The all-terrain vehicle market, by value, is projected to grow to USD 3.7 billion by 2028 from USD 3.2 billion in 2023, at a CAGR of 3.0% from 2023 to 2028. The base year for the report is 2022 and the forecast period is from 2023 to 2028. The rising popularity of ATVs in recreational activities, mainly worldwide championships, and increasing demand for ATVs in different applications such as agriculture, 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 as Polaris Inc. (US), Honda Motor Co., Ltd (Japan), BRP (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US). These companies are consistently developing new products, adopting expansion strategies, and undertaking 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. To gain differentiating factor, Polaris is increasingly preferring GPS and digital dashboards, aiding operators in monitoring ATV functions and toggling between multiple surfaces across different terrains ranging from dunes to muddy tracks. For instance, in May 2023, Polaris Inc. introduced the 2024 XPEDITION XP and ADV models, which establish a brand-new category known as "Adventure side-by-sides." These innovative vehicles seamlessly blend the off-road prowess of traditional side-by-sides with the comfort and cargo capacity typically associated with top-tier overlanding experiences. Along with it, Polaris in March 2023, Polaris Inc. introduced the RZR Pro R Factory, a UTV designed exclusively for competitive racing. This purpose-built vehicle has been meticulously engineered to excel in the challenging conditions of open desert racing. As a strategic move, Polaris has launched RangerXP Kinetic, an all-electric drive train ATV in 2021 to cater to demand with sustainable mobility solutions. This shows that Polaris is committed to reducing carbon emissions and achieving sustainable goals that will only increase its brand value and thereby increase business revenue.
BRP is engaged in the design, manufacturing, and sales of motorized recreational vehicles, and power sport engines. The company conducts its business through four segments namely: Year-Round Products, Seasonal Products, Powersports and OEM Engines, and Marine. The company offers a variety of products that cater to different recreational needs. These include snowmobiles under the Ski-Doo and Lynx brands, watercraft known as Sea-Doo, on- and off-road vehicles branded as Can-Am, boats such as Alumacraft and Manitou, marine propulsion systems named Evinrude and Rotax, and engines for karts, motorcycles, and recreational aircraft, also called Rotax. The company has a strong focus on research and development activities. For instance, in 2022, the company invested around 3.9% of its total revenue in research and development activities. The company has adopted the manufacturing facility expansion strategy. For instance, In July 2020, BRP Inc. built a manufacturing facility in Mexico to cater to the growing demand for its off-road vehicles (ORVs) business. Further, it has adopted the investment strategy to increase its presence in the all-terrain vehicle market in different regions. For example, BRP Inc. announced to introduction electric models for each of its product lines by 2026. Within the next two years, the initial product is anticipated to make its debut in the market, and subsequently, there will be a swift expansion across all product lines. To develop an electric product lineup company is planning to invest USD 300 million.
Honda is also a leading player in the all-terrain vehicle market. Having a presence in the automotive domain for more than seven decades, Honda has expanded its product portfolio with innovative, durable, and efficiently designed all-terrain vehicles. The company has a strong focus on new product development and research activities. For instance, in November 2022, Honda Motor Co., Ltd. launched a small displacement all-terrain vehicle in the market. The FourTrax Recon sets the standard for maximizing productivity with minimal resources. Its highly efficient 229cc engine generates impressive torque for various tasks on the ranch. In addition to this, Honda has been developing autonomous ATVs for unmanned rough terrain operations since 2018 that could help save lives in disaster situations. In 2019, Honda showcased an autonomous all-terrain vehicle concept at the Consumer Electronics Show (CES) designed by Honda R&D Americas team.Further, In September 2021, to gain strategic space in the ATV market, Honda 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. The partnership with Google will bring connected vehicle technology to its automobile that works in conjunction with autonomous ATV development. This move will help the company to cater to different geographical regions and advance new product development.
All-terrain Vehicle Market by Type & Application (Sport, Entertainment, Agri, Military & Defense), Drive (2wd, 4wd, AWD), Engine (<400, 400-800, >800cc), Fuel Type, Wheel Number, Seating Capacity, Side-By-Side Vehicle and Region - Global Forecast to 2028
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