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All-Terrain Vehicle (ATV) Market Opportunities 2024-2033 - Size, Growth Analysis, Outlook, Overview
All-Terrain Vehicle (ATV) Market
Insights into All-Terrain Vehicle (ATV) Market: Global Trends and Analysis
All-Terrain Vehicle (ATV) Industry - Key Market Dynamics and Trends
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 growth in the historic period can be attributed to recreational off-roading popularity, agricultural and farming applications, military and defense usage, expansion of outdoor recreation.
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 growth in the forecast period can be attributed to increased urban and suburban recreational use, stringent emission standards, advanced safety features, growing demand in emerging markets. Major trends in the forecast period include electric atv models, autonomous atv technologies, lightweight and high-performance materials, connectivity and iot integration, customization and personalization options.
Market Overview -
The all-terrain vehicle (ATV) is a vehicle that travels on low-pressure tires, with a seat which is straddled by the operator, along with handlebars for steering control. It is designed to handle a wider variety of terrain better than other vehicles.
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Government Backing Accelerates Growth In The All-Terrain Vehicle (ATV) Market
Government support is expected to drive the growth of the all-terrain vehicle (ATV) market going forward. The governments of different countries are supporting the automotive sector to produce new solutions to better serve the industry. For example, in Thus, the government support will increase the demand for tourism industry thereby increasing the demand for all-terrain vehicle (ATV) market. For example, in July 2022, The U.S. Department of Energy (DOE) announced a $96 million funding opportunity to support decarbonizing the domestic transportation sector. The funding will focus on expanding electric vehicle (EV) charging accessibility, create cleaner non-road vehicles through electrification and the use of alternative fuels, and develop electric drive components and materials to maximize EV efficiency and affordability. Thus, the government support will propel the growth of the all-terrain vehicle (ATV) market.
Competitive Landscape -
Major companies operating 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.
Innovative Product Developments Drive The All-Terrain Vehicle (ATV) Market
New product innovations are a key trend gaining popularity in the all-terrain vehicle (ATV) market. Companies are emphasizing new product development to meet the fast-growing demand from end customers, and increase market share and global presence. For instance, in 2021, Yamaha Motor Corp. announced the launch of Grizzly EPS XT-R for utility purposes with a 686 CC liquid-cooled SOHC 4-stroke engine and 3-way differential locking. Also, in September 2020, Suzuki Motors Corp. launched the KingQuad ATV models for the 2021 lineup. The 2021 KingQuad 750AXi Power Steering SE plus for sports utility is equipped with independent suspension, an advanced electric power steering system, and high towing capacity to enable more comfortable operation.
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Key Segments -
The all-terrain vehicle (atv) market covered in this report is segmented -
1) By Vehicle Type: Utility ATV, Sports ATV, Recreational, Other Vehicles
2) By Displacement: Low, Mid, High
3) By Application: Sports, Entertainment, Agriculture, Military, Hunting
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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