The global market value for all-terrain vehicles (ATV) will reach US$9 billion between 2016 and by the end of 2024, with a CAGR growth of 5% during the period, according to a Hexa Research report.
A growing demand for recreational off-road activities will largely propel the industry within the forecast period. Aside from recreation, the market also supplies products for hunting purposes, including Argo XTV hunting vehicles.
The report noted that much of estimated growth attributes to more outdoor parks and recreational centers, which plan to add more of these vehicles to their existing amenities. Other factors such as improved living standards and employment rates will also contribute to the market’s growth.
At the same time, ATV manufacturers that are actively pursuing research and development projects for new products would boost market revenues.
On the other hand, regulatory groups such as the All-terrains vehicle Safety Institute and Consumer Product Safety Commission (CPSC) have implemented policies to improve driver safety, amid an increase in ATV use among young people.
In Canada, local authorities advised young ATV drivers to be more careful and practice safety habits. Drivers should also use helmets, although not just any kind, according to Mike Prud’homme, the manager of traffic safety with the Canada Safety Council.
Prud’homme said that helmets, particularly, should properly fit a person’s head. A well-fitting helmet should also be comfortable while wearing it. The Canadian Ministry of Transportation imposed a rule that restricts the use of ATVs among people 15 years old and below.
In the U.S., the CPSC also prohibited persons below 16 years old from driving ATVs.
ATV manufacturers and suppliers will likely become busier in the next few years since demand for these vehicles remains strong not just for leisure purposes, but for industrial use as well.