New York, July 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America ATV And UTV Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05865769/?utm_source=GNW
This is expected to drive the market studied.
- Earlier, ATVs and UTVs were majorly associated with sports and recreational activities. However, over time, the application of these vehicles has diversified, and they are now being used in the agricultural sector, as well as for patrolling, hunting, gardening, and other activities. Also, manufacturers are working toward increasing the usage of electric ATVs and UTVs in the region.
- Polaris Industries Inc., American Honda Motor Co., and BRP Inc. are the three major companies in the region holds major market share. Yamaha, Suzuki, Daymak, and Arctic Cat are some of the other important companies operating in the market studied.
Key Market Trends
Government initiatives and Increasing Recreational Activities
The demand for ATVs is growing rapidly in the region, as new testing guidelines and stringent regulatory overview may lead to the incorporation of more safety features in new off-road vehicles, thus, boosting the growth potential of the market studied.
Governments are taking new initiatives, which may boost the demand for ATVs. Government authorities have increased the budgetary allocations to build new off-road trails, which may be helpful for recreational enthusiasts and boost adventure sports activities in the region.
The United States has various national parks, which have emerged as major geographical terrains. These assist the young ATV and UTV users to expand their commercialization scale.
- In 2013, out of the 398 park units in the United States, only 12 park units were open to public recreational use of all-terrain vehicles. The growing interest in riding ATVs among the consumers resulted in the introduction of more ATV riding parks in the country during 2014-2017. Additionally, in April 2017, the Georgia Department of Natural Resources announced a federal recreational trails grant of USD 1 million for the Bush Head Shoals State ATV Park, which helped the growth of the market.
United States will Lead the Market
In the United States, the ATV segment has always been very relevant, and the country is the home to the top manufacturers, like Polaris, BRC, and Arctic Cat. These three, along with Honda and Yamaha, represent 90% of the global and national sales.
The increasing recreational expenditure and the increasing number of off-roading events are the factors driving the ATV market in the country. The growing preference of the youth toward adventure and off-road events and the availability of a wide range of products across varied price are the factors that further drive the growth of the industry.
The military of the nation uses more ATVs for diversifying their applications, which include transporting armed forces and ammunitions across long distances. The need for vehicles to run in rough terrain provides an impetus to the growth of the all-terrain vehicles market.
However, there are few factors hindering the growth of ATVs in the country. For instance, ATVs have heavy design and robust riding features. The governments urge drivers and passengers to follow the necessary safety measures while riding ATVs. The US Consumer Product Safety Commission (CPSC) reported nearly 14,653 ATV-related fatalities during 1996-2016. Hence, the escalating issues regarding safety are expected to affect the growing demand for ATVs from the enthusiastic ATV riders.
Competitive Landscape
The North America ATV and UTV market is highly consolidated and dominated by few players which includes Polaris Industries Inc., American Honda Motor Co., Inc., BRP Inc., Yamaha Motor Co., Ltd., and among others.
The companies are expanding their presence and making acquisitions. Polaris is expanding its global presence through targeted acquisitions, non-consolidating investments, alliances, and new joint ventures and partnerships that add value while continuously updating their existing brands and product portfolio. For instance, Polaris signed a deal with US government, that by 2020 Polaris will deliver its ATV and UTV to for the defense purpose as part of US government program. This deal is likely to give boost to the company revenue.
The manufactures are working towards making ATVs and UTVs eco-friendlier. For instance,
- DRR USA has introduced an Stealth Electric ATV. This silent all-terrain vehicle that releases no harmful emissions into the atmosphere. It’s comparable to a 600cc utility four-wheeler. Over the next few years, DRR USA intends to expand unit production of the Stealth Electric ATV with even more innovations and improvements in the ATV’s future.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05865769/?utm_source=GNW
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North America ATV And UTV Market - Growth, Trends, and Forecasts (2020 - 2025)
The North America ATV and UTV market was valued at USD 5. 89 billion in 2019 and is anticipated to register a CAGR of about 4. 81% during the forecast period (2020 – 2025). - As most of the ATVs and UTVs are not permitted to be operable on highways and other main roads, government authorities across the region have increased the budgetary allocations to build new off-road trails that may be helpful for recreational enthusiasts and boost adventure sports activities in the region.
| Source: ReportLinker