According to Business Insider, the North American youth ATV and UTV segment’s market accounted for over 80 percent volume share in 2017. The strength in this segment has increased throughout 2018 and is due to the vehicles’ ability to travel through any terrain along with the compact footprint and easier parking and towing facilities. The overall North America youth ATV and UTV market is set to reach $383 million by 2024, according to a recent research report by Global Market Insights, Inc.
Increased participation in events for off-road riding, including racing, has influenced and diversified the range of models offered in the segment, also allowing for a varied price range to support business growth.
The gasoline segment of ATVs and UTVs topped the market size with a revenue share of over 90 percent, due to varying engine options with a range of power, torque and capacities. It was also reported that the availability of a vast network of fuel stations will positively influence the business growth until 2024.
The electric vehicle segment is expected to show an 8 percent CAGR over the study timeframe, thanks to the benefits offered by electric vehicles compared to the gasoline engines including no engine noise, lower carbon emissions, enhanced efficiency and lower operating and maintenance costs. The significantly high power and torque outputs from such vehicles will further support North American youth ATV and UTV market growth until 2024.
The youth UTV segment will grow significantly at 6 percent CAGR through 2024, based on the availability of standard safety equipment compared to the ATVs including a roll cage, seat belts and windshields. The ability to accommodate multiple passengers will further propel revenue over the projected timeframe.
The U.S. youth ATV and UTV market will account for the maximum volume share of around 90 percent by 2024. This can be credited to the increasing recreational participation and the presence of multiple off-road trails in the country.
Prominent players in the North America youth ATV and UTV marketplace include BRP, Arctic Cat, KYMCO, Polaris Industries, Honda Motors, Suzuki Motor Corporation and Yamaha Motor Corporation. Other notable players include Hisun Motors, Kawasaki Motors Corporation, Apex ATV Racing, DRR USA, Massimo Motorsports, SSR Motorsports and