The increasing demand for recreational activities, such as off-roading, and the growing popularity of sports events that use ATVs and side-by-sides are some of the major factors driving the growth of this market. In addition, rising disposable income is leading to an increase in consumer spending on entertainment and leisure activities that require ATVs and side by side. The growing tourism industry is also providing a major boost to this market, as more and more people are opting for adventure activities, such as mountaineering that require ATVs and side by side.
The need for ATVs and side-by-sides has grown significantly over the years, as more people are looking to explore outdoor activities. Additionally, a wide range of applications such as work, agriculture, and the military have made them an essential part of everyday life. The rise in disposable income has further fuelled the demand for ATVs and side by side across the world.
ATVs and side-by-side offer a number of advantages such as improved performance, better maneuverability, more stability, and enhanced safety features. These vehicles are also cost-effective and require low maintenance, making them a preferred choice for recreational activities, especially in remote areas. However, ATVs and side-by-sides may be adjusted to meet the demands of the user, increasing their usability. Off-road vehicles such as ATVs and Side by Sides are used for enjoyment and utility.
ATVs and Side by Side are off-road vehicles used for recreational and utility purposes. ATVs (All Terrain Vehicles) are designed mainly for use on terrain that is not suitable for motor vehicles. They usually have four large low-pressure tires, a handlebar controlling the front and rear brakes, and a seat designed for one person. Side by Side two-seater vehicles that have the same features as ATVs but with additional features such as doors, roofs, and windshields. They are designed for more rugged terrains and are generally used by two people at a time.
The ATV and Side by Side market offers a range of services that are designed to meet the needs of customers. These include sales, repairs, maintenance, and after-sales services such as warranties and extended service plans. Additionally, many companies also provide customization services to make ATVs and side-by-side more suitable for specific applications.
The global market for ATVs and side-by-sides is expected to grow at a CAGR of 5.8% during the forecast period, 2021-2031. The market is expected to reach USD 31.5 billion by 2031.
Despite the strong growth prospects, some factors such as a lack of infrastructure and rising fuel prices are hampering the growth of this market. In addition, stringent government regulations concerning safety features and environmental concerns are also restraining the growth of this market. The growing demand for recreational activities coupled with the rise in disposable income is expected to be a major driving factor for this market. In addition, the increasing popularity of sports and other adventure activities that use ATVs and side by side is also boosting the growth of this market.
The key players in this market are Honda Motor Co., Ltd., Polaris Industries Inc., Yamaha Motor Corporation, Kubota Corporation, Can-Am (BRP), Arctic Cat (Textron Specialized Vehicles Inc.), and John Deere. Other notable players include BRP (Bombardier Recreational Products), Cub Cadet, Hisun Motors Corp. USA, and CFMOTO (Honsador Holding Co., Ltd.). The ATV and Side by Side market are witnessing a shift towards electric vehicles due to their environmental benefits. Furthermore, manufacturers are focusing on providing customized solutions for specific applications.
The Side-by-Side segment Type Emerges as the Most Lucrative Segment
The Side-by-Side segment is expected to be the fastest-growing segment during the forecast period, due to its increasing popularity for recreational uses. Side-by-side vehicles offer more safety features and comfort than ATVs, which makes them more suitable for recreational activities such as camping, off-roading, and hunting. This is driving the growth of this segment.
The Most Popular Application Segment is The Entertainment
The Entertainment segment is projected to be the fastest-growing application segment. This is attributed to the increasing popularity of ATVs and Side by Sides for recreational activities such as camping and off-roading. Additionally, the rising demand for these vehicles in sports and other adventure activities is also boosting this segment.
The Military segment to Ensure Revenue Maximization
The Military segment is expected to be the fastest-growing end-use segment of this market during the forecast period. This growth can be attributed to increasing defense budgets. Military forces across the world are using ATVs and Side by Side for surveillance and patrolling activities.
The Asia Pacific Region to Render Ample Investment Avenues
During the projected period, the Asia Pacific region is predicted to be the fastest-growing geographical sector. This expansion may be ascribed to increased population, rising disposable income, and better economic conditions in nations like China, India, and Japan. In addition, the rising demand for recreational vehicles is also driving the growth of this market in this region.
COVID-19 Impact and Market Status
The COVID-19 pandemic has severely impacted the ATV and Side by Side market, as the production and sales of these vehicles have significantly declined. This was mostly due to the temporary shutdown of production plants and dealerships worldwide. However, with economies gradually reopening, some activities are returning to normalcy, thus driving the demand for these vehicles. Additionally, the rising trend of outdoor activities amid the pandemic is also boosting this market’s growth.
Recent Developments in the “ATV & Side by Side” Market
• Polaris Industries launched electric side by sides, Ranger EV and General XP 4 1000 LE, in 2019.
• In 2020, Yamaha Motor Co., Ltd. announced investments to launch new recreational vehicles in India.
• In 2021, Honda Motor Co., Ltd. announced the launch of its recreational vehicle, Talon 1000X-4 FOX Live Valve.
ATV & Side by Side Market Scope
|Revenue forecast in 2031
|USD 31.5 billion
|CAGR of 5.8% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Honda Motor Co., Ltd., Polaris Industries Inc., Yamaha Motor Corporation, Kubota Corporation, Can-Am (BRP), Arctic Cat (Textron Specialized Vehicles Inc.), and John Deere. Other notable players include BRP (Bombardier Recreational Products), Cub Cadet, Hisun Motors Corp. USA, and CFMOTO (Honsador Holding Co., Ltd.).
Key Segment of Global ATV & Side by Side Market
By Type Overview 2021-2031, (USD Billion)
• Side by Side
By Application Overview 2021-2031, (USD Billion)
By End-User Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa