All-terrain Vehicle Market worth $3.3 billion by 2030 | MarketsandMarkets

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All-terrain Vehicle Market Scope:

Utility type ATVs hold the largest market.

The utility segment holds the largest market share in ATVs. Some of their uses include carrying tools and machines, plowing fields, and moving goods through difficult places. Furthermore, many developed countries have started increasing their military budgets, where some is spent on modernizing the ATVs & procuring new ATVs to conduct any military operator. For example, in May 2024. The Indian Army had purchased 250 units of MRZR-D4 ATVs from Polaris Inc, for strengthening the military sector. Also, European countries are using this ATVs for the farming sector and military sector which has boosted the market. For instance, Polaris Inc. routinely provides the German military with specially designed MV850 all-terrain vehicles to improve operational excellence in the field.

The ATV manufacturers are focused on their R&D to develop new UTV vehicles with various engine capacity options for the customers. For instance, the 2024 XPEDITION XP ADV Series SxS UTV model with a 1000 cc engine capacity was introduced by Polaris Inc. (US). This vehicle was introduced in the new category of "Adventure SxSs." Whereas in April 2023 Artic Cat had unveiled their Prowler Pro Dual-Purpose Utility Vehicle which was specifically designed for outdoor work and recreational activity. It was equipped with an engine capacity of 812 cc engine with EFI and CVT transmission. Hence many OEMs are offering the utility ATVs with engine capacity >800 cc to carry out the task which needs extra load carrying capacity and can travel through rough terrain. Also, the growing demand in agriculture and military sector is driving the market for utility type ATVs which will drive the market in future.

"≥Two-seater ATVs are estimated to be the fastest growing ATVs."

The industry ≥two-seater ATVs have higher demand as they are becoming popular for recreational purposes, family trips, and group expeditions. The ATVs with extra seating capacity are often known as Side-by-Side vehicles or UTV vehicles; according to a primary source, the ATVs which are manufactured in the US are offered in a range of USD 16,000 - 18,000 for 400 - 800 cc engines, whereas the side-by-side vehicles are priced starting from USD 20,000 which only cost 2,000 - 4,000 extra for multi-seater ride. Hence, there is a shift in consumer buying behaviors towards ≥two-seater UTVs, which makes it ideal for families & friends for outdoor adventure. Others who would not consider using an ATV for fun may be interested in these vehicles because they have additional seats and better comfort. Also, this variability in seating dispositions creates room for further uses, such as taking employees around large estates or carrying tools for outdoor tasks.

Also, the ≥ two-seater ATVs have created new opportunities 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. ATV manufacturers are actively investing in R&D to develop new ATVs with ≥two-seater capacity as per the change in consumer buying behavior from ATVs and Side-by-Side vehicles. For instance, in May 2024, Polaris Inc. (US) launched the 2025 RZR Pro R, a four-seater arrangement designed for a rugged adventure. Hence, these development factors have boosted the demand for ≥two-seater 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. Major countries like Germany, the UK, France and Spain have a higher demand for all-terrain vehicles. Europe has key players such as Polaris Inc. (US), Yamaha Motor Co., Ltd (Japan), BRP (Canada), Honda Motor Co., Ltd (Japan), and CFMOTO (China). According to the annual report of CFMOTO (China) and secondary search, the company sells ~73% of its ATVs in other countries except China, and 60% are sold in Europe. According to industrial experts, this is due to lower import tariffs for Chinese ATVs.

Moreover, most European countries have larger farm sizes, which has created a higher demand for utility ATVs. As a result, ATVs play a crucial role in inspecting crops, carrying out farm practices, and managing animals in general. However, several European nations use these vehicles for agricultural purposes owing to their remarkable adaptability and maneuverability amidst diverse types of landscapes. The remaining tiny fraction of ATV usage revolves around games and pastimes. Consequently, France, Germany, and Russia are Europe's leading ATV markets.

EU Regulation no. 167/2013 (T) and EU Regulation no. 168/2013 (L) provide rules for making all-terrain vehicles for business or recreation use in Europe. Due to these regulations, there were many significant changes within the ATV industry in Europe over the last four to five years. ATV producers wholly accepted these transformations and started converging towards fulfilling European government requirements while stabilizing the European market. For instance, in the UK, people can ride quad bikes with a weight of less than 550 kg on public roads if they have a valid driver's license and car insurance. By 2024, sales of ATVs are anticipated to surge around Europe due to regulations that will allow their use on the highways, which will require standards and safety measures that must be observed for more promising marketplaces for ATVs.

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All-terrain Vehicle Market Dynamics:

Drivers:

1.  Growing demand for all-terrain vehicles in the agriculture sector

Restraints:

1.  Increasing accident rates 

Opportunities:

1.  Rise in popularity of electric all-terrain vehicles

Challenge:

1.  High cost for ATVs due to tariff barriers across countries

Key Market Players All-terrain Vehicle Industry:

Prominent players in the All-terrain Vehicle Market include as Polaris Inc. (US) and Honda Motor Co, Ltd (Japan), BRP< (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US). Suzuki Motor Corporation (Japan), Deere & Company (US), CFMOTO (China), Hisun (US).

The break-down of primary participants is as mentioned below:

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All-terrain Vehicle Industry Recent Developments:

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