The All-Terrain Vehicle (ATV) Engines Market is projected to grow from USD 3110.1 million in 2021 to USD 4206.76 million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.09% during the forecast period (2023–2032).
ATV (All-terrain vehicle) engines are designed with the cylinder and the head canted forward for a low center of gravity, resulting in the reduced engine and lower seat height. All-terrain vehicles, also known as quad bikes, are motorized flotation-tire vehicles with a minimum of three and a maximum of six low-pressure tires and engine displacement ranging between 50cc and more than 1000cc.
Depending upon the engine size, all-terrain vehicles are classified as youth, sport, and utility ATVs. All-terrain vehicle engines are specially designed to perform heavy functions and functions in forestry, agricultural fields, and mountains. Since the chances of overheating of such engines are high, they are fitted in the ATVs so that the maximum air flows over the cooling fins while the quad is in motion.
COVID 19 hit the all-terrain vehicles market severely, affecting the overall automotive industry. The pandemic-driven disruption forced many automakers to reduce the output at their production plants. This, as a result, prompted various ATV manufacturers to cut back production in some areas and work intensively on countermeasures and alternatives to minimize the impact.
However, the market is again gearing up with the lockdown limitations, getting relaxed with time. Innovative industry players have actively started to adopt online lead generation models. This initiative to engage prospective buyers through digital channels proves to be a game-changer to the market growth. The product demand picked up following the uplift of the lockdown in numerous countries.
Players Focus on Product Development & Expansion Plans
The worldwide all-terrain vehicles market appears extremely fragmented, considering the presence of well-established manufacturers and distributors. They seek opportunities to integrate across the extensive value chain while focusing on R&D investments, production facility expansion, and M&A activities to gain impetus. New ATV manufacturers enter the market with aggressive pricing to undercut the established providers and gain footholds in international markets.
Suzuki Motor Corporation (Japan) is well-known for its design, manufacturing, and sales of automobiles, motorcycles, marine, power products in Asia and Europe. It also offers services in the aftermarket by providing Suzuki genuine parts. Suzuki operates through three business segments, including motorcycle, automobile, and marine. The motorcycle business segment offers power sports products such as ATVs and motorcycles.
The Automotive Ecosystem Drives All-Terrain Vehicles Sales
Major factors driving the global all-terrain vehicle market growth include the rapid economic growth worldwide, leading to increasing consumer purchasing power and spending for these leisure and adventure vehicles. Besides, competitions involving all-terrain vehicles in developed nations positively impact the market growth, leading to greater tourism.
All-terrain vehicles present a more sophisticated option for people with disabilities or physical shortcomings to explore the natural terrain, which otherwise would not have been possible. All these reasons are expected to contribute to the growth of the global all-terrain vehicle market.
The high cost of ATVs has a high impact on market demand, restricting the market growth. Also, strict government restrictions imposed on ATV riding due to its adverse impact on soil structure and vegetation are major challenges market players are facing currently. Moreover, serious injuries resulting from improper use of ATVs subject them to various government mandates, reducing the sales of ATV engines.
The ATV market is segmented on the basis of vehicle type, application, displacement, and region. The vehicle type segment is sub-segmented into sports utility, utility, recreational, sports, touring, others. Among these, sports utility is the largest segment and witnesses vast sales due to its popularity among customers. Sports utility vehicles are lighter, smaller, and faster than other ATVs, therefore explicitly used for racing purposes.
The application segment is sub-segmented into sports, entertainment, agriculture, military, hunting, and others. The displacement segment sub-segmented into low, mid, and high.
North America would remain a dominant market for All-terrain vehicles globally. Factors such as the rising production and sales of all types of ATVs and the presence of major ATV manufacturers in the region drive the market growth. Moreover, the development of different all-terrain vehicles to be used in different scenarios and landscapes and the increase in ATV vehicles use in forestry, agriculture, and varied terrains boost the all-terrain vehicles market size in the region.
Countries like the US and Canada have a vast and diverse landscape ranging from mountain ranges to huge forest spaces. ATV competitions, in turn, push tourism and add to the economy, which ultimately leads to the growth of this market. The biggest attraction in the US in terms of ATV is the annual ATV motorsport competition, involving different formats such as mountain terrain, snow racing, rocky terrain, and plain surface terrain.
