DELRAY BEACH, Fla., Sept. 16, 2024 /PRNewswire/ -- All-Terrain Vehicle Market size is projected to grow from USD 2.9 billion in 2024 to USD 3.3 billion by 2030 at a CAGR of 2.3%, according to a new report by MarketsandMarkets. The all-terrain vehicle (ATV) market is expected to grow due to increased demand across various applications such as agriculture, military and defense, and recreation. Moreover, increased recreation and outdoor activities like utility, sports, and racing events have fueled the demand for ATVs with advanced features. The ATV market is growing with artificial intelligence and smart connected features, which has raised the market for electric ATVs with more safety features and attracted new customers. Hence, these factors contribute to the market's growth.
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Browse in-depth TOC on "All-terrain Vehicle Market"
371 - Tables
91 - Figures
376 - Pages
All-terrain Vehicle Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 2.9 billion |
Estimated Value by 2030 | USD 3.3 billion |
Growth Rate | Poised to grow at a CAGR of 2.3% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, By Drive Type, By Application, By Seating Capacity, By Engine Capacity, By Number of Wheels, By Fuel Type, By Side-by-Side Vehicle Market (By Region & Number of Wheels), Electric ATV, By Battery Capacity, By Region |
Geographies Covered | Asia Oceania, Europe, North America, and the Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rise in popularity of electric all-terrain vehicles |
Key Market Drivers | Growing demand for all-terrain vehicles in the agriculture sector |
Utility type ATVs hold the largest market.
The utility segment holds the largest market share in ATVs. Some of their uses include carrying tools and machines, plowing fields, and moving goods through difficult places. Furthermore, many developed countries have started increasing their military budgets, where some is spent on modernizing the ATVs & procuring new ATVs to conduct any military operator. For example, in May 2024. The Indian Army had purchased 250 units of MRZR-D4 ATVs from Polaris Inc, for strengthening the military sector. Also, European countries are using this ATVs for the farming sector and military sector which has boosted the market. For instance, Polaris Inc. routinely provides the German military with specially designed MV850 all-terrain vehicles to improve operational excellence in the field.
The ATV manufacturers are focused on their R&D to develop new UTV vehicles with various engine capacity options for the customers. For instance, the 2024 XPEDITION XP ADV Series SxS UTV model with a 1000 cc engine capacity was introduced by Polaris Inc. (US). This vehicle was introduced in the new category of "Adventure SxSs." Whereas in April 2023 Artic Cat had unveiled their Prowler Pro Dual-Purpose Utility Vehicle which was specifically designed for outdoor work and recreational activity. It was equipped with an engine capacity of 812 cc engine with EFI and CVT transmission. Hence many OEMs are offering the utility ATVs with engine capacity >800 cc to carry out the task which needs extra load carrying capacity and can travel through rough terrain. Also, the growing demand in agriculture and military sector is driving the market for utility type ATVs which will drive the market in future.
"=Two-seater ATVs are estimated to be the fastest growing ATVs."
The industry =two-seater ATVs have higher demand as they are becoming popular for recreational purposes, family trips, and group expeditions. The ATVs with extra seating capacity are often known as Side-by-Side vehicles or UTV vehicles; according to a primary source, the ATVs which are manufactured in the US are offered in a range of USD 16,000 - 18,000 for 400 - 800 cc engines, whereas the side-by-side vehicles are priced starting from USD 20,000 which only cost 2,000 - 4,000 extra for multi-seater ride. Hence, there is a shift in consumer buying behaviors towards =two-seater UTVs, which makes it ideal for families & friends for outdoor adventure. Others who would not consider using an ATV for fun may be interested in these vehicles because they have additional seats and better comfort. Also, this variability in seating dispositions creates room for further uses, such as taking employees around large estates or carrying tools for outdoor tasks.
Also, the = two-seater ATVs have created new opportunities for parents to ride alongside their children and enable friends to venture on off-road adventures as a cohesive unit. These ATVs find utility in various activities such as recreational riding, cargo transportation, towing, and general transportation. ATV manufacturers are actively investing in R&D to develop new ATVs with =two-seater capacity as per the change in consumer buying behavior from ATVs and Side-by-Side vehicles. For instance, in May 2024, Polaris Inc. (US) launched the 2025 RZR Pro R, a four-seater arrangement designed for a rugged adventure. Hence, these development factors have boosted the demand for =two-seater ATVs catering to recreational and occupational purposes.
"Europe accounted for the second largest market in the global all-terrain vehicle."
Europe is estimated to be the second-largest market for all-terrain vehicles after North America. Major countries like Germany, the UK, France and Spain have a higher demand for all-terrain vehicles. Europe has key players such as Polaris Inc. (US), Yamaha Motor Co., Ltd (Japan), BRP (Canada), Honda Motor Co., Ltd (Japan), and CFMOTO (China). According to the annual report of CFMOTO (China) and secondary search, the company sells ~73% of its ATVs in other countries except China, and 60% are sold in Europe. According to industrial experts, this is due to lower import tariffs for Chinese ATVs.
