All-terrain Vehicle Market Report Up to 2031
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As the popularity of outdoor entertainment activities is growing such as adventure parks and increasing number of trails, Agricultural application, high demand for all-terrain vehicle for military and off-road sports activities are the major factor driving the market. Emerging economies and increasing purchasing power and disposable income in developed are expected to force the demand for all-terrain vehicles over the forecast period.
COVID-19 Impact on All-terrain vehicle Market
Due to Covid-19 outbreak the market has suffered in terms of demand and manufacturing. Owing to the lockdown in almost every country on the globe halted all the market functions. Some countries also faced curfew like situation where tourism was not allowed and demand of All-terrain vehicle reduced to almost zero. However, the analysis shows that the market will recover with the help of government regulations for opening lockdowns.
Initiatives taken by the companies to develop advanced sensing technology is one of the major drivers. Another one is taken by European Commission for road safety. All-terrain vehicle companies focusing toward technologies and innovation for gaining customer’s attention which in result shows rising demand in Electric vehicle. Thus there is increase in demand for components such as Cameras, radar sensors, ultrasonic sensors, and LiDAR during the forecast period.
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AWD is currently considered as the fastest growing market segment due to new technology introduced into its engine power which is divided between both the tires of ATV. For active safety of riders, AWD ATVs are designed for dual grip of the tires. In a tricky and unpredictable situation comes in picture where there is immediate brake is required, AWDs come to the fore for safety. Thus, increasing focus towards passenger’s safety and growing production will result AWDs ATV market grow even more in near future.
The global All-terrain vehicle market is dominated by big players such as Polaris Industries, Kawasaki, BRP, Textron, Suzuki and Honda. These companies have secured their position in the market to offer wide range of advanced assistance systems. These ATV companies has renowned global supplies for their end users.
The key strategies adopted by these companies is to sustain their market position are new technology, new product development, Contract agreement and Collaborations. In January 2019, Textron Inc has launched its Hauler 800elite electric utility vehicle powered by Samsung SDI Lithium technology. It offers energy efficiency and zero-maintenance batteries.
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