ATV & UTV Market:
The GMI Research expects the ATV & UTV Market to expand at a significant rate. From a regional perspective, North America is predicted to lead the market due to the strong presence of leading players. For instance, Polaris, BRC, Arctic Cat, and other companies have a presence in the region that is surging the growth of the market.
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ATV & UTV Market Dynamics (including market size, share, trends, forecast, growth, and industry analysis)
Key Drivers
The global ATV & UTV market is predicted to witness an upsurge in demand during the forecast period due to the growing enthusiasm for physical and sports activities worldwide has increased the adoption of UTVs and ATVs. For example, there are a large number of championship series, such as "Motocross National Championship Series," "Extreme Dirt Track National Championship Series," and "Motocross National Championship Series," and others will encourage sports enthusiasts to take part in different competitions. Moreover, sponsors globally are propelling the growth of the global ATV and UTV market size. For instance, GBC tires open the gate for 2021 sponsorship for helping the athletes in ATV racing. Additionally, enhancing living standards and growing disposable income are some other drivers boosting the growth of the global ATV and UTV market share in terms of revenue. As per Eurostat, in Europe, there has been an upsurge in household's disposable income by 8% between 2013-2018, which had increased the standard of living across the European economies, thereby bolstering the growth of the ATV ad UTV market. According to the ATV and UTV market analysis, tourists increasingly prefer to visit off-road terrain parks and trails, which has impacted the local communities' economic growth. As per the "United Nations World Tourism Organization," around 1.5 billion international tourists were registered in 2019 at a global level, which has led to a 4% boost from the historical year 2018. Additionally, the tourism sector will contribute to the growth of the sector.
Strategic initiatives by the government bodies are the major factors that will positively influence the market's demand. For instance, the US has numerous national parks that have appeared as main geographical terrains. The rising interest in riding ATVs among the consumers driven by the launch of ATV rising parks in the nation during 2014-2017. Moreover, in New Brunswick, Canada, in June 2018, announced to invest USD 15.78 million for the development of motorized trailed for ATV. In addition to this, the US Forest Service introduced Travel Management & Off-Highway Vehicle (OHV) Program to raise awareness associated with trails' availability, which will further stimulate the market's growth. On the other hand, the rising fatalities occurring from off-road vehicles will hinder the growth of the ATV & UTV market.
ATV & UTV Market’s leading Manufacturers:
• BRP
• Polaris Inc.
• American Honda Motor Co
• KYMCO
• Yamaha Motor Co. Ltd.
• Arctic Cat Inc.,
• SUZUKI MOTOR CORPORATION
• Kawasaki Heavy Industries, Ltd.
• DRR USA
• Rissala Electric Motor Pvt Ltd
ATV & UTV Market Segmentation:
Segmentation by Vehicle:
• ATV
• UTV
Segmentation by Application:
• Sports
• Agriculture
• Others
Segmentation by Fuel:
• Gasoline Powered
• Electric Powered
Segmentation by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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