24 June 2022
Visiongain has published a new report entitled All-Terrain Vehicle Market Report 2022-2032: Forecasts by Seating Capacity Type (One Seat Segment, Two Seat Segment), by Application Type (Sports, Entertainment, Agriculture, Military and Defence, Hunting and Forestry), by Vehicle Type (Utility All-Terrain Vehicle, Sport All-Terrain Vehicle), by Fuel Type (Gasoline, Electric), by Engine Type (< 400 CC, 400 to 800 CC, > 800 CC), by No of Wheels (Four Wheel, > Four Wheel), by Drive Type (2WD Drive, 4WD Drive, All Wheel Drive (AWD)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global all terrain vehicle market was valued at US$3,534 million in 2021 and is projected to grow at a CAGR of 5.1% during the forecast period 2022-2032.
The all-terrain vehicle market shows a promising picture for the future growth in the global market. This market, in its initial stage in few regions of the global market and have witnessed immense growth in developed regions owing to the increasing acceptance of all-terrain vehicles across different applications ranging from sports to agriculture and military and defence. In addition to the aforementioned applications, increasing spending power of the people and growing interest in re-recreational activities could lead to a rapid growth in the forecasted period.
Growing Popularity of Off-Road Recreational Activities Drives Growth
Recreational off-roading envision a car speeding over desert sand or a vehicle climbing over rocks up a mountain. However, optimal off-road adventure activities are different and may vary as per the individuals. Individuals experience many different types of off-roading activities depending on the environment they live in. Some of the popular activities that attract tourism all over the globe include rock crawling, dune bashing, .green laning, and many more. The effects of off-road activities associated with nature-based tourism become important for the overall growth of all-terrain vehicles in the global market.
How has COVID-19 restricted The All Terrain Vehicle Industry?
COVID-19 pandemic have had a huge impact on the global supply chain which has affected the global All-terrain vehicle manufacturers. Considering the situation, the providers would look to fast-track plans for agile processes and supply chains to serve the volatile demand environment in the new normal. Supply chain and procurement operations should work on schedule decided well in advance basis on the demand forecast. However, all-terrain vehicle manufacturers are now looking to redesign their overall operations to cater to an unpredictable demand environment.
How will this Report Benefit you?
Visiongain’s 463-page report provides 414 tables and 377 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global all terrain vehicle market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for All Terrain Vehicle manufacturers. Get financial analysis of the overall market and different segments including vehicle type, application, fuel, seating capacity, engine type, and company size and capture higher market share. We believe that there are strong opportunities in this significantly-growing all terrain vehicle market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Agriculture and Military and Defence Sees Increased Demand for All-Terrain Vehicles
The military and defence sector in the global market is attempting to leverage robotics and other capabilities to enable “leader-follower” concept for vehicle convoys. The vehicle manufacturers are developing technology for delivering all-terrain vehicles specific to be used in army and military applications. The vendors in the market are building the vehicles to match the tough working of the defence and police, reaching the unreachable and help them achieve the impossible. The all-terrain vehicles are finding applications on all types of farms and ranches, in orchards and forests, in ornamental nurseries and on golf courses. This is leading to the exponential growth of all-terrain vehicles in the global market.
Increasing Consumer Spend Capacity
With national lockdowns and travel restrictions across the globe, the all-terrain vehicles sales are dwindling. However, the consumer intent to explore utility vehicles and all-terrain vehicles over the next 12 months is almost back to pre-COVID-19 levels. This has seen a significant increase in purchase intent for electric vehicles, particularly in Europe and China, supported by government incentives and by increased consciousness about sustainability.
Where are the Market Opportunities?
Demand for Advanced Technology
Advance diagnostic system is a feature that will boost the All-terrain vehicle market. In advanced diagnostics, the system in the vehicle supply data about the vehicle to both the dealer and the customer, which helps predict potential issues in the vehicle before they take place. All-terrain vehicle solutions allow managing the maintenance of vehicle, saving money and time by avoiding unwanted expenses and breakdowns, and providing regular system updates. The system provides a maintenance schedule and timely reminders to the consumer. With the help of various apps customers will be able to remotely monitor engine oil level, air pressure in tyres, fuel level, etc.
The major players operating in the all terrain vehicle market are Arctic Cat, Bombardier Recreational products (BRP), Bennche Ltd., CFMOTO, Deere & Company, Eco Charger Quad Bikes, Hisun Motors, Honda Motor Company, Kawasaki Motors Corp., Linhai Corp. Ltd., Nebula Automotive Pvt. Ltd., Polaris Inc., Suzuki Motor Corporation, Taiwan Golden Bee, and Yamaha Motor Co. Ltd. These major players operating in this market have adopted various strategies comprising agreements, partnerships and collaboration, and new product launch.
• On August 2021, Arctic Cat has launched refreshed 2022 Prowler UTV with colour changes, and standard features including electronic fuel ignition, double A-arm 7 inch, hydraulic disc brakes, and many more. The upgraded system would boost durability and performance.
• On Feb 2021, BRP has redesigned Can-Am Commander, ultimate in versatility and raised the bar of fun and capability, whether cruising trails, dirt roads, and ranch/farmland with ease. The new product has a powerful and proven Rotax 1000R engine that delivers 100hp.
Notes for Editors
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