According to the report analysis, ‘Global All Terrain Vehicle Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)’ states that CFMOTO, LINHAI, HISUN, Yamaha, Feishen Group, ShuoPu, Cectek, TGB, Honda, BRP, Suzuki, KYMCO, Kawasaki, Arctic Cat, Polaris and many more are the foremost companies which presently working in the global all terrain vehicle market more proficiently for leading the highest market growth, registering the great value of market share, obtaining the competitive edge, and generating the highest percentage of revenue by analysing the strategies and policies of government as well as contenders, delivering the better customer satisfaction, increasing the features and benefits of all terrain vehicle, improving the qualitative and quantitative measures of such, implementing the policies of profit making and strategies of expansion, spreading the awareness connected to the applications and advantages of all terrain vehicle, establishing the several research and development programs and decreasing the associated prices of such.
The effective growth in popularity of outdoor sports activities, involving the off-road events, the growth in number of adventure and trails parks, and the augmenting the demand for ATVs for agricultural and military applications are the foremost factors propelling the growth of the market. Furthermore, the increasing disposable income and buying the capacity of individuals in developed and underdeveloped economies are anticipated to propel the demand for all-terrain vehicles over the review period.
The market for all-terrain vehicles observed negative growth throughout the first half of 2020 due to the spread of the COVID-19 virus. The global lockdown and restrictions led to the temporary closure of several assembly and manufacturing units. Lower automotive sales are projected to further limit the ATV market in the forthcoming quarters, thereby restricting the market growth. However, the augmenting the demand for recreational activities across the globe is probable to underwrite to market growth.
Furthermore, these cars are famous for their manoeuvrability and off-road capacities. They are demanded in the army, surveying, forestry, farming, sports, and several other applications. ATVs are treated quite inversely, demanding some training before they can be cautiously driven. Generally, these are utilized in off-road settings, but few areas also permit these vehicles to be utilized on government highways. Over the previous few years, all-terrain vehicles have obtained the popularity as they allow the access to distant regions and deliver a convenient manner to carry supplies and machinery and could even replace animal packs for transportation. All-terrain vehicles are also utilized in the ground unit of the army, marine, and others. The effective growth in demand for all-terrain vehicles in the military, agricultural, and sports applications are the foremost driving factors for the industry.
Increase in requirement for off-road vehicles and growth in disposable income is the foremost drivers for the all-terrain vehicles. The requirement for a compact heavy-duty vehicle with high fuel efficiency and multipurpose application boosts the requirement for this market. Therefore, it is predicted that during the near period the market of all-terrain vehicle will augment more proficiently over the review period.
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Ankur Gupta, Head Marketing & Communications