Global All-Terrain Vehicle Market 2016-2020
About All-Terrain Vehicles
ATV (also known as a quad, quad bike, three-wheeler, four-wheeler, or quadricycle) are off-highway recreational vehicles specifically designed for a wider variety of terrains such as a combination of land, water, snow, ice, marsh, swampland, and natural terrain. The off-road segment of recreational activities is one of the fastest growing markets compared with the conventional segments in the motorsports industry. The segment is still in its infant stage demonstrating incredible scope for growth in the off-road world with the rising trend for recreational activities such as sports and racing. Off-roading involves driving or riding a vehicle on unsurfaced terrains requiring vehicles that would accommodate off-road conditions.
Technavio’s analysts forecast the global all-terrain vehicles market to grow at a CAGR of 8.19% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global all-terrain vehicles market for 2016-2020. To calculate the market size, the report provides the performance and market dominance of each of the vendors in terms of experience, product portfolio, geographical presence, financial condition, and R&D.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global All-Terrain Vehicles Market 2016-2020
Technavio recognizes the following companies as the key players in the global all-terrain vehicles market: Polaris, Bombardier Recreational Products, Arctic Cat, Yamaha Motor, and Honda Motor.
Other prominent vendors in the market are: Kawasaki, Suzuki, Nebula Automotive, and Yamaha Motor.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is increase in ATV experience zones. Terrain vehicle manufacturing companies are increasing the number of riders by creating experience zones. In North America, ATV manufacturers such as Arctic Cat, Bombardier Recreational Products, Yamaha Motor, and Honda Motor formed an association to develop terrain vehicles market by organizing sports events. Polaris is developing Polaris experience zones (PEZs) in countries like America, Germany, and India to increase its customer base. Polaris recently opened a new experience zone in Mumbai, India, which took their overall experience zone count to 54 in India. These experience zones are a destination for all enthusiasts looking for adventure and thrill. Once these adventure enthusiasts develop a liking for these vehicles, there is a strong probability that they might become potential customers in future. Based on this assumption, Polaris is planning to develop 200 PEZs in India in the next five years.”
According to the report, one of the primary drivers in the market is growing use as a means of transport on uneven roads. The all-terrains vehicles market is experiencing increased demand because of its ability to move quickly in mountainous and rocky terrains. American consumers are using ATVs in forests, agricultural lands, and mountains. Australia, US, Germany, and India are adopting ATVs for farming, which needs less manpower and decreases the overall cost of farming. ATVs, also known as quad bikes with the ability to operate in different terrain conditions such as in mud, water, and rough areas. This gives them the advantage to operate in different regions. Manufacturers will have the opportunity to expand their market in countries of the African continent where people find it difficult to travel inside forest areas.
Further, the report states that one major challenge in the market is lack of global acceptance as a street-legal vehicle. ATVs are not accepted as street-legal vehicles globally. There are 22 states in the US that prohibit the use of ATVs on the road. The UK allows ATVs on the road only after it is approved, registered, taxed, and have a valid MOT (Ministry of Transport) certificate. The MOT certificate is issued for vehicles on aspects of safety, roadworthiness, and the level of exhaust emissions. This certificate is mandatory for vehicles (both off-road and on-road) in the UK for most vehicles over three years old used on any roads defined in the Road Traffic Act 1988. Riders should have Category B1 license or a full car license and insurance to drive the vehicle.
Polaris, Bombardier Recreational Products, Arctic Cat, Yamaha Motor, Honda Motor, Kawasaki, Suzuki, Nebula Automotive, Yamaha Motor.
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