The Asia Pacific ATV and UTV Market would witness market growth of 8.3% CAGR during the forecast period (2023-2030).
Developing safer ATVs and UTVs is anticipated to create numerous market opportunities. These vehicles are mainly used for other activities like camping and nature exploration but are dangerous. The number of accidents using these bikes has increased in recent years. As a result, numerous market players have introduced safer quad bikes that integrate modern features like GPS.
Further, as per India Brand Equity Foundation (IBEF); for 55% of India's population, agriculture is their primary source of livelihood, making India one of the leading players in the agricultural industry. By 2025, the Indian agricultural sector is expected to grow to US$24 billion, according to Inc42. The industry has also seen a substantial investment rise, with a total FDI inflow of US$ 2,600,70 million between April 2000 and June 2022.
The demand for ATVs in the Asia Pacific region is projected to boom in the upcoming period. China and Australia are the two leading all-terrain vehicle countries in the Asia Pacific in terms of volume, with the latter being the region’s top seller of ATVs. Apart from being utilized in the military and other productive sectors of the economy in this region, the growing demand for leisure and sporting activities in countries like India and Australia will propel the all-terrain vehicle market even further. In consideration to this, the market is predicted to witness significant demand for ATV and UTV from agriculture sector in the region.
The China market dominated the Asia Pacific ATV and UTV Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,478.9 million by 2030. The Japan market is anticipated to grow at a CAGR of 7.7% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 9% during (2023 - 2030).
Based on Vehicle Type, the market is segmented into UTV, and ATV. Based on Fuel Type, the market is segmented into Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered. Based on End Use, the market is segmented into Mountaineering, Military, Agriculture, and Others. Based on Displacement, the market is segmented into More Than 800 CC, 400 CC To 800 CC, and Less Than 400 CC. Based on Power Output, the market is segmented into 50kW To 100 kW, Less Than 50kW, and Above 100 kW. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide ATV and UTV Market is Projected to reach USD 17.6 Billion by 2030, at a CAGR of 7.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Deere & Company, Honda Motor Co. Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Textron, Inc., and Yamaha Motor Co., Ltd.
By Vehicle Type
By Fuel Type
By End User
By Displacement
By Power Output
By Country
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