All-terrain Vehicle Market

New Product Development is the Key Strategy Adopted by the Major Players in the All-terrain Vehicle Market

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 rising popularity of ATVs in recreational activities, mainly worldwide championships, and increasing demand for ATVs in different applications such as agriculture, mining, and military are expected to drive the growth of the all-terrain vehicle market.

New product development is the key strategy adopted by the major players in the all-terrain vehicle market from 2015 to 2019. All-terrain vehicle manufacturers and tier-I suppliers are focusing on the development of technology and different designs of ATVs. The manufacturers increasingly prefer GPS and digital dashboards, aiding operators in monitoring ATV functions and toggle between multiple surfaces. For instance, in June 2018, BRP achieved a critical milestone with its 2019 lineup of Can-Am ATVs and SSVs. It brought its renowned performance, functionality, and capability together with Anti-Lock Brake System (ABS) technology. There are enhancements across the entire 2019 lineup, which now includes a whole range of Can-Am SSV models featuring the ABS technology. These vehicles are now available in dealerships. In January 2019, Textron Specialized Vehicles Inc., a Textron Inc.  (NYSE: TXT) company, announced the launch of its Hauler 800 ELiTE electric utility vehicle, powered by Samsung SDI lithium technology. Capitalizing on the proven technology of E-Z-GO ELiTE vehicles, launched in 2017, the Hauler 800 ELiTE offers zero-maintenance batteries with increased range and energy efficiency.

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The all-terrain vehicle market is dominated by a few global players and comprises several regional players. Polaris Industries, Inc. (US) is expected to be the leading player in the all-terrain vehicle market. The company is a globally renowned supplier of all-terrain vehicles. The company follows the strategy of new product developments to gain a competitive edge in the all-terrain vehicle market. In October 2018, Polaris Industries, Inc. introduced new 2019 Sportsman XP 1000 Premium ($12,799 MSRP) and Sportsman 850 SP Premium ($10,999 MSRP). The 2019 Sportsman XP 1000 adds to its class-leading capability with new factory installed accessories that deliver the ultimate ride. New accessories include the increased winch capacity, front bumper, a third LED taillight, cut-and-sew seats, and 27-inch Duro Power Grip Tires to get through the roughest territory. 

Yamaha Motor Co., Ltd. (US) is also a leading player in the all-terrain vehicle market. The company invests heavily in R&D activities. It also plans to expand its all-terrain vehicle portfolio to cater to various customers around the world while establishing itself as a strong player in the market. It has adopted the strategy of partnerships/collaborations/joint ventures/agreements/supply contracts to increase its presence in the all-terrain vehicle market. In March 2017, Yamaha Motor Corp, USA acquired Kracor Inc., which makes motorcycles, outboard motors, ATVs, personal watercraft, snowmobiles, and other products. It formed a new subsidiary, Yamaha Marine Systems Co., to acquire the assets of Kracor.

Related Reports:

All-terrain Vehicle Market by Type & Application (Sport, Entertainment, Agriculture, Military & Defense), Drive (2WD, 4WD, AWD), Engine (<400, 400-800, >800cc), Fuel (Gasoline, Electric), Wheel Number, Seating Capacity, and Region-Global Forecast to 2027

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Report Code
AT 7165
RI Published ON
6/12/2019
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