Global All-Terrain Vehicle Market Size Report 2022 The global all-terrain vehicle market size stood at USD 5.21 billion in 2020. The market is projected to grow from USD 5.37 billion in 2021 to USD 7.50 billion by 2028, at a CAGR of 4.90% during the forecast period 2021-2028. The global impact of COVID-19 has been unprecedented and staggering, with all-terrain vehicle witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market declined -5.8% in 2020 as compared to the average year-on-year growth during 2017-2019. The rapid increase in CAGR is due to the demand and growth rate of this market, which will return to pre-pandemic levels once the pandemic is over.
All-terrain vehicles are four-wheeled motorized vehicles primarily used for both on & off-road activities. These vehicles are categorized into two types as designated by the manufacturer. The manufacturer designs Type I for use by one operator rather than a passenger. Type II vehicles are used by operators and passengers and are equipped with specific seating positions behind the operator. Such vehicles have application in various industries, such as construction, sports, military & defense, mining, and agriculture, due to their robust design and performance.
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The demand for ATVs from military organizations is propelling the market. Polaris Government & Defense, based in the U.S., donated a Sportsman Big Boss and MRZR and two ATVs and UTVs to Latvia. As part of a U.S. government program, these Polaris vehicles were expected to be delivered in 2020 for military uses. As a result, growing demand from the defense sector is boosting the market growth for these vehicles.
The demand for ATVs has declined, owing to lockdowns enforced in most countries. Since the coronavirus outbreak in December 2019, these lockdowns have temporarily halted vehicle production. In addition, numerous nations have experienced curfew where tourism is banned, similarly banned on ATVs and UTVs in wildlife areas reducing demand for these vehicles. However, as some countries prepare to lift the lockdowns in phases, the market for ATVs is expected to recover in the next few years.
Despite the growing market across several regions, the initial cost required to purchase a vehicle is high. This high price of these vehicles may hinder market growth. Furthermore, the growing number of all-terrain vehicle-related accidents is a crucial issue limiting demand for off-road vehicles. The developing countries have mandated/issued particular norm related to ATV. However, violations of laws & regulations have caused driving injuries and fatalities due to lack of awareness. According to market statistics published by the U.S. Consumer Product Safety Commission (CPSC), a total of 2,258 deaths involving off-highway vehicles were documented between 2015 and 2017. This also incurs a negative impact on the buying behavior of the customers which is resulting in the limitation and decline in sales worldwide.
The sports segment dominated the market with a revenue share of more than 45% in 2020. The sports segment holds the largest market share due to the rising number of sports events in developed and emerging economies. Governments across the region have raised budgeted allocations to construct new off-road vehicles, benefiting recreational enthusiasts and boosting adventure sports activities in the area.
LIST OF KEY COMPANIES PROFILED:
- Polaris Industries. (Medina, Minnesota, U.S.)
- Textron (Providence, Rhode Island, U.S.)
- Honda Powersport (Tokyo, Japan)
- Kawasaki heavy industries (Tokyo, Japan)
- Suzuki Motor Corporation (Hamamatsu, Shizuoka, Japan)
- BRP (Valcourt, Quebec, Canada)
- Yamaha Motor Corporation (Iwata, Shizuoka, Japan)
- Cfmoto (Hangzhou, China)
- Hisun (Chongqing, China)
- KYMCO, Inc. (Kaohsiung City, Taiwan)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Major Table of Contents for Vehicle Telematics Market Research Report:
- Executive Summary
- Market Dynamics
- Key Market Growth Insights
- Global Market Analysis, Insights and Forecast, 2017-2028
- North America Market Analysis, Insights and Forecast, 2017-2028
- Europe Market Analysis, Insights and Forecast, 2017-2028
- Asia Pacific Market Analysis, Insights and Forecast, 2017-2028
- The Middle East and Africa Market Analysis, Insights and Forecast, 2017-2028
- Latin America Market Analysis, Insights and Forecast, 2017-2028
- Competitive Landscape
- Global Vehicle Telematics Market Revenue Growth, Industry Share Analysis, By Key Players, 2021
- Company Profiles
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