All-terrain Vehicle Market worth $3.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 3, 2023 /PRNewswire/ -- All-Terrain Vehicle Market size is projected to grow from USD 3.2 billion in 2023 to USD 3.7 billion by 2028 at a CAGR of 3.0%, according to a new report by MarketsandMarkets™. The all-terrain vehicle (ATV) market is experiencing growth due to the rising demand across various sectors such as agriculture, military and defense, and recreation. Additionally, an increase in recreation and outdoor activities, utility, sports, and racing events propel the all-terrain vehicle market. This enhanced affordability is expected to drive down the sales of all-terrain vehicles, further contributing to the market's growth.

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All-terrain Vehicle Market Scope:

"Utility ATVs to be the largest ATV Type."

The utility segment is projected to be the largest in the all-terrain vehicle types during the forecast period. Utility ATVs became popular with their multitude of applications in the field of agriculture (inspection of crops and livestock, application of fertilizers and chemicals, repairing irrigation systems and pipelines, supervision of field crews, and transportation of materials); and military & defense (for supervision and monitoring purpose and hunting) and forestry (site seeing and equipment towing). Further, the demand for Utility ATVs in Asia Oceania is anticipated to grow owing to the rising use of these vehicles for agriculture and military applications in countries like China and India. The growth of Utility ATVs in Europe can be attributed to the factors such as the growing use of utility ATVs for farming applications and in the military and defense sector. For Example, Polaris regularly supplies custom-built MV850 all-terrain vehicles to German forces for better operational excellence in the field. The applications for the same range from military purposes to patrolling, forestry management, etc., across the countryThe engine capacity of utility ATVs ranges from 150–1,000 cc. Ranger Crew XP 1000 EPS NorthStar, Ranger 150 EFI, and Ranger XP 1000 EPS are some of the utility ATV models of Polaris Industries available in the market, generally used after required customizations for various applications. Other major players such as Honda, Yamaha, and BRP have significantly strengthened their utility ATVs portfolio as per market needs. For example, in November 2022, Honda introduced small displacement Utility ATVs such as FourTrax Recon, TRX250X, and TRX90X. Honda's FourTrax Recon comes with a 229cc engine which helps with efficient power transmission. Hence, the rising use of Utility ATVs for cargo, agriculture, towing, and hunting is anticipated to propel the demand.

"≥2-seat ATVs is estimated to be the fastest growing ATVs."

≥2-seat ATVs are specifically designed to accommodate a rider and one or more passengers. The market for ≥2-seater ATVs is expected to grow at the fastest CAGR during the forecast period. The growth of ≥2-seater ATVs can be attributed to the factors like ≥2-seater ATVs offer increased versatility and convenience. The demand for≥2-seater ATVs is increasing due to the rising preference of consumers for recreational activities, and outdoor events with companions. Secondly, The growth of 2-seater ATVs can be attributed to their ability to accommodate families and groups who wish to participate in outdoor activities collectively. These vehicles offer an opportunity 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. The ≥2-seater ATVs are characterized by their smaller size, lighter weight, and suitability for fast-paced and extreme riding experiences. Manufacturers are actively adapting their designs and models to cater to the evolving buying patterns of consumers, incorporating multiple-seater configurations for ATVs. For example, in September 2021, Polaris introduced the RANGER SP 570, which offers a two-seat crew configuration, a 44 HP ProStar 570 engine, and a towing capacity of 1,500 pounds. These developments reflect the industry's response to the growing demand for two-seat 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. Countries such as France, Germany, UK, and Spain have a higher demand for all-terrain vehicles. Most European countries have a higher demand for utility ATVs as the countries from this region have substantial farm sizes. ATVs are used for crop inspection, farm work, and livestock management. ATVs are suitable for farm use in various European countries due to their exceptional versatility and maneuverability in different terrains. Also, a small portion of ATVs are used in recreational/sports activities. France, Germany, and Russia remain the largest all-terrain vehicles industry in Europe.  However, apart from major ATVs manufacturers such as Polaris, Can-Am, CF Moto, Kawasaki, and Honda, EU countries import many ATVs from Chinese players owing to lower cost and desired quality.

