LAMEA All-terrain Vehicle Market Size, Share & Industry Trends Analysis Report By Application (Recreational, Sports, Military & Defense and Agriculture), By Engine Type, By Country and Growth Forecast, 2021 - 2027
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Market Report Description
The Latin America, Middle East and Africa All-terrain Vehicle Market would witness market growth of 6.5% CAGR during the forecast period (2021-2027).
The adaptability of ATVs is one of its most appealing features. Since they function well in a variety of situations, all-terrain vehicles are employed in a variety of areas and industries, including land management, law enforcement, and sporting events. One can ride an ATV for pleasure at any time, but it can also be used to access new hunting grounds, haul tools and materials, or tow trailers or landscaping equipment.
When the path is sloppy and instantaneous adhesive friction is required to properly integrate into a merging terrain, AWDs take center stage. To safely navigate the path or terrain, all four wheels engage and give the necessary traction. Expanding ATV manufacturing and an increasing focus on safety features will drive the demand for AWD ATVs in the near future. Accidents could be caused by a number of situations, including rule infractions, a lack of understanding of precautionary measures, such as wearing protective gear while riding, and underage driving.
The increased demand for off-road vehicles in the military & defense and agriculture sectors might be credited to the market's rise in this region. The market is expected to rise due to the development of standardized test methodologies and safety criteria, as well as changing laws due to emissions from non-road mobile machinery. Tourists visit Middle Eastern countries for their vast deserts and often end up indulging in sports activities in the desert such as riding an ATV. Thus, the increasing traffic of tourists to the Middle East will help increase the demand for ATV for recreational purposes in the region. The armored vehicle manufacturer based in the UAE has traditionally served the UAE and African markets, but it is now focusing on international expansion. For example, The Visegrad Four countries – the Czech Republic, Poland, Slovakia, and Hungary – signed a Strategic Collaboration Agreement in February this year between NIMR Automotive and VOP CZ of the Czech Republic for the marketing, distribution, manufacturing, and after-sales assistance of the entire range of NIMR armored vehicles.
The Brazil market dominated the LAMEA All-terrain Vehicle Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $58.4 Million by 2027. The Argentina market is poised to grow at a CAGR of 7% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 6.2% during (2021 - 2027).
Based on Application, the market is segmented into Recreational, Sports, Military & Defense and Agriculture. Based on Engine Type, the market is segmented into 400cc-800cc, below 400cc, and above 800cc. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Polaris, Inc., Deere & Company, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Honda Motor Co. Ltd., Yamaha Motor Co., Ltd., and Kawasaki Heavy Industries, Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Military & Defense
By Engine Type
- Below 400cc
- Above 800cc
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Textron, Inc.
- Bombardier Recreational Products, Inc.
- Zhejiang CFMoto Power Co., Ltd.
- Polaris, Inc.
- Deere & Company
- Kwang Yang Motor Company Ltd.
- Suzuki Motor Corporation
- Honda Motor Co. Ltd.
- Yamaha Motor Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
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