Automotive & Transportation Industry All Terrain Vehicle Market Trends 2024 | Page 2

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Moreover, the ‘Consumer Product Safety Commission’ (CPSC) has laid down rigid rules that prohibit children
under the age of 16 to ride ATVs. Its rules have also limited the number of people riding on single ATVs.
The market is divided on the basis of products, applications, and regions. The products comprise sports utility,
sports, utility, and youth. Sports utility ATVs contributed around 28% shares in 2015. Sports utility and sports
ATV segments are expected to contribute significantly to industry growth during the for ecast period. Youth
ATVs stood over USD 750 million in 2015.
Applications encompass agriculture, forestry, entertainment, sports, military & defense, and others. Military &
defense accounted for more than 9% shares in 2015. Agriculture is projected to grow at a CAGR of over 5% till
2024. It often employs ATVs instead of tractors and other heavy equipment.
Regions in the all terrain vehicle market consist of North America, Europe, Latin America, Asia Pacific, and the
Middle East & Africa (MEA). The U.S. and Canada are estimated to dominate the global ATV market in the
forecast period.
North America should account for the biggest industry in the near future. It is driven by the United States. The
U.S. captured over 50% of the worldwide market in 2015.
Asia Pacific market generated about 12% of the total incomes in 2015. It should exhibit the fastest growth from
2016 to 2024. Its trend of ‘power sports’ will augment regional demand. The China industry held over 35%
shares in Asia Pacific. Economic adjustments in this region can add industrial growth.
Key competitors in the worldwide all terrain vehicle market are Arctic Cat, Honda, Polaris, and Yamaha. Players
often participate in mergers and acquisitions to gain a competitive edge. Yamaha was projected as the th ird
largest vendor after Honda and Polaris. It occupied more than 17% shares in 2014.
Key companies invest heavily in research & developments for effective product innovations and novel
technologies. The constant need to improve product performance & characteristics makes it possible for
manufacturers to stay competitive.
Browse Related Category Market Reports@ https://www.hexaresearch.com/research-category/automotive-
and-transportation-industry
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