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All Terrain Vehicle Market Share, Size, Key Players, Research and
Forecasts to 2024 | Hexa Research
“ The growing trend of recreational activities; such as off-roading and racing
can also drive the All Terrain Vehicle Market till 2024”
22 November 2018
The global all terrain vehicle (ATV) market was estimated at USD 6 billion in 2015. It will grow at a CAGR of
around 5% during the forecast period (2016-2024). The market should exceed USD 9 billion by 2024. All
terrain vehicles (ATVs) are popularly known as quads, three-wheelers, quad bikes, or quadricycles.
ATVs are single-seated open motor vehicles with either three or more tires. These tires are specifically
designed for rough terrains. Quads are ridden over rugged grounds, sand dunes, or paved & unpaved roads.
The growing trend of recreational activities; such as off-roading and racing can also drive the market till 2024.
Demand for unique riding has increasingly led recreational centers to add ATVs to their amenities. The n eed
for technically advanced features is projected to raise product costs, hampering the market.
To reduce fatalities & injuries; regulatory bodies, like ASI (All-Terrains Vehicle Safety Institute) have
standardized the adoption of safety equipment. Protective gears; such as seatbelts, helmets, goggles, and
others are mandatory for quad riders.
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.
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