Europe All-Terrain Vehicle Market Dynamics to See Remarkable Growth due to Rise in Adventure Trails
Europe All-Terrain Vehicle market is witnessing significant growth, driven by increasing demand for off-road recreational activities, agricultural applications, and military usage. Countries like Germany, France, and the UK are key contributors to the regional market, with a strong presence of ATV manufacturers and advanced technological developments. European regulations focusing on vehicle emissions and safety standards have encouraged the development of electric and hybrid ATVs.
The rise in adventure tourism and organized ATV racing events further boosts market demand. Additionally, the agricultural sector is adopting ATVs for efficient farm operations, enhancing productivity. Challenges such as high maintenance costs and stringent regulations regarding ATV usage on public lands pose hurdles to market expansion. However, ongoing innovations in vehicle design, lightweight materials, and fuel efficiency are expected to create growth opportunities. The European ATV market remains competitive, with leading brands continuously enhancing performance and sustainability features.
All-terrain vehicle market is primarily driven by agricultural, industrial,
and recreational use. As has limited off-road terrains, ATVs are commonly used
in farms, fisheries, and construction sites. Germany consumers are interested
in innovative, fuel-efficient, and compact ATV designs, catering to their need
for practical vehicles in rural settings. The demand for electric ATVs is also
gaining momentum, aligning with focus on sustainability. Despite limited space
for recreational off-roading, technological advancements and growing emphasis
on smart and eco-friendly ATVs are supporting market growth.
All-terrain vehicles or quadricycles or quad bikes are vehicles with robust
and large tires with low tire pressure. It has a wide seat that helps the
driver to be seated comfortably and is fitted with a wide length handlebar
allowing maneuverability and easy control to the driver. It is designed to be
ridden preferably as a single seater or with a pillion rider.
The All-Terrain Vehicle Market Size was valued at USD 4.12 Billion in 2021
and the industry is projected to grow from USD 4.63 Billion in 2022 to USD 8.79
Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.32%
during the forecast period (2024 - 2030).
The growing popularity of outdoor entertainment activities such as off-road
sports, the growing number of trails & adventure parks, and the rising
demand for all-terrain vehicles for military and agricultural applications are
the key drivers behind market growth. Increased purchasing power and disposable
income in developed and emerging economies are expected to drive demand for
such vehicles during the forecast period.
Various factors are fuelling the global all-terrain vehicle market growth.
According to the recent MRFR market estimates, such factors include the growing
inclination towards off-road sports activities across the globe, increasing
number of adventure trails and parks, rising disposable income in emerging and
developed nations, ongoing investment to improve vehicle performance and
improve consumer experience, increasing demand in agricultural and military
applications, increasing disposable income, and increasing purchasing power in
emerging and developed economies.
On the contrary, increasing fatalities, fall in product demand due to the
COVID-19 outbreak, stringency in government standards and criteria, and
environmental issues like safety regulations, carbon emission, and terrain
damage may limit the global all-terrain vehicle market growth over the forecast
period.
Market Segmentation of All-Terrain Vehicle Market (ATV)
Market
The MRFR report throws light on an inclusive segmental analysis of the
global all-terrain vehicle market based on application, displacement, and
vehicle type.
By vehicle type, the global all-terrain vehicle market is segmented into
touring, recreational, utility, sports, sports utility, and others.
By displacement, the global all-terrain vehicle market is segmented into
high, mid, and low.
By application, the all-terrain vehicle market is segmented into hunting,
military, agriculture, entertainment, sports, and others.
Regional Analysis of All-Terrain Vehicle (ATV) Market
By region, the global all-terrain vehicle market covers the recent trends
and growth opportunity across Germany, the Asia Pacific (APAC), Germany and the
Rest of the World (RoW). Of these, Germany will dominate the market over the
forecast period.
High demand for all-terrain vehicle, consumer’s high disposable income,
upcoming electric vehicle projects, scope for advanced and new technologies,
developed economy, government regulations regarding ATV designs, high demand in
different end use industries in the US such as construction activities, mining,
forestry, hunting, entertainment, sports, agriculture, and military, and
increasing preference for recreational activities like forest adventures and
camping are adding to the all-terrain vehicle market growth in the region.
Besides, the presence of multiple off-road parks and trails, and off road race
competitions are also adding market growth.
In Germany, the all-terrain vehicle market is predicted to hold the
second-largest share over the forecast period. Various initiatives undertaken
by the Germanyan government, increasing demand of mobility by the masses, and
rise in training center development are adding to the global all-terrain
vehicle market growth in the region.
In the APAC region, the all-terrain vehicle market is predicted to have fast
growth over the forecast period. Proliferating tourism industry, rising demand
in utility applications in livestock management and agriculture, large
addressable market, availability of low-cost manufacturing, and rising military
expenditure are adding to the global all-terrain vehicle market growth in the
region.
The all-terrain vehicle market in RoW is predicted to have sound growth over
the forecast period.
Key Players of All-Terrain Vehicle (ATV) Market
The leading players profiled in the all-terrain vehicle market report
include BMW (Germany), KTM AG (Austria), CFMOTO Powersports Inc. (U.S.), Suzuki
Motor Corporation (Germany), Kawasaki Heavy Industries Ltd. (Germany), Arctic
Cat (U.S.), Bombardier Recreational Products (Canada), Yamaha Motor Company
Limited (Germany), Polaris Industries Inc. (U.S.), and Honda Motor Company,
Ltd. (Germany), among others. Mergers and acquisitions, strategic alliances,
geographic expansions, new product launches and developments, partnerships,
collaborations and joint ventures among others are the key strategies used by
industry players to remain at the forefront. They are also making investments
in research and development activities to cater to customers surging
needs.
Many companies
in All-Terrain Vehicle (ATV) Market are focusing on advancements to stay
ahead in the competition.
Industry Updates
As per May 2023 All-Terrain Vehicle (ATV) industry update, Polaris Inc. had
launched the 2024 XPEDITION XP and ADV models as the first in a new category
that they are calling ‘Adventure side-by-sides’. These advanced vehicles
combine traditional side-by-side off-road capabilities with abundant, secure
storage for overland adventures at premium levels of convenience. The purpose
of creating these two models was to reiterate Polaris’ commitment to offering a
rugged performance yet high-comfort adventure vehicle that would meet all
off-road lovers’ needs without any restriction.
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