Growth opportunities in the ATV & UTV Market look promising over the next six years. This is mainly due to the expansion in enthusiasm for sports and physical activities, escalating government initiatives, and facilitating living conditions.
ATV & UTV Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the prominent drivers proliferating the growth of the ATV & UTV market includes the increasing inclination towards sports and fitness activities throughout the world which has raised their acceptance. For example, many championship series which include “Extreme Dirt Track National Championship Series” and “Motocross National Championship Series” attracts the crowd and acts as an approaching gate for sports enthusiasts to take part in the series. Moreover, financiers across the nation have stimulated market growth. For example, GBC made an effort to unlock the door for 2021 sponsorship to encourage athletes in ATV racing. In addition, better living standards along with the accelerating disposable income are some other factors contributing to the ATV & UTV market share. In accordance with the Eurostat, in Europe, disposable income of households in Europe increased by 8% from 2013-2018 respectively, which improved the standard of living across the European countries, thus driving the market growth. Moreover, off-road terrain parks and trails have attracted tourists and influenced the local communities’ economic growth. As per the” United Nations World Tourism Organization,” 1.5 billion international tourists were registered in 2019, which has shown an increase of 4% from the past year, 2018. Hence, the tourism industry will stimulate market growth.
Additionally, favorable strategic measures by the government have fuelled the demand for ATVs. For example, the prevalence of several national parks has evolved as a prime geographical territory. The growing preference to ride ATVs across consumers has led to the establishment of many riding parks during 2014-2017. New Brunswick, Canada, in June 2018, assigned an investment of USD 15.78 million for the launch of motorized trails for ATV. Furthermore, the U.S. Forest Service initiated Travel Management & Off-Highway Vehicle (OHV) Program to augment the awareness concerning trails’ accessibility, which has bolstered the market growth. However, the rising causalities arising from off-road vehicles have hampered the ATV & UTV market size.
ATV & UTV Market’s leading Manufacturers:
- Rissala Electric Motor Pvt Ltd
- Kawasaki Heavy Industries, Ltd.
- Arctic Cat Inc.
- KYMCO
- Polaris Inc.
- DRR USA
- SUZUKI MOTOR CORPORATION
- Yamaha Motor Co., Ltd.
- American Honda Motor Co.,
ATV & UTV Market Segmentation:
Segmentation by Vehicle
- ATV
- UTV
Segmentation by Application
- Sports
- Agriculture
- Others
Segmentation by Fuel
- Gasoline Powered
- Electric Powered
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