Moreover, most European countries have larger farm sizes, which has created a higher demand for utility ATVs. As a result, ATVs play a crucial role in inspecting crops, carrying out farm practices, and managing animals in general. However, several European nations use these vehicles for agricultural purposes owing to their remarkable adaptability and maneuverability amidst diverse types of landscapes. The remaining tiny fraction of ATV usage revolves around games and pastimes. Consequently, France, Germany, and Russia are Europe's leading ATV markets.
EU Regulation no. 167/2013 (T) and EU Regulation no. 168/2013 (L) provide rules for making all-terrain vehicles for business or recreation use in Europe. Due to these regulations, there were many significant changes within the ATV industry in Europe over the last four to five years. ATV producers wholly accepted these transformations and started converging towards fulfilling European government requirements while stabilizing the European market. For instance, in the UK, people can ride quad bikes with a weight of less than 550 kg on public roads if they have a valid driver's license and car insurance. By 2024, sales of ATVs are anticipated to surge around Europe due to regulations that will allow their use on the highways, which will require standards and safety measures that must be observed for more promising marketplaces for ATVs.
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All-terrain Vehicle Market Dynamics:
Drivers:
1. Growing demand for all-terrain vehicles in the agriculture sector
Restraints:
1. Increasing accident rates
Opportunities:
1. Rise in popularity of electric all-terrain vehicles
Challenge:
1. High cost for ATVs due to tariff barriers across countries
Key Market Players All-terrain Vehicle Industry:
Prominent players in the All-terrain Vehicle Market include as Polaris Inc. (US) and Honda Motor Co, Ltd (Japan), BRP< (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US). Suzuki Motor Corporation (Japan), Deere & Company (US), CFMOTO (China), Hisun (US).
The break-down of primary participants is as mentioned below:
- By Company Type: All-terrain Vehicle Manufacturer- 80%, and Other Companies - 20%
- By Designation: C Level Executives - 60%, Directors/ Vice Presidents-10%, and Others -30%
- By Region: North America - 20%, Europe - 10%, Asia Oceania - 50%, and Rest of the World - 20%
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All-terrain Vehicle Industry Recent Developments:
- In June 2024, Honda Motors Co., Ltd. (Japan) launched the "Rubicon 4X4 Automatic," a vehicle equipped with a 518 cc engine and an automatic dual-clutch transmission.
- In April 2024, Polaris Inc. (US) launched the "All-New Sportsman Touring 570 and 6x6 570 ATVs" designed for rugged terrain. The vehicle is equipped with a 44 hp engine and 4WD system. It offers a towing capacity of 1,225 lb.
- In April 2024, Honda Motors Co., Ltd. (Japan) launched a new ATV model named "Pioneer 700." This vehicle is equipped with a 675 cc liquid-cooled engine and an automatic transmission with three drive modes (2WD, 4WD, and 4WD, with differential lock). The safety features of this vehicle include a rollover protection structure (ROPS) and three-point seat belts.
- In February 2024, Yamaha Motor Co., Ltd. (Japan) launched the YXZ1000R SS, a sports-focused SxS vehicle in Yamaha's lineup. The vehicle is known for its high performance and advanced features. It is equipped with a 998 cc engine and is used in extreme off-roading conditions.
- In January 2024, Yamaha Motor Co., Ltd. (Japan) developed Raptor 110. This model was specially designed for riders ten years and older. This vehicle is equipped with a 112 cc engine with adjustable speed settings, an electric start system, and an automatic transmission for ease of use.
All-terrain Vehicle Market Size - Key Benefits of Buying the Report:
- The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the all-terrain vehicle market and its subsegments.
- It will also help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of critical drivers (Increasing off-road recreational activities, growing demand for all-terrain vehicles in agriculture and military & defense sectors, rising purchasing power and spending capacity of individuals), Restraints (High accident rates are hampering the ATV sales, and Restriction on all-terrain vehicle use in wildlife zones), Opportunities (Integration of advanced technologies in all-terrain vehicles, Growing penetration of electric all-terrain vehicles, and Increasing rental services), Challenges (Trade barriers between different countries High cost of ATVs and High cost of all-terrain vehicles)
- New vehicles launch for electric ATVs with their battery capacity offered by the manufacturers which are used in military, agriculture and recreational purpose.
- OEM analysis for electric ATVS and SxS vehicles: battery capacity vs vehicle range; Gasoline ATVs: horsepower VS engine capacity; and Gasoline SxS vehicles: horsepower VS engine capacity.
- Total Cost of Ownership for ATVs for gasoline and electric fuel type
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the all-terrain vehicle market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the all-terrain vehicle market across different regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the all-terrain vehicle market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Polaris Inc. (US), BRP (Canada), Honda Motor Co., Ltd (Japan), Textron Inc. (US), and Yamaha Motor Corporation (Japan). In the all-terrain vehicle market.
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