The all-terrain vehicle market share is projected to witness a sustained rise owing to the rules & regulations that govern & define standards in the way ATVs could be used on a regular basis. Regulatory authorities such as the California-based non-profit organization, the All-Terrain Vehicle Safety Institute (ASI) while defining proper ATV usage regulations, is also involved in promoting ATV-approved products & accessories such as seatbelts, footrests, helmets & kill-switches.
The rising level of consumer disposable incomes across the globe has emerged as a major driving factor for the overall ATV market, not to mention, the growing prominence of off-roading activities as one of the most preferred recreational activities. The vertical is also expected to amass returns on account of the fact that manufacturers have been working toward making frequent advancements in the development of a variety of eco-friendly vehicle versions, further boosting the all-terrain vehicle market size.
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As regulations define the number of permitted passengers per vehicle and also ensure a mandated 16+ age-restriction on vehicle usage to ensure fewer injuries & fatalities, supported by an annual report published in 2017 by The U.S. Consumer Product Safety Commission (CPSC), the all-terrain vehicle market is attracting in more customers that were previously averse to participating in recreational activities involving ATVs.
Given that utility ATVs are responsible for fulfilling critical roles is the military & defense sector, the global utility all-terrain vehicle market is projected to account for the largest revenue share in the global industry – the vertical indeed, is anticipated to surpass the $3 billion mark by 2024. The ability of these vehicles to work seamlessly on a plethora of different terrains would be their primary selling point.
Apart from the defense & military segment, wherein these vehicles are used across a number of border security & anti-terrorist operations due to their quick mobility & large cargo carrying capacity, these ATVs are also deployed across other government sectors ranging from law enforcement to national parks, propelling utility all-terrain vehicle market share.
As disposable incomes surge globally, more and more racing & sports events are being held as luxury entertainment options. The entertainment prospects facilitated by the sports & racing applications, especially across developed nations, would be the primary factor responsible for ensuring the growth of the global all-terrain vehicle market from sports applications. In fact, a study by Global Market Insights, Inc., claims sports applications to be accounting for around 26% of the market share in terms of volume, by 2024.
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The North America ATV market is expected to grow exponentially owing to the shifting trend where vehicle manufacturers are developing ATVs for a plethora of end-applications. With ATV manufacturers branching out and developing vehicles specifically designed for diversified applications, wherein they could be used for traversing across mountainous regions, for agricultural lands and in forestry, the North America ATV market is projected to surpass the $4 billion mark. The United States is anticipated to emerge as one of the most lucrative growth grounds for the regional ATV market.
Owing to the presence of major ATV companies such as Arctic Cat, BRP and Polaris Industries, North America is anticipated to dominate the overall ATV industry over 2017-2024.
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