Market Leaders - All-terrain Vehicle Market
The all-terrain vehicle market, by value, is projected to grow to USD 5.0 million by 2027 from USD 4.3 billion in 2022, at a CAGR of 2.7% from 2022 to 2027. The base year for the report is 2021 and the forecast period is from 2022 to 2027. 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.
The all-terrain vehicle market is primarily dominated by globally established players such Polaris (USA), Honda (Japan), Can-Am (Canada), Yamaha (Japan), and Textron (USA). These companies are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high growth ATV market across different regions.
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Polaris Industries, Inc. (US) is one of the leading players in the all-terrain vehicle market across different regions. Polaris is following the strategy of new product developments to gain a competitive edge in the all-terrain vehicle market. In order to gain differentiating factor, Polaris is increasingly preferring GPS and digital dashboards, aiding operators in monitoring ATV functions and toggle between multiple surfaces across different terrains ranging from sand dunes to muddy tracks. For instance, in August 2020, Polaris unveiled the all-new Sportsman 450 H.O. and Sportsman 570, elevating its already industry-leading ATV offering in different market regions. Polaris started with the iconic Sportsman features that rider know, love and advanced them even further, raising the bar yet again. This new generation Sportsman is the smoothest, strongest, and most versatile value ATV – the perfect choice for riders of all experiences and skill levels. Along with it, Polaris in July 2021 has launched new segment as Youth ATVs primarily for children in age group 6 to 14. It is powered by a 180cc gas powered engine. The vehicle is also equipped with safety features, like Ride command, for parents to control speeds and set boundaries and. Mandatory helmets for the engine ignition. As a strategic move, Polaris has launched RangerXP Kinetic, an all-electric drive train ATV in 2021 in order to cater to demand with sustainable mobility solutions. This shows that Polaris is committed to reducing carbon emissions and achieve sustainable goals that will only increase its brand value and thereby increase business revenue
Honda is also a leading player in the all-terrain vehicle market. Having its presence in automotive domain from more than seven decades, Honda has expanded its product portfolio with innovative, durable and efficiently designed all-terrain vehicles. It 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 different regions. In March 2021, Honda has introduced TRX250X sports segment ATV with introduced Overhead valve (OHV) air-cooled 229cc engine, which is longitudinally mounted, for more efficient power transfer. It also features Honda sport Clutch that enables the rider to experience manual clutch actuation and no stalling when coming to a stop. Under utility segment, Honda has range of all-terrain vehicles-Fourtrax series with varied engine specifications and capabilities. In order to gain the strategic space in the ATV market, Honda has partnered with Google to integrate Google’s in-vehicle connected service into an all-new model that will come to market in the second half of 2022 in North America.
Related Reports:
All-terrain Vehicle Market by Type & Application (Sport, Entertainment, Agri, Military & Defense), Drive (2WD, 4WD, AWD), Engine (<400, 400-800, >800cc), Fuel, Wheel Number, Seating Capacity, Side-By-Side Vehicle and Region - Global Forecast to 2027
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