a result, the homologation of both utility and recreational All-Terrain Vehicles (ATVs) is regulated by Regulation (EU) 167/2013 (T) and Regulation (EU) 168/2013 (L). This regulatory change has directly affected the ATV market in Europe in the last 4 to 5 years. The European market is expected to grow as ATV manufacturers have already started complying with the EU requirements for ATV.
Therefore, Europe is estimated to be the fastest growing market for ATVs, particularly for utility ATVs. The sale of utility ATVs is projected to increase during the forecast period.
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The All-terrain Vehicle Market is dominated by global players and comprises several regional players as well. The key players in the Market are Polaris Industries (US), Textron (US), Honda (Japan), Kawasaki (Japan), Suzuki (Japan), Yamaha (Japan), and BRP (Canada).
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