All-terrain Vehicle Market Size

All-terrain Vehicle Market size was valued at USD 4.72 Million in 2023 and is poised to grow from USD 4.9 Million in 2024 to USD 6.6 Million by 2032, growing at a CAGR of 3.8%? during the forecast period (2025-2032).

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.