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All Terrain Vehicle Market Research Report, 2016 to 2024

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The global all terrain vehicle (ATV) market was valued around USD 6 billion in 2015. It is expected to grow at a CAGR of 5% during 2016 to 2024 (forecast period). The industry will surpass USD 8 billion by the end of the forecast period.
Hexa Research
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All Terrain Vehicle Market - Industry Analysis, Size, Growth,
Trends and Forecast to 2024 - Hexa Research
The global all terrain vehicle (ATV) market was estimated at USD 6 billion in 2015. It will grow
at a CAGR of around 5% during the forecast period (2016-2024). The market should exceed USD
9 billion by 2024. All terrain vehicles (ATVs) are popularly known as quads, three-wheelers,
quad bikes, or quadricycles.
ATVs are single-seated open motor vehicles with either three or more tires. These tires are
specifically designed for rough terrains. Quads are ridden over rugged grounds, sand dunes, or
paved & unpaved roads. The growing trend of recreational activities; such as off-roading and
racing can also drive the market till 2024.
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Hexa Research
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Demand for unique riding has increasingly led recreational centers to add ATVs to their
amenities. The need for technically advanced features is projected to raise product costs,
hampering the market.
To reduce fatalities & injuries; regulatory bodies, like ASI (All-Terrains Vehicle Safety Institute)
have standardized the adoption of safety equipment. Protective gears; such as seatbelts,
helmets, goggles, and others are mandatory for quad riders.
Moreover, the ‘Consumer Product Safety Commission’ (CPSC) has laid down rigid rules that
prohibit children under the age of 16 to ride ATVs. Its rules have also limited the number of
people riding on single ATVs.
The market is divided on the basis of products, applications, and regions. The products
comprise sports utility, sports, utility, and youth. Sports utility ATVs contributed around 28%
shares in 2015. Sports utility and sports ATV segments are expected to contribute significantly
to industry growth during the forecast period. Youth ATVs stood over USD 750 million in 2015.
Applications encompass agriculture, forestry, entertainment, sports, military & defense, and
others. Military & defense accounted for more than 9% shares in 2015. Agriculture is projected
to grow at a CAGR of over 5% till 2024. It often employs ATVs instead of tractors and other
heavy equipment.
Regions in the all terrain vehicle market consist of North America, Europe, Latin America, Asia
Pacific, and the Middle East & Africa (MEA). The U.S. and Canada are estimated to dominate the
global ATV market in the forecast period.
North America should account for the biggest industry in the near future. It is driven by the
United States. The U.S. captured over 50% of the worldwide market in 2015.
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Hexa Research
Fact-based market research, penetrating industry insights and validated
forecasts to help you make better decisions for a stronger future
Asia Pacific market generated about 12% of the total incomes in 2015. It should exhibit the
fastest growth from 2016 to 2024. Its trend of ‘power sports’ will augment regional demand.
The China industry held over 35% shares in Asia Pacific. Economic adjustments in this region
can add industrial growth.
Key competitors in the worldwide all terrain vehicle market are Arctic Cat, Honda, Polaris, and
Yamaha. Players often participate in mergers and acquisitions to gain a competitive edge.
Yamaha was projected as the third largest vendor after Honda and Polaris. It occupied more
than 17% shares in 2014.
Key companies invest heavily in research & developments for effective product innovations and
novel technologies. The constant need to improve product performance & characteristics
makes it possible for manufacturers to stay competitive.
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Hexa Research is a market research and consulting organization, offering industry reports,
custom research and consulting services to a host of key industries across the globe. We offer
comprehensive business intelligence in the form of industry reports which help our clients
obtain clarity about their business environment and enable them to undertake strategic growth
initiatives.
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