Sellbyville, DE -- (SBWIRE) -- 02/08/2019 -- All-Terrain Vehicle Market is predicted to cross 1 million units with USD 8 billion by 2024. Utility ATV will account for highest revenue share in the ATV market crossing USD 3 billion till 2024. These vehicles are critical for military & defense operations as they seamlessly work on rocky and rough terrain. These factors contribute significantly towards the high revenue generation. Cargo capacity and quick mobility of these vehicles on hard surfaces are of high importance in anti-terrorist operations and border security combats, which in turn propels the product usage, strengthening its penetration over the forecast timeframe.

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Technological proliferations, unquestionably, play a crucial role in the expansion of ATV market, subject to the fact it has enabled incorporation of advanced features in the vehicle model which in a way is diversifying the application spectrum of the business space. Unique functionality features like infotainment systems, GPS monitoring, mobile tracking, Go-Pro cameras, integrated Bluetooth headset connectivity have upscaled the all terrain vehicle industry demand immensely. While aforementioned features make ATVs popular across occupational domains, features like lower center of gravity, superior handling ability, and stiffer suspensions are gearing its demand across racing applications.

At present, ATVs are prominently gaining popularity across the defense sector, pertaining to their ease of application for border patrolling and other military activities. These vehicles offer advanced off-road technology and superior mobility at a very affordable price, which is one of the factors driving all-terrain vehicle industry size. In fact, several regional governments have also been establishing joint ventures with leading giants in ATV market. Taking into account the increasing requirement of ATVs for defense applications, Polaris is investing significantly in research and development activities to improve the handling of vehicles for a highly responsive ride and enhanced maneuverability. Indeed, this validates that continuous product enhancements of robotic vehicles will certainly fuel ATV industry share.

All-terrain vehicle market from sports application is likely to capture around 26% of the volume share over the next eight years. High revenue generation can be attributed to increasing sports and racing events across the globe, especially in developed regions. Military & defense is expected to exhibit 4% CAGR till 2024. Increasing implementation in customized applications at inaccessible locations for supplying armor and transportation purposes will drive the industry growth.

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North America all-terrain vehicle market size is projected to cross USD 4 billion over the forecast timeframe. Shifting trend towards extensive usage in various terrains including agricultural lands, forestry, and mountains across the region will contribute significantly to the revenue generation. U.S will account for major share in the region owing to presence of unpaved roads, large stretches of natural terrain, and large farms & ranches across the country. Moreover, presence of major ATV manufacturers such as Polaris Industries, BRP, and Arctic Cat will further support the region's dominance till 2024.

Asia Pacific will exhibit over 5% CAGR from 2017 to 2024. Proliferating demand from the emerging economies including India and China will have a significant contribution towards the revenue generation. Numerous industry participants are focusing on setting their manufacturing units in these countries. For instance, in 2017, Scorpio decided to venture into ATV market in India. These initiatives by industry participants will induce immense potential to the region's growth.

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Speaking of the competitive terrain, global ATV market boasts of a portfolio of renowned biggies like John Deere, Honda, Yamaha, Kawasaki HiSun, Polaris ATVs, Taiwan Golden Bee, ShuoPu Science & Technology Development Co.,Ltd, Arctic Cat, Suzuki, KYMCO, and Cectek, Linhai Co., Ltd. These giants are heavily banking on mergers and acquisitions to stronghold their position and consolidate the global share.

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