Global All-terrain Vehicle Market

All-terrain Vehicle Market Size, Share, Growth Analysis, By Engine Size (400 cc-800 cc, Above 800cc), By Application (Sports, Military & Defense), By Drive Type (2WD, 4WD), By Region -Industry Forecast 2024-2031


Report ID: SQMIG25A2337 | Region: Global | Published Date: December, 2024
Pages: 173 | Tables: 90 | Figures: 66

All-terrain Vehicle Market Regional Insights

North America accounted for USD 2.69 billion in 2023 and is projected to reach USD 3.80 billion by 2032, at a CAGR of around 4.1% over the forecast period. North America led the market with a revenue share of over 46.7% in 2023. Some of the leading manufacturers of all-terrain vehicles, such as Polaris, Textron, BRP, and American Honda Motors, among others present in the U.S. and Canada are crucial supporting the development of the market in this region. The adoption of ATVs witnessed a considerable increase in the U.S. and Canada owing to various factors, such as the higher disposable income of residents, the developed economy, government regulations regarding ATVs, and upcoming electric vehicle projects.

Asia-Pacific is anticipated to see a considerable increase in demand for ATV over the forecast period. It is due to the increased military spending, and low-cost manufacturing. Major suppliers, such as Suzuki, Honda, Kawasaki, and Yamaha Motor Corporation in the Japan are crucial elements supporting the market growth in this region. Asia Pacific is expected to expand at the fastest CAGR of 5.3% during the forecast period owing to factors such as increasing disposable income, the popularity of adventure tourism and outdoor activities. These factors have collectively contributed to the expansion of the all-terrain vehicle market in the Asia Pacific region, providing individuals with exciting outdoor recreational options and driving the demand for ATVs. The rest of the world contributes 6.8% due to fewer automotive OEMs, low technology adoption, and less presence of all typed vehicles.

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Global All-terrain Vehicle Market size was valued at USD 4.54 Billion in 2022 and is poised to grow from USD 4.71 Billion in 2023 to USD 6.35 Billion by 2031, growing at a CAGR of 3.8% in the forecast period (2024-2031).

The market is highly competitive, and the players are undertaking strategies such as product launches, acquisitions, and collaborations to increase their global reach. For instance, in May 2023, Polaris Inc. unveiled the 2024 XPEDITION XP and ADV models, marking the introduction of a pioneering category referred to as ‘Adventure side-by-sides’. These cutting-edge vehicles combine the off-road capabilities of conventional side-by-sides with the convenience and ample storage capacity commonly found in premium overlanding experiences. 'AKEBONO BRAKE INDUSTRY CO., LTD.', 'ZF Friedrichshafen AG', 'ADVICS CO., LTD.', 'Hitachi Astemo, Ltd.', 'Brembo S.p.A', 'Robert Bosch GmbH', 'AISIN CORPORATION', 'Haldex', 'The Web Co', 'NISSIN KOGYO Co., Ltd'

The demand for ATVs from military organizations is propelling the market. In December 2023, Ukrainian forces were supplied with 20 ATV battle buggies crafted by volunteers. The Operational Command "South" of the Ukrainian Armed Forces received the delivery of 20 light tactical vehicles, known as "battle buggies," entirely fabricated through the efforts of a volunteer movement backed by significant industrial enterprises. The demand for ATVs has increased for various farm-related activities such as weed removal, animal handling, and general transportation in the agriculture sector.

Increasing Use of Advanced Technology Tool in Industry: One of the primary aspects driving the all-terrain vehicle market growth is a rising customer inclination for off-road recreational activities and adventure sports. Suppliers are now supplying ATVs with GPS tracking and Bluetooth communication technologies, improving the driving experience. Additionally, various technical improvements, such as creating electric quad bikes and installing enhanced steering systems, joystick controls, and graphic displays in ATVs, are also helping drive the industry forward. A significant expansion in the tourist industry, growing urbanization, and rising consumer expenditure capacity are some variables that have a beneficial influence on the market.

North America accounted for USD 2.69 billion in 2023 and is projected to reach USD 3.80 billion by 2032, at a CAGR of around 4.1% over the forecast period. North America led the market with a revenue share of over 46.7% in 2023. Some of the leading manufacturers of all-terrain vehicles, such as Polaris, Textron, BRP, and American Honda Motors, among others present in the U.S. and Canada are crucial supporting the development of the market in this region. The adoption of ATVs witnessed a considerable increase in the U.S. and Canada owing to various factors, such as the higher disposable income of residents, the developed economy, government regulations regarding ATVs, and upcoming electric vehicle projects.

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Global All-terrain Vehicle Market

Report ID: SQMIG25A2337

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