All-Terrain Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

All-Terrain Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of All-Terrain Vehicle (ATV) Market

The All-Terrain Vehicle (ATV) market size was valued at USD 5.76 billion in 2023, and the market is now projected to grow from USD 6.02 billion in 2024 to USD 9.35 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period of 2024-2032.

The COVID-19 outbreak also had an influence on the industrial ATV. Production was affected by lock downs and banned travels disrupting the normal supply chain and consequently disrupting manufacturing and selling of the products. However, when various activities were shifted to the outdoors, due to the Covid-19 restrictions, people began to authorize the utility vehicles more especially for leisure activities in the countryside and for off-road activities. There was increased demand in the market for recreational vehicles since people looked for better places to avoid instead of crowded places. The market influence has been positive after the pandemic and recovery from this problem has boosted the ATV market which seems to have gained some stability in recent times.

Some of the trends visible in the all-terrain vehicle (ATV) industry are described below. The rising popularity of electric ATVs is as a result of changing consumer habits with a concern for the environment, and enhanced batteries. There is also an increase in the demand for the recreational and utility ATV, since consumers today also look for versatile vehicle especially for outdoor recreation and farm usage. Car makers are now looking for ways to make the vehicles safer, more comfortable and packed with superior performance trappings like new shocks and more advanced gizmo connections. Moreover, global concern has shifted towards youth and sport-oriented ATVs thus diversifying the existing market among different categories of consumers. Thus, all the above mentioned factors are contributing towards the All-Terrain Vehicle (ATV) market growth.

The factors that affect the ATV market include; increased demand for ATV for outdoor activities and adventure tourism or travel. Higher disposable per capita income in developing countries and rising interest in road sports and recreational activities have also boosted prospects in this market. Further, requirement of ATVs for purposes in agricultural and industrial industries for utility enhances the sales. The increasing use of electric cars, better safety features also work in favor of increasing demand. Also, the policies adopted by the government in supporting environment friendly transport solutions and in enhancing off-road facilities are the other factors helping in the growth of the market and its ability to attract not only specific group of buyers.

Comprehensive Analysis All-Terrain Vehicle (ATV) Market

The ATV market is categorized by the kind of application and the capacity of the engine of the vehicle. By application the market has been classified into sports, military & defense and other applications including agriculture and utility. A SPORT ATV is used for recreational use while military & defense vehicles are used for operation purposes. In terms of engine size, ATVs are categorized into three groups: Under 400 cubic centimeters or ‘commuter bikes’, 400 to 800 and ‘Sport-touring or Adventure touring bikes’ and above 800 cc off-roaders.

North America is the largest regional market for ATVs, due to high end user demand for both recreational and commercial ATVs. The United States alone contributes a large percentage because it has a very large coverage of off-road terrains, it embraces an outdoor activity culture and its muscle-powered ATVs are frequently used in agriculture, hunting and sporting activities. The region also has an established market in the ATV manufacturers and dealers making it easier for the industry to thrive. To this, government regulations towards provision of green products as well as the rising demand for electric ATVs further help the regional industry in North America to offer a competitive attack to the global ATV market.

Key players in this sector include Polaris Industries (Medina, Minnesota, U.S.), Arctic Cat (Textron) (Providence, Rhode Island, U.S.), Honda Powersport (Tokyo, Japan), Kawasaki Heavy Industries (Tokyo, Japan), Suzuki Motor Corporation (Hamamatsu, Shizuoka, Japan), BRP (Valcourt, Quebec, Canada), Yamaha Motor Corporation (Iwata, Shizuoka, Japan), Cfmoto (Hangzhou, China)

All-terrain vehicle also known as ATV market came under observation and has undergone a transition with a 2024 electric release. Such features as longer range and faster charging time are being concentrated today in manufacturing to increase charging technology of a battery. Smart ATVs with additional technologies inclusive of GPS, complex suspension and the rider aids are also cropping up in the market. Also new models of ATVs youth models and sport utility models are getting in vogue thus increasing the customer base and also meeting more diversification uses.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2019-2032

Base Year

2023

Estimated Year

2024

Forecast Period

2024-2032

Historical Period

2019-2022

Unit

Value (USD Billion)

Segmentation

By Application Type

Sports

Military & Defense

Others

By Engine Size

Less than 400 CC

400 CC-800 CC

More than 800 CC

By Geography

North America (By Application Type, By Engine Size)

• U.S. (By Application Type)
• Canada (By Application Type)
• Mexico (By Application Type)

Europe (By Application Type, By Engine Size)

• U.K. (By Application Type)
• Germany (By Application Type)
• France (By Application Type)
• Rest of Europe (By Application Type)

Asia Pacific (By Application Type, By Engine Size)

• China (By Application Type)
• Japan (By Application Type)
• India (By Application Type)
• Rest of APAC (By Application Type)

Rest of the World (By Application Type, By Engine Size)Please Note: It will take 5-6 business days to complete the report upon order confirmation.