LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global all-terrain vehicle (ATV) market is expected to reach 1148.9 thousand units by 2020, growing at a CAGR of more than 8%.
“Safety precautions are essential in this market as the number of injury cases involving ATVs is increasing the threat of government involvement to ban these events. The All-Terrain Association of Manitoba is providing training and courses for safety riding of the vehicles”
This research report titled ‘Global ATV Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the total units of vehicle production, which also include snowmobiles, has been considered.
Increase in outdoor recreational activities is driving the ATV market in regions like North America and Europe. Mountain racing and dirt racing activities are gaining more attraction because of the increase in the number of sports enthusiasts. Canada Council of Snowmobiles and North America Snowmobiles conduct sports events every year, which is also a major factor driving the sales of ATV. Canadian off-highway distributors council is providing training on safety riding of ATVs.
The global ATV market is divided into three geographical segments:
By 2020, the global ATV and snowmobile market in the Americas will produce 984.3 thousand units, followed by EMEA 112.9 thousand units, and APAC 51.8 thousand units.
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Technavio’s automotive analysts categorize the global ATV market into three major segments by application. They are:
- UTV (utility)
- ATV (sports)
Global UTV market
The UTV market reached a volume of 358.0 thousand units in 2015 and will reach 588.2 thousand units by 2020, growing at a CAGR of 10.44%.
The UTV market comprises the largest share in the ATV market because of its ability to handle the rough terrain, which is crucial in defense and military operations. UTVs quick mobility and cargo carrying capacity in hard surfaces is extremely essential for border security combats and anti-terrorist operations in coastal areas.
According to Praveen Kumar, a lead automotive services analyst from Technavio, “Full armored utility vehicles provide protection from attacks and have the ability to detect mines. For defense purpose, UTVs weighing above 1200 pounds can be easily carried to other places in military helicopters. The UTV market gained a momentum after 2004 when countries like America, China, and Germany started using UTVs for defense and navy applications.”
Global ATV market
The global all-terrain vehicles market reached a volume of 274.5 thousand units in 2015 and will reach 397.4 thousand units by 2020, growing at a CAGR of 7.68%.
The increase in off-road recreational activities is driving the ATV market for sports. Increase in the number of sports enthusiasts to drive ATV and ATV developing experience zones will have a positive impact on this market. The Texhoma Quad Racing Association and the American and Ontario federation of ATV clubs organize ATV sports events every year.
“Safety precautions are essential in this market as the number of injury cases involving ATVs is increasing the threat of government involvement to ban these events. The All-Terrain Association of Manitoba is providing training and courses for safety riding of the vehicles,” says Praveen.
Global snowmobile market
The global snowmobile market will reach a volume of 142.5 thousand units in 2015 and will reach 163.4 thousand units by 2020, growing at a CAGR of 2.77%.
The presence of a longer snowbelt is the main reason for the growth of the snowmobile market in the Americas. The snowmobile market is seasonally driven with high sales taking place during the winter and the fall season. Most the snowmobilers go in groups for vacation. The global increase in the average miles ridden by snowmobilers is a positive factor for the snowmobile market. However, global warming is likely to dampen the growth of the market. The decrease in the levels of snow mountains has an adverse impact on the market.
The high price of such vehicles is also a factor hindering the growth of the market. There are fewer customers in the 20-30 age group because the high price of snowmobile makes it difficult for this age group to buy snowmobiles, which increases the average age of snowmobilers to 43 years.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Bombardier Recreational Products
- Arctic Cat
- Yamaha Motor
- Honda Motor
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