The North America All-terrain Vehicle Market would witness market growth of 3.6% CAGR during the forecast period (2021-2027).
All-terrain vehicles with two seats are meant to transport both the rider and the passenger. Two-seat all-terrain vehicles are commonly used for leisure riding, freight transport, towing, and transporting, among other things. Sport ATVs, on the other hand, are smaller, lighter, and built for quick, extreme riding. Due to a shift in consumer patterns and preferences for two-seater ATVs and their related benefits for recreational and occupational purposes, the demand for two-seater ATVs is expected to rise in the upcoming period. Companies are rethinking their designs and models at the same time to suit changes in customer buying patterns and to develop ATVs with multiple passenger capacities. For example, Polaris introduced the RANGER SP 570 in September 2021, which comes in two-seat crew variants with a 44 horsepower ProStar 570 engine and a towing capability of 1,500 pounds.
Furthermore, the industry is predicted to rise due to substantial government support for the construction of off-road vehicle adventure routes. For example, the US Forest Service created the Travel Management and Off-Highway Vehicle initiative to raise trail availability knowledge. Increased investments in improving vehicle performance, like output, torque, and maneuverability, will help the industry advance. Due to technological advancements, electric drive trains can now handle a wider range of terrains and provide increased stability. Also, manufacturers are gradually adding new versions with high-end stereos, GPS screens, and plush upholstery to smooth out the ride across rough terrains.
Despite the pandemic, the North American market had a strong sales year in 2020, with all-terrain vehicles seeing a considerable increase as the desire for outdoor and adventurous activities grew among the youth. The ATV market in the region is being driven by rising leisure spending and an increase in the number of off-roading events. Furthermore, the availability of a diverse selection of ATVs at varying pricing is expected to boost growth throughout the forecast period.
The Recreational Off-Highway Vehicle Association (ROHVA), the United States Consumer Product Safety Commission (CPSC), and the United States Environmental Protection Agency (EPA) established numerous regulations regarding ATV usage and occupant safety in order to mitigate the impact of the impediments. Thus, government initiatives and the increased interest of the youth in recreational events are projected to propel the off-road vehicle market in the region to new heights over the forecast period.
The US market dominated the North America All-terrain Vehicle Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,153.5 Million by 2027. The Canada market is anticipated to grow at a CAGR of 6% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 5.1% during (2021 - 2027).
Based on Application, the market is segmented into Recreational, Sports, Military & Defense and Agriculture. Based on Engine Type, the market is segmented into 400cc-800cc, below 400cc, and above 800cc. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Polaris, Inc., Deere & Company, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Honda Motor Co. Ltd., Yamaha Motor Co., Ltd., and Kawasaki Heavy Industries, Ltd.
Scope of the Study
Market Segments covered in the Report:
• Military & Defense
By Engine Type
• Below 400cc
• Above 800cc
• Rest of North America
• Textron, Inc.
• Bombardier Recreational Products, Inc.
• Zhejiang CFMoto Power Co., Ltd.
• Polaris, Inc.
• Deere & Company
• Kwang Yang Motor Company Ltd.
• Suzuki Motor Corporation
• Honda Motor Co. Ltd.
• Yamaha Motor Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
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