The European region is projected to be the second biggest market for all-terrain vehicles globally. The region is a prominent market for automobiles across the world. Additionally, rising sales of ATVs and the constant rise in the automotive industry help the regional market gain the highest market share.
Asia Pacific is an emerging market for all-terrain vehicles. Increasing production and sales of ATVs and the high technological advancement influence the market growth. Furthermore, the well-established automobile industry creates substantial opportunities for the all-terrain vehicles industry in the region.
Jan. 26, 2021 ---- Department of Conservation and Natural Resources (DCNR) US announced new grant funding to support all-terrain vehicle (ATV) and snowmobile facilities and trails. Investment in ATV and Snowmobile Trails worth $339,060 is used to help acquire trails and improve riding opportunities for ATVs and snowmobile riding enthusiasts associated with these trails and projects draw many visitors and have a positive economic impact on nearby communities.
Jan. 15, 2021 ---- Toyota Tacoma announced that it has redesigned into an all-terrain expedition vehicle with carbon fiber monocoque. Truckhouse diligently assured that the BCT’s exterior design flows perfectly with the Tacoma’s lines. Truckhouse’s BCT is re-imagined into a mid-sized expedition vehicle composed of a carbon fiber reinforced house and featuring off-road specs.
Jan. 10, 2021 ---- EMotorad (EM India), a leading EV manufacturer, announced that it is all set to launch its new e-bike – T-Rex in India soon. The e-MTB has been designed especially for the Indian terrain.
Nov.07, 2020 ---- Kia unveiled military-grade all-terrain vehicles for 2.5- and 5-ton military uses. It’s an open-top all-terrain vehicle based on the Mohave sport utility chassis. Kia also revealed that it would apply electric powertrain, autonomous driving, and hydrogen fuel-cell technologies to its military vehicle development.
The all-terrain vehicle market analysis features unique and relevant factors expected to significantly impact the market growth during the forecast period. The detailed all-terrain vehicle market forecast would help industry players to better understand the market. The MRFR forecast report elaborates on the historical and current all-terrain vehicle market trends boosting the growth of the market.
Besides, the COVID-19 impact on the all-terrain vehicle market is also included in the report. Region-wise assessment of all-terrain vehicle market statistics unlocks a plethora of untapped opportunities in regional and domestic market spaces. Additionally, detailed company profiling enables users to evaluate company shares analysis, scope of existing and emerging product lines in new markets, pricing strategies, innovation possibilities, and much more.
| Report Attribute/Metric | Details |
| Â Market Size 2021: | Â Â USD 3110.1 Million |
| Â Market Size 2032: | Â Â USD 4206.76 Million |
| Â CAGR | Â 3.09% (2023-2032) |
| Â Base Year | Â Â 2021 |
| Â Forecast Period | Â Â 2023-2032 |
| Â Historical Data | Â Â 2018- 2022 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Type, Application, Power |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Polaris Industries Inc. (US), Honda Motor Company, Ltd. (Japan), Yamaha Motor Company Limited (Japan), Arctic Cat (US), Bombardier Recreational Products (Canada), Kawasaki Suzuki Motor Corporation (Japan), Heavy Industries Ltd. (Japan), KTM AG (Austria), CFMOTO Powersports Inc. (US), and BMW (Germany). |
| Â Â Key Market Opportunities | Â Â New product launches and R&D Amongst major key Players |
| Â Â Key Market Drivers | Â Â Rapid economic growth worldwide, leading to increasing consumer purchasing power and spending for these leisure and adventure vehicles |
All Terrain Vehicle Engines Market Highlights:
Frequently Asked Questions (FAQ) :
The all-terrain vehicle (ATV) engines market can thrive 3.09% CAGR by 2032.
The all-terrain vehicle (ATV) engines market can achieve substantial valuation by 2032.
Textron Inc., Yamaha Motor Co., Ltd, and Suzuki motor corporation are some reputed companies that are operating in the all-terrain vehicle (ATV) engines market.
The report details trends, drivers, challenges, and opportunities of the all-terrain vehicle (ATV) engines market.
The availability of better MRO services can prompt the all-terrain vehicle (ATV) engines market in North America.
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