All-Terrain Vehicle Market Set to Reach $6.01 Billion by 2030 with Strong CAGR of 3.8% - New Report Highlights Key Drivers and Regional Growth Dynamics
Dublin, March 19, 2024 (GLOBE NEWSWIRE) -- The "Global All-terrain Vehicle Market Size, Share & Trends Analysis Report by Engine Type (Below 400cc, 400cc - 800cc, Above 800cc), Application (Agriculture, Sports, Recreation, Military & Defense), Region, and Segment Forecasts, 2023-2030" report has been added to * ResearchAndMarkets.com's* offering.
The global all-terrain vehicle market size is expected to reach USD 6.01 billion by 2030, registering a CAGR of 3.8% from 2023 to 2030. The development of off-road terrains, trails, and recreational parks is projected to boost the demand for All-terrain Vehicles (ATVs) by 2030. Moreover, governments' initiatives to enhance tourism and recreational activities have supported the sales of ATVs. For instance, the Travel Management & Off-Highway Vehicle (OHV) Program announced by the U.S. Forest Service aims to increase the awareness and popularity of trails in North America.
Factors such as the growing popularity of off-road racing events and increased advertising have fueled the demand for ATVs across the globe. For instance, in January 2019, the Desert Series Pro ATV tournament involved ATV enthusiasts and many off-road vehicles which contributed to the adoption of ATVs. Additionally, growth in investments from sponsors is anticipated to boost the growth of the market by 2030.
Over the past few years, economic growth in developing economies, such as India and China, has resulted in higher disposable incomes and purchasing power of individuals, creating more spending capacity. This, in turn, supports the travel and tourism industry. As per the data published by the World Travel and Tourism Council (WTTC), the global tourism sector grew by 3.9% in 2018. The development of the tourism sector has led to a significant increase in recreational activities, thereby driving the demand for ATVs.
North America dominated the ATV market in 2022. This can be attributed to the presence of vast and diverse landscapes in North America, including mountain ranges and dense forests. ATV manufacturers focus on developing innovative and safer equipment that can meet the diverse needs of end users who want to explore tough terrains. Additionally, the increasing production and sales of ATVs in North America are expected to contribute to the growth of the market. The presence of various market players, including Polaris Inc., Textron Inc., and BRP, among others, is likely to further contribute to the growth
*All-terrain Vehicle Market Report Highlights*
· The market for all-terrain vehicles is anticipated to witness growth owing to the increasing number of adventure and trails parks and the rising popularity of off-road sports activities
· The 400cc-800cc engine type segment accounted for a significant revenue share of over 48.2% in 2022. The increase in demand for 400-800cc engine ATVs is accredited to the demand for search & rescue operations and utility purposes
· Asia Pacific is expected to expand at the fastest CAGR of 5.3% during the forecast period
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 120
Forecast Period 2022 - 2030
Estimated Market Value (USD) in 2022 $4.54 Billion
Forecasted Market Value (USD) by 2030 $6.01 Billion
Compound Annual Growth Rate 3.8%
Regions Covered Global
*Key Topics Covered:*
*Chapter 1. Methodology and Scope*
*Chapter 2. Executive Summary*
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
*Chapter 3. All-terrain Vehicle Market Variables, Trends & Scope*
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.4. All-terrain Vehicle Market Analysis Tools*Chapter 4. All-terrain Vehicle Market: Engine Type Estimates & Trend Analysis*
4.1. All-terrain Vehicle Market: Key Takeaways
4.2. All-terrain Vehicle Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Below 400cc
4.4. 400 - 800cc
4.5. Above 800cc
*Chapter 5. All-terrain Vehicle Market: Application Estimates & Trend Analysis*
5.1. All-terrain Vehicle Market: Key Takeaways
5.2. All-terrain Vehicle Market: Movement & Market Share Analysis, 2022 & 2030
5.3. Agriculture
5.4. Sports
5.5. Recreational
5.6. Military & Defense
*Chapter 6. All-terrain Vehicle Market: Regional Estimates & Trend Analysis*
6.1. Regional Outlook
6.2. All-terrain Vehicle Market by Region: Key Takeaway
*Chapter 7. Competitive Landscape*
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Market Participant Categorization
· American Honda Motor Co., Inc
· ArcticInsider
· BRP
· CFMOTO
· Kawasaki Motors Corp.
· KYMCO
· Linhai Powersports USA
· Polaris Inc.
· Suzuki Motor of America, Inc.
· Yamaha Motor Corporation, USA.
For more information about this report visit https://www.researchandmarkets.com/r/5a7k2g
*About ResearchAndMarkets.com*
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*Attachment*
· Global All-terrain Vehicle Market
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