The off-road vehicles market will grow at a CAGR of 5.1% from 2022 to

Wilmington, Delaware, United States, June 3, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global off-road vehicle market is likely to gain steady expansion 5.1% CAGR from 2022 to 2031. In 2021, the SUV market was estimated at $762.8 billion, and by the end of 2031, it is expected to reach $1.3 trillion.

The demand for ATVs is increasing due to the growing acceptance of off-road sports and the need for portable and durable equipment. All-terrain vehicles are also expected to see positive development due to their wide range of customers in agriculture, construction, mining and other industries.

Cheap maintenance charges, reduced fuel consumption and affordable insurance charges will also help the demand for these cars in the construction sector. The use of agricultural tractors and equipment is expanding globally, driving the off-road vehicle industry.

Government officials have increased funding for the construction of new off-road trails, which can be valuable to recreational enthusiasts and promote adventure sports around the world as highways and other major thoroughfares are out of the limits of all-terrain vehicles and all-terrain vehicles. Companies focus on launching new items with enhanced features to attract more customers and establish a competitive edge in the global market.

The all-terrain vehicle market will have new growth potential due to recent technical advances, including electric powertrains. Electric all-terrain vehicles are becoming more popular due to growing concerns about emissions, which will boost the all-terrain vehicle market.

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Market snapshot:

Main conclusions of the market report

• The market potential for all-terrain vehicles is anticipated to be lucrative as a result of industrialization, urbanization, and increased import and export activities.
• Mining equipment such as shovels, haul trucks, loaders and draglines are in high demand. Due to development, there are more construction sites everywhere.
• Several governments, especially those of emerging countries, are making large investments in industrial growth programs.
• Another important factor in the growth of the market is the extensive use of contemporary all-terrain vehicles in oil and gas exploration operations.

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The Global All Terrain Vehicle Market: Prevailing Trends

• The construction and mining industry is expected to dominate the global off-road vehicle market in terms of application. The construction and mining equipment market is being driven by an increase in the advancement of infrastructure initiatives across the globe.
• The construction equipment market is driven by urbanization and the expansion of the construction sector. The ATV market share globally is benefiting from this. The metals and minerals that are extracted from their ores are in higher demand.

Global All Terrain Vehicle Market: Regional Perspective

• In 2021, the ATV market was dominated by Asia Pacific. The expansion of industrialization in the major nations of the area is expected to help the region maintain its supremacy in the near future. Market expansion is expected to be driven in the coming years by infrastructure development in countries such as India, China and South Korea.
• The need for construction equipment is increasing, and the agricultural industry is expanding at the same time, which is driving the market in the area. In Asia-Pacific, several countries offer financial assistance for the purchase of tractors and other agricultural equipment.
• The North America ATV market size is expected to develop during the forecast period, due to considerable expansion in the region’s construction and mining industries. The United States is a well-known manufacturer of construction equipment.
• The expansion of the North American market is also aided by an increase in the manufacture of off-road vehicles in the United States.

Global All Terrain Vehicle Market: Key Players

Some of the major players in the global ATV market are:

• Caterpillar Inc.
• Deere & Company
• CLAAS KGaA
• Valtra GmbH
• Escorts Limited,
• KUBOTA Corporation
• YANMAR CO., LTD.,
• Mahindra & Mahindra Ltd.
• SAME DEUTZ-FAHR Italia SpA
• AGCO Corporation
• Doosan Infracore
• AB Volvo
• BEAUTIFUL equipment.
• Hitachi, Ltd.
• Liebherr- International AG
• CNH Industrial America LLC
• Komatsu America Corp.
• ALLU Finland Oy
• Terex Corporation
• Manitowoc.

Some developments of the major players in the global ATV market are:

• Polaris introduced a new version RZR (R) Pro R Sport ATV in India in August 2022. The new ATV is equipped with a powerful 1997 cc DOHC 4-stroke inline four-cylinder engine that can produce 225 horsepower of power to its maximum power.
• Arctic Cat introduced its latest 2022 Alterra 600 ATV in four different trim levels. Arctic Cat revealed a new ATV in April 2021 as part of its lineup for the 2022 model year, which will go on sale at dealerships in July. With more power, more responsiveness and easier maintenance, the new Alterra 600 EPS features an all-new engine, gearbox and chassis. The introduction of the ATV marks Arctic Cat’s 60th year of introducing cutting-edge products to the motorsports market.

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Global All Terrain Vehicle Market Segmentation

application

• Construction and mining
  • Excavator
  • charger
  • bulldozer
  • Articulated Dump Truck
  • Rigid Tipper Truck
  • Scraper engine
  • motor grader
• Agriculture
  • tractor
  • Other agricultural equipment

Type of fuel

Engine size

• Less than 100 HP
• 100-200 hp
• 201-400 hp
• More than 400 hp

region

• North America
• europe
• Asia Pacific
• Middle East and Africa
• South America

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