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The electric ATV industry is experiencing an emerging trend of customization in response to the diverse needs and preferences of riders. By offering personalized features, such as adjustable suspension, power modes, and connectivity options, manufacturers empower riders to tailor their vehicles to suit specific terrain, riding styles, and preferences. This trend improves the riding experience by offering increased control and comfort, thereby encouraging brand loyalty as riders develop a stronger connection with their electric ATVs. This will lead to higher satisfaction levels, encouraging repeat purchases.
The integration of connectivity into electric ATVs is another rising trend aimed at enhancing operational efficiency and safety. By equipping these vehicles with connectivity features and telematics systems, manufacturers enable remote monitoring and diagnostics, providing real-time insights into the ATV's performance and health. Fleet management capabilities allow for centralized control and optimization of multiple vehicles, streamlining operations and reducing the downtime. This trend improves efficiency and enhances safety by enabling proactive maintenance and ensuring that vehicles operate optimally, ultimately benefiting both riders and fleet operators.
Artic Cat Inc., BRP, Daymak Inc., DRR USA, Eco Charger, Eco Rider, Polaris Inc., Powerland, Tesla, Inc., and Theron are some of the major electric all-terrain vehicle companies worldwide.
North America was over 65% of the market share in 2023, attributed to the rising demand for environmentally sustainable transportation solutions in the region.
The 5-15 kW segment held around 30% of the market share in 2023, due to their versatility and suitability for a wide range of applications.
The market size of electric all-terrain vehicle (ATV) reached USD 27.9 million in 2023 and is set to witness 17% CAGR from 2024 to 2032, owing to the advancements in battery technology, such as higher energy density and faster charging capabilities worldwide.