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All-Terrain Vehicle (ATV) Market Size
- Report ID: GMI765
- Published Date: Feb 2024
- Report Format: PDF
All-Terrain Vehicle Market Size
All-Terrain Vehicle (ATV) Market size was valued at USD 2.9 billion in 2023 and is estimated to register a CAGR of over 6.5% between 2024 and 2032. With companies allocating more funds toward manufacturing facilities and technological advancements, there is a surge in the availability of diverse ATV models.
For instance, in July 2023, Honda North Carolina Manufacturing (NCM) revealed an addition to its production roster, accompanied by a hefty investment of USD 380 million into the facility. The introduction of the FourTrax Rancher All-Terrain Vehicle (ATV) marked the commencement of a fresh era in powersports in North Carolina. This enhanced production capacity meets the rising demand from consumers seeking recreational and utility vehicles. As a result, the ATV market experiences expansion, catering to a broader audience and driving economic growth in the power sports industry.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| All-Terrain Vehicle Market Size in 2023: | USD 2.9 Billion |
| Forecast Period: | 2024 -2032 |
| Forecast Period 2024 -2032 CAGR: | 6.5% |
| 2032 Value Projection: | USD 5.1 Billion |
| Historical Data for: | 2018 -2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Product, Displacement, Application, and Propulsion |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Rising demand for utility vehicles is a significant factor propelling the ATV market. They are increasingly valued for their versatility and utility across various industries including farming, forestry, construction, and landscaping. Their ability to navigate rugged terrains and access remote areas makes them indispensable for tasks such as hauling equipment, transporting materials & navigating challenging terrains. As businesses prioritize efficiency and productivity, the demand for ATVs as reliable and efficient utility vehicles continues to grow, driving market expansion.
Increasing fatalities and safety concerns associated with ATVs pose a potential hindrance to market growth. Accidents and fatalities related to the vehicle have raised public awareness and prompted regulatory scrutiny, leading to stricter safety regulations & standards. Concerns about rider safety and the potential risks associated with the vehicle use may deter consumers from purchasing these vehicles. Moreover, the negative publicity surrounding the injuries and fatalities can also erode consumer confidence and dampen demand, thereby impeding the market growth.
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All-Terrain Vehicle Market Scope
