Market Research Report
North America ATV And UTV Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||916852|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|North America ATV And UTV Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 80 Pages||
The North America ATV and UTV market was valued at USD 5.89 billion in 2019 and is anticipated to register a CAGR of about 4.81% during the forecast period (2020 - 2025).
Government initiatives and Increasing Recreational Activities
The demand for ATVs is growing rapidly in the region, as new testing guidelines and stringent regulatory overview may lead to the incorporation of more safety features in new off-road vehicles, thus, boosting the growth potential of the market studied.
Governments are taking new initiatives, which may boost the demand for ATVs. Government authorities have increased the budgetary allocations to build new off-road trails, which may be helpful for recreational enthusiasts and boost adventure sports activities in the region.
The United States has various national parks, which have emerged as major geographical terrains. These assist the young ATV and UTV users to expand their commercialization scale.
United States will Lead the Market
In the United States, the ATV segment has always been very relevant, and the country is the home to the top manufacturers, like Polaris, BRC, and Arctic Cat. These three, along with Honda and Yamaha, represent 90% of the global and national sales.
The increasing recreational expenditure and the increasing number of off-roading events are the factors driving the ATV market in the country. The growing preference of the youth toward adventure and off-road events and the availability of a wide range of products across varied price are the factors that further drive the growth of the industry.
The military of the nation uses more ATVs for diversifying their applications, which include transporting armed forces and ammunitions across long distances. The need for vehicles to run in rough terrain provides an impetus to the growth of the all-terrain vehicles market.
However, there are few factors hindering the growth of ATVs in the country. For instance, ATVs have heavy design and robust riding features. The governments urge drivers and passengers to follow the necessary safety measures while riding ATVs. The US Consumer Product Safety Commission (CPSC) reported nearly 14,653 ATV-related fatalities during 1996-2016. Hence, the escalating issues regarding safety are expected to affect the growing demand for ATVs from the enthusiastic ATV riders.
The North America ATV and UTV market is highly consolidated and dominated by few players which includes Polaris Industries Inc., American Honda Motor Co., Inc., BRP Inc., Yamaha Motor Co., Ltd., and among others.
The companies are expanding their presence and making acquisitions. Polaris is expanding its global presence through targeted acquisitions, non-consolidating investments, alliances, and new joint ventures and partnerships that add value while continuously updating their existing brands and product portfolio. For instance, Polaris signed a deal with US government, that by 2020 Polaris will deliver its ATV and UTV to for the defense purpose as part of US government program. This deal is likely to give boost to the company revenue.
The manufactures are working towards making ATVs and UTVs eco-friendlier. For instance,