Market Analysis Report All Terrain Vehicle Market | Page 2

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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 forecast 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 third largest vendor after Honda and Polaris. It occupied more than 17% shares in
2014.
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