Market Research Future (MRFR) believes that the all-terrain vehicle market 2020 has the potential to register a CAGR of 7% CAGR between 2018 and 2023 (forecast timeframe).
Main Boosters and Key Barriers
Surge in off-road sports activities around the world can benefit the all-terrain vehicle market during the projected timeframe. To illustrate, in January 2019, the U.S. conducted a Desert Series Pro ATV championship, which attracted a large number of trail riding enthusiasts. Growing number of sports activities along with desert competitions like GNCC Amateur Competition can benefit the global market in the near future.
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Mounting number of adventure parks and trails can boost the demand for all-terrain vehicles across the globe. Also, constant government support to develop off-road trails can strengthen the industry in the next couple of years. Rising disposable income in emerging countries can also work in favor of the market.
Increasing investments in the improvement of vehicle performance and also enhance the consumer experience can elevate the market revenue. Various players are making use of innovative technologies like Independent Rear Suspension (IRS) for superior stability as well as operation in different terrains. Rising adoption of advanced systems to smoothen the ride on rough terrains can help the market size expand during the assessment period.
Market Segmentation
The global market for all-terrain vehicle (ATV) market can be segmented in terms of product and application.
The product types are sports utility ATV, sports ATV, utility ATV and others. The sports utility category is most popular among customers, as these are easy to maneuver and can handle swift and sudden actions like cornering and accelerating.
The main applications are agriculture, sports & recreation, forestry and military & defense. Sports and recreation account for a significant portion of the market owing to the rising inclination towards camping and hiking. Many government bodies are organizing various programs and offering grants to individuals who are into off-highway activities. Military can also witness major growth in the coming years, given the rising need for vehicles for tactical missions.
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Regional Analysis
Asia Pacific (APAC), North America, Europe and the Middle East and Africa (MEA) are the primary markets for all-terrain vehicles.
In 2016, APAC controlled the global ATV market, with North America and Europe coming in second and third, respectively.
In North America, the increasing number of standardized safety requirements as well as test methods, paired with the stringent regulations with regard to the emissions from non-road mobile machinery uplifts the market demand. The region offers feasible growth opportunities to the all-terrain vehicle manufacturers because of the huge addressable market, high military expenditure, and the availability of low-cost manufacturing.
APAC is a strong contender in the global market, evident from the rising preferences for recreational activities like forest adventures and camping. The presence of various off-road parks and trials including river valley motocross, rocky ridge ranch, northwest ohv park and oak hill raceway can boost the industry share during the given timeframe. Off-road race competitions like ATV super challenge series, pro quad championship series and ATV mud nationals can also back the market growth in the region.
In Europe, the ATV market is flourishing on the back of several initiatives being implemented by the government. The region shows promise, on account of the high demand for mobility among masses. Also, the growth in the training center development to boost the riding skills pertaining to all-terrain vehicles can catalyze the market growth in the region from 2018 to 2023.
Top Competitors
Top competitors in the global market for all-terrain vehicle are Bombardier Recreational Products (Canada), Honda Motor Company, Ltd. (Japan), Arctic Cat (U.S.), Polaris Industries Inc. (U.S.), Yamaha Motor Company Limited (Japan), and others.
KTM AG (Austria), CFMOTO Powersports Inc. (U.S.), Suzuki Motor Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), BMW (Germany) are some other leading companies in the global market.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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Market Overview Market Research Future (MRFR) reveals that the automotive acoustic engineering services market 2020 could possibly progress at a rate of 6.5% between 2018 and 2023 (evaluation period).
The short-term impact and long-term impact of COVID-19 on the automotive sector has resulted in the closing off of assembly plants in the United States (US) along with manufacturing interruptions across Europe as well as ceased export of Chinese components.
Novel Coronavirus has severely impacted the supply chain as well as the product demand across the automotive industry.
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The surge in the sales of electric and hybrid vehicles combined with accelerated demand for premium and sports vehicles has also had a profound effect on the worldwide market.
This helps promote the deployment of acoustic engineering services in the automotive industry.
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