Global All Terrain Vehicle Industry Can Reach over USD 9 billion by 2024
Global All Terrain Vehicle Industry Can Reach over USD 9 billion by 2024
All terrain vehicles are small, open, and single-seated motor vehicles with three or four tires. These tires have deep-threaded structures that allow the vehicles to be driven on rocky, muddy, and root cover terrains.
All terrain vehicles are small, open, and single-seated motor vehicles with three or four tires. These tires have deep-threaded structures that allow the vehicles to be driven on rocky, muddy, and root cover terrains.
The Global All Terrain Vehicle (ATV) Market was estimated at USD 6 billion in 2015. It will grow at a CAGR of around 5% during the forecast period (2016-2024). The market should exceed USD 9 billion by 2024. All terrain vehicles (ATVs) are popularly known as quads, three-wheelers, quad bikes, or quadricycles.
ATVs are single-seated open motor vehicles with either three or more tires. These tires are specifically designed for rough terrains. Quads are ridden over rugged grounds, sand dunes, or paved & unpaved roads. The growing trend of recreational activities; such as off-roading and racing can also drive the market till 2024.
Demand for unique riding has increasingly led recreational centers to add ATVs to their amenities. The need for technically advanced features is projected to raise product costs, hampering the market.
To reduce fatalities & injuries; regulatory bodies, like ASI (All-Terrains Vehicle Safety Institute) have standardized the adoption of safety equipment. Protective gears; such as seatbelts, helmets, goggles, and others are mandatory for quad riders.
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Moreover, the ‘Consumer Product Safety Commission’ (CPSC) has laid down rigid rules that prohibit children under the age of 16 to ride ATVs. Its rules have also limited the number of people riding on single ATVs.
Applications encompass agriculture, forestry, entertainment, sports, military & defense, and others. Military & defense accounted for more than 9% shares in 2015. Agriculture is projected to grow at a CAGR of over 5% till 2024. It often employs ATVs instead of tractors and other heavy equipment.
Key companies invest heavily in research & developments for effective product innovations and novel technologies. The constant need to improve product performance & characteristics makes it possible for manufacturers to stay competitive.
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