Further, Regulation (EU) 167/2013 (T) and Regulation (EU) 168/2013 (L) govern the homologation of both utility and recreational All-Terrain Vehicles (ATVs) in Europe. The introduction of these regulations has significantly impacted the ATV market in Europe in the last 4-5 years. However, ATV manufacturers have proactively embraced these changes and have already started complying with the EU requirements, stabilizing the European market. For instance, in the UK, quad bikes weighing under 550 kg are permitted for use on public roads, provided the rider holds a Bl license and the vehicle is duly registered and insured. The forthcoming years are expected to witness a boost in ATV sales across Europe, driven by the implementation of regulations to legalize the usage of ATVs on public roads. These regulations will specify specific standards and safety features to ensure compliance and enhance the market prospects for ATVs.

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All-terrain Vehicle Market Dynamics:

Drivers:

1.  Increasing off-road recreational activities

2.  Increasing demand for ATVs in agriculture and military & defense

3.  Rising purchasing power and spending capacity of individuals

Restraints:

1.  High accident rates 

2.  Restriction on ATV usage in wildlife zones

Opportunities:

1.  Increased use of technology in ATVs 

2.  Positive outlook toward electric ATVs 

Challenges:

1.  Trade barriers between different regions 

2.  High cost of ATVs

Key Market Players:

The major players in global all-terrain vehicle companies include Polaris Inc (US), Honda Motor Co, Ltd (Japan), BRP (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US)

Recent Developments:

• In May 2023, Polaris Inc. introduced the 2024 XPEDITION XP and ADV models, establishing a brand-new category known as"Adventure side-by-sides." These innovative vehicles blend the off-road prowess of traditional side-by-sides with the comfort and cargo capacity typically associated with top-tier overlanding experiences.
• In March 2023, Polaris Inc. introduced the RZR Pro R Factory, a UTV designed exclusively for competitive racing. This purpose-built vehicle has been meticulously engineered to excel in the challenging conditions of open desert racing.
• In March 2023, Polaris Inc. launched the latest iteration of their highly popular sport side-by-side, the RZR XP, marking a significant leap forward in the industry. The 2024 RZR XP has been completely redesigned, aiming to set a new benchmark for sport side-by-side by offering unparalleled durability, comfort, and performance. This next-generation model raises the bar, elevating the standards for the entire industry.
• In August 2022, Yamaha Motor Corporation introduced its off-road ATVs and Side-by-Side (SxS) vehicles for the 2023 model year. These vehicles are precisely designed, rigorously tested, and expertly crafted to offer all off-road enthusiasts' exceptional capability, comfort, and confidence. Whether tackling tough ranch work or embarking on thrilling expeditions across challenging terrains, Yamaha surpasses customer expectations by delivering products that meet and exceed industry standards.
• In January 2022, John Deere unveiled the XUV835R Signature Edition Gator Utility Vehicle and the XUV865R Signature Edition Gator Utility Vehicle, both equipped with premium, automotive-inspired features. These additions elevate John Deere's lineup of utility vehicles, offering enhanced features and capabilities to meet the needs of its customers.
• In September 2021, Suzuki Motor Corporation introduced its KingQuad ATV product line. These KingQuad ATVs are known for their exceptional engineering and sturdy construction. Suzuki's KingQuad ATVs have a 722 CC engine capacity with power steering. The 2023 KingQuad 750AXi Power Steering SE+ helps tackle challenging terrain with the capabilities that only a KingQuad possesses.
• In October 2021, Polaris acquired a manufacturing facility in Monticello, which has enhanced its capabilities by adding in-house die-casting capabilities. This acquisition has made the facility vertically integrated, resulting in improved product quality and production efficiency.
• In August 2021, Textron has unveiled the Alterra EPS 600, a new ATV model featuring a redesigned chassis and electronic power steering (EPS). The ATV's dashboard includes a Garmin GPS screen for easy tracking of location, music, and other group members. Additionally, the innovative design of the ATV helps to keep the rider protected from engine heat.
• In July 2021, Polaris has unveiled its inaugural electric drive train series, which is equipped with a 110HP electric motor delivering 1401b-ft of torque. The lineup offers customers three different drive modes and boasts an impressive 80-mile range on a single charge. Additionally, the vehicle is designed to support fast charging for its battery pack.

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