All Terrain Vehicles (ATV) Market to Cross $ 6 Billion by 2024

Increasing recreational off-roading activities, growing commercialization of ATVs and rising demand for high displacement engine ATVs to drive global all terrain vehicle market through 2024

According to TechSci Research report, “Global All Terrain Vehicle Market By Product Type, By Engine Displacement, By Application Type, By Region, Competition, Forecast & Opportunities, 2014 - 2024”, the global all terrain vehicle market is projected to reach USD6.2 billion by 2024. Growth in the market can be attributed to rising popularity of off-roading activities and growing usage in agriculture across regions like Europe and North America. Moreover, technological advancements such as Bluetooth connectivity, GPS systems, etc, along with growing popularity of ATVs among youth is further pushing demand for such vehicles across the globe. Additionally, increasing demand from various sectors like agriculture, defence sector, etc., is expected to boost the sales of all terrain vehicles during forecast period, globally. However, rising accident rates and restriction on ATV usage in the wildlife zone might hamper the ATV demand. Additionally, the high cost of ATVs, trade barriers between different regions, and impact of COVID-19 on the demand for ATVs are likely to hinder the global all terrain market growth during the forecast period.

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The global all terrain vehicle market can be segmented on the basis of product type, engine displacement type, application type, and region. Among product type, utility all terrain vehicles accounted for the largest market share in global all-terrain vehicle market in 2018, backed by their versatile usage, high load carrying capacity, easy maintenance and economical pricing as compared to sports ATVs. The utility all terrain market is expected to account for the largest market share of 60.41%. Over the coming years, major global ATV manufacturers are anticipated to come up with a wide range of advanced and specifically designed all terrain vehicles to meet varying customer requirements.

North America is the major demand generator of ATVs, owing to rising disposable income of the individuals, introduction of electric vehicles, and increasing usage in agriculture especially in poultry farming and growing off-roading activities in the region. Moreover, increasing use of all terrain vehicles in material transport, hunting as well as in forest and desert safari, etc., is further likely to fuel their demand in North America. In 2018, the global all terrain vehicle market accounted for the largest market share of around 66% and is expected to continue its dominance during the forecast period. As the demand for ATVs continue to expand in the region, North America is expected to hold the largest market share in global all terrain vehicles market based on the region type.

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“Growing use of ATVs in several applications such as sports, entertainment and agriculture coupled with increasing number of international brands and decline in component manufacturing cost is expected to boost the sales of all terrain vehicles across the globe over the coming years. Moreover, increasing focus of manufacturers to develop eco-friendly and advanced ATVs is further expected to act as a catalyst for the industry growth over the course of next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global All Terrain Vehicle Market By Product Type, By Engine Displacement, By Application Type, By Region, Competition, Forecast & Opportunities, 2014 - 2024” has evaluated the future growth potential of all terrain vehicles market, globally, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by global all terrain vehicle market.

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