Global All-terrain Vehicle Market to Grow at 3.37% during 2023-2028, Spurred by Growing Adoption in Agricultural Sector

According to the latest report by IMARC Group, titled "All-terrain Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global all-terrain vehicle market reached a value of US$ 4.2 Billion in 2022. An all-terrain vehicle (ATV) is a motorized vehicle that is intended to be used for off-road or on dirt road travels and activities over muddy, rocky and dune topologies. It comprises a large and powerful engine with three or four non-pneumatic tires. Apart from this, it also consists of a sturdy seat to be used by a single operator and handlebars that are essential for steering control. It is an extremely heavy vehicle with a relatively high center of gravity, short wheelbase and short turning radius. These vehicles are widely used for carrying heavy equipment over long distances and narrow access points across numerous industries, including agriculture, and military and defense.

Global All-terrain Vehicle Market Trends:

The global market is primarily driven by the shifting preference of the masses toward off-roading activities. These vehicles are widely used as a substitute for conventional vehicles as they offer enhanced protection against harsh operating environments and easy maneuverability in difficult and unpredictable terrains. The market is further driven by the growing utilization of these vehicles in the agricultural sector. They are widely used for field plowing, fence mending, weed controlling, animal handling and general transportation purposes. They are also used to minimize the manual labor required in the sector to significantly reduce the operational costs, which is expected to provide a thrust to the market growth. Technological advancements in the automotive infotainment systems have led to the integration of these vehicles with GPS tracking, Bluetooth connectivity and mobile tracking systems, which, in turn, is acting as a growth-inducing factor. This, along with the rising expenditure capacities of consumers and the development of electric quad bikes with improved steering systems, is providing a thrust to the market growth further. The advent of ATVs with rollover protective structures (ROPS) is expected to create a positive outlook for the market. On account of the aforementioned factors, the market is expected to register a CAGR of 3.37% during 2023-2028.

Market Summary:

• On the basis of the type, the market has been divided into utility, sport, recreational and other ATVs.
• Based on the application, the market has been classified into sports, entertainment, agriculture, military and defense, and others.
• On the basis of the engine type, the market has been categorized into below 400 cc, 400 – 800 cc, and above 800 cc.
• Based on the number of wheels, the market has been segmented into three, four and more than four wheels.
• On the basis of the drive type, the market has been divided into 2WD, 4WD and AWD.
• Based on the fuel type, the market has been bifurcated into electric and gasoline ATV.
• On the basis of the seating capacity, the market has been classified into one seat, and two or more seats.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Polaris Industries Inc. ,Honda Motor Co. Ltd. ,Kawasaki Heavy Industries ,Yamaha Motor Corporation ,Suzuki Motor Corporation , KYMCO , Deere & Company (John Deere) ,Arctic Cat Inc. ,Bombardier Recreational Products (BRP) , CFMOTO , CECTEK ,HiSun Motors , Linhai and Taiwan Golden Bee.

Report Scope:

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