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 and UTV market growth till 2024.
Needless to mention, the initiatives being undertaken by government authorities along with increasing budgetary allocations to build new off-road trails would be helpful for recreational enthusiasts and boost adventure sports in the region. That being said, numerous national parks in the states such as Wisconsin in the U.S. have emerged as major geographical terrains that assist North America youth ATV and UTV market participants to expand their commercialization scale in the recent times.
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Various state governments in the U.S. have been spending millions to construct and maintain off-road routes and trails in national parks – a factor that has invariably benefited the North America youth ATV and UTV market. For instance, the policy board of the State Department of Natural Resources in Wisconsin approved a master plan in 2017 to add 200 miles of routes for ATVs in the Northern Highland-American Legion State Forest. Apart from commissioning new trails, the board has completed recreational opportunities analysis of a large parcel of natural area in northern Wisconsin and has further identified potential sites for ATV routes.
North America youth ATV and UTV market Industry participants are engaged in mergers and acquisitions for enhancing their market share. For instance, in 2017, Textron Inc. acquired Arctic Cat Inc for USD 247 million. The aim of this acquisition was to complement Textron’s portfolio with a diversified range of ATVs, UTVs, and snowmobiles.
The major industry participants in the North America youth ATV and 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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Although the profitability quotient of the North America youth ATV and UTV market appears highly promising, there are a few factors that might prove detrimental to the rapid product penetration in the years ahead. Rising number of accidents that are predominantly attributed to the ignorance of appropriate safety gear along with rash driving by youth could cast an adverse impact on the overall market share. According to an annual report published by the United States Consumer Product Safety Commission (CPSC), a total of 337 ATV-related fatalities were recorded across the nation in 2016. However, regulatory authorities including CPSC and other government bodies in various states of the U.S. and Canada are conducting various static and dynamic ATV-testing procedures to drastically improve the handling characteristics and identify methods to enhance the performance of these vehicles.
Owing to increasing preference toward off-roading events and the gradual uptick in recreational spending, the North America youth ATV and UTV market has garnered unprecedented traction in the past few years. Several private agencies, clubs, and organizations have been organizing recreation activities that consist of off-roading events across backcountry roads, trails and cross-country terrains. These events and competitions have led attracted youngsters toward adventure sports and motorsports which has, in turn, fueled the growth prospects of the North America youth ATV and UTV market.
Chapter 2. Executive Summary
2.1. North America Youth ATV and UTV market 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Fuel trends
2.1.4. Regional trends
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