Market Research Report
All-terrain Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||933936|
|Published||Content info||109 Pages
Delivery time: 2-3 business days
|All-terrain Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: April 16, 2020||Content info: 109 Pages||
The global all-terrain vehicle market is currently witnessing a stable growth. An all-terrain vehicle (ATV) refers to a motorized single-seated tri or quadricycle bike and buggy that is designed for off-road travel and activities. The vehicle consists of handlebars and low-pressure tires that have deep-threaded structures, which assist in driving over muddy, rocky, wetlands and dune topologies. In comparison to other utility vehicles (UTVs), ATVs offer excellent off-road capabilities and can carry heavy equipment over long distances and narrow access points. They can also be customized for high-performance riding, owing to which they find extensive applications across various industries, including sports, entertainment, agriculture, military and defence.
Increasing consumer preference for off-road recreational activities and adventure sports is one of the key factors driving the growth of the market. With the advancements in automotive infotainment systems, vendors are offering ATVs with GPS tracking and Bluetooth connectivity systems, thereby enhancing the overall driving experience. Furthermore, widespread product adoption by the agriculture industry is also providing a boost to the market growth. ATVs are widely utilized for conducting farm-related activities, such as field ploughing, weed control, animal handling and transportation of materials. Additionally, various technological advancements, including the development of electric quad bikes and the installation of improved steering systems, hydraulic pump connections, joystick controls and graphic displays in ATVs, are also contributing to the market growth. Other factors creating a positive impact on the market include a significant increase in the tourism industry, rapid urbanization and rising expenditure capacities of the consumers. Looking forward, IMARC Group expects the market to register a CAGR of around 3% during 2020-2025.