Northbrook, IL -- (SBWIRE) -- 07/22/2019 -- The All-terrain Vehicle Market, by value, is projected to grow to USD 4.7 billion by 2027 from USD 3.9 billion in 2019, at a CAGR of 2.2% during the forecast period. The increasing demand for ATVs in military, agriculture, and sports applications is the major factor driving the market.
AWD is expected to be the fastest-growing segment in the market, by drive type, during the forecast period
AWD is projected to be the fastest-growing segment of the market. In AWD ATVs, the engine's power is divided among all the wheels of an ATV. AWD ATVs are designed for active safety of riders, offering them twice the grip. In a tricky situation where the path is slippery and immediate adhesive friction is required to move safely into a merging terrain, AWDs come to the fore. All the wheels get engaged and deliver the required level of traction to negotiate the path or terrain safely. Increasing ATV production and the rising focus on safety features will drive the market for AWD ATVs in the near future.
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The two-seat ATV market for all-terrain vehicles is estimated to be the fastest-growing market during the forecast period
The global market for all-terrain vehicles has the fastest projection for two-seat ATVs in seating capacity segment. The market is segmented by seating capacity into one seat and two seats. According to MarketsandMarkets analysis, the sales of two-seat ATVs is estimated to grow from 1,183 million units in 2019 to 2,136 million units by 2027. With the increased demand for two-seat ATVs in the tourism industry, two-seat ATVs will gradually take over the share of one seat ATVs. According to industry insights, the demand for 2 seat ATVs will grow exponentially in North America because of its increasing demand in agriculture and military sectors.
Hence, 2 seat ATVs is estimated to be the fastest-growing market during the forecast period.
Gasoline is projected to be the largest segment, by fuel type, during the forecast period
Gasoline is projected to be the largest segment of all-terrain vehicles market, by fuel type. It attracts many suppliers and manufacturers for business investments. Gasoline is expected to dominate the market in the coming years with increased demand for gasoline ATVs in applications such as sports and military. Moreover, electric ATVs have less acceptance globally because they generate less power as compared to gasoline.
North America is expected to account for the largest market size during the forecast period
North America is projected to hold the largest market share during the forecast period. Factors such as high demand for ATV, upcoming electric vehicle projects, high disposable income of individuals, scope for new and advanced technologies, developed economy, and government regulations regarding ATV designs have triggered the demand for all-terrain vehicles in the region. According to industry insights, the US accounts for the largest share of the market owing to high demand in applications such as military, agriculture, sports, entertainment, hunting, forestry, mining, and construction activities. As the demand for ATVs continues to increase, the US is expected to remain the largest market in the region.
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Key questions addressed by the report
1. Which application will lead the ATV market in the future?
2. How will government regulations impact the ATV market globally?
3. How would the trend of electric ATVs impact the market over the next 5 years?
4. What is the share of sport and utility ATVs in the total ATV sales?
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