All Terrain Vehicle Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s All Terrain Vehicle Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
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LONDON, GREATER LONDON, UK, November 16, 2023 /EINPresswire.com/ — The global all-terrain vehicle (ATV) market, currently valued at $3.47 billion in 2022, is anticipated to achieve $3.71 billion in 2023, showcasing a steady Compound Annual Growth Rate (CAGR) of 7.0%. Despite the short-term hindrances resulting from the Russia-Ukraine conflict on the global economic recovery from the COVID-19 pandemic, the market is forecasted to experience substantial growth, with an estimated valuation of $4.95 billion by 2027. This growth will be fueled by the increasing expenditure on off-trailing and outdoor sports activities, reflecting a growing interest in recreational and adventurous pursuits among the adult population.
Factors Driving Market Expansion
The burgeoning interest in outdoor recreational activities and off-trailing adventures among adults has significantly contributed to the surge in demand for all-terrain vehicles (ATVs). As individuals seek avenues for entertainment and relaxation amidst their fast-paced lifestyles, the demand for vehicles suited for outdoor exploration and sports activities has risen. Notably, the Bureau of Economic Analysis (BEA) reported that the outdoor recreation economy accounted for 1.8% of the United States’ GDP in November 2020, amounting to $374.3 billion. This trend signifies a substantial market opportunity in the ATV industry.
Explore the global all-terrain vehicle (ATV) market with a comprehensive sample report:
Key Players and Product Innovations
Major players such as Bombardier Recreational Products (BRP), Suzuki Motors Corporation, and Kawasaki Motors Corporation are actively engaged in the all-terrain vehicle (ATV) market, focusing on product innovations to meet evolving consumer demands and expand their global footprint. Notably, Yamaha Motor Corp. launched the Grizzly EPS XT-R in 2021, equipped with a 686 CC liquid-cooled SOHC 4-stroke engine and a 3-way differential locking system, catering to utility purposes. Similarly, Suzuki Motors Corp. introduced the KingQuad ATV models in their 2021 lineup, featuring independent suspension, an advanced electric power steering system, and high towing capacity for enhanced sports utility purposes.
All-Terrain Vehicle (ATV) Market Segments:
• Vehicle Type: Utility ATV, Sports ATV, Recreational, Other Vehicles
• Displacement: Low, Mid, High
• Application: Sports, Entertainment, Agriculture, Military, Hunting
Geographical Insights: North America Leading Market Share
In 2022, North America emerged as the largest region in the all-terrain vehicle (ATV) market and is expected to maintain its dominant position throughout the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
Access the complete report for an in-depth analysis of the global all-terrain vehicle (ATV) market:
All-Terrain Vehicle (ATV) Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The All-Terrain Vehicle (ATV) Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on all-terrain vehicle (ATV) market size, all-terrain vehicle (ATV) market drivers and trends, all-terrain vehicle (ATV) market major players, competitors’ revenues, all-terrain vehicle (ATV) market positioning, and all-terrain vehicle (ATV) market growth across geographies. The all-terrain vehicle (ATV) market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Sports Market Growth Forecast 2023-2027
Article originally published on www.einpresswire.com as Global All-Terrain Vehicle (ATV) Market Projected to Reach $4.95 Billion by 2027