Sellbyville, DE -- (SBWIRE) -- 10/27/2018 -- North America Youth ATV & UTV Market for Electric segment will exhibit 8% CAGR from 2018 to 2024 due to the lower maintenance costs, cleaner emissions, and no engine noise. The growing network of charging stations, improving fast charging capabilities, and increasing driving range will propel the segment growth.

Youth ATV dominated the industry surpassing 80% share in 2017 owing to the lower stringent age requirements compared to the UTVs. The lower initial cost of these vehicles coupled with easier towing & parking capabilities will further augment the North America youth ATV & UTV market share till 2024.

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Proliferating penetration of sports and recreational activities coupled with the increasing disposable income will drive the North America youth ATV & UTV market size over the study timeframe. Increasing off-road trails and parks along with the availability of affordable youth ATVs and UTVs will further augment the industry growth.

The gasoline engine dominated the fuel segment with over 94% revenue share over the projected timeframe owing to the vast network of fuel stations across the region. The availability of multiple models with varied engine alternatives in terms of capacity and power/torque outputs further supports the North America youth ATV & UTV dominance.

Increasing accidents among youth from the ATVs & UTVs and age restrictions may limit the business growth till 2024. For instance, in the U.S. total ATV reported deaths under the age of 16 years accounted for 53. However, government is actively promoting the usage of safety equipment and mandating driver safety training programs which in turn will overcome the challenge over the forecast timeline.

The youth UTV/SSV segment will showcase more than 6% CAGR over the projected timeframe. This can be credited to the growing trend towards opting UTVs for off-roading. The enhanced safety features offered by these vehicles including windshield, seatbelts, roll cage along with multiple seating capabilities will supplement the North America youth ATV & UTV business growth till 2024.

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The U.S. will dominate the North America youth ATV & UTV market size with volume share at over 88% till 2024. Favorable climatic and geographical conditions along with the presence of several trails will support the regional dominance. Pennsylvania youth ATV & UTV market share will grow significantly at around 5 %CAGR over the study timeframe due to the increased youth participation and the presence of multiple trails maintained and operated by the PA DCNR.

Ontario province will dominate the revenue and volume with over 28% share till 2024. This dominance can be credited to presence of several clubs in the province actively promoting the maintenance and construction of trails. Multiple sports and recreational activities organized by the OFATV clubs further augments the business share over the projected timeframe.

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The major industry participants in the North America youth ATV & UTV market place are Polaris Industries, KYMCO, Arctic Cat, Honda Motors, Yamaha Motor Corporation, Bombardier Recreational Products, and Suzuki Motor Corporation.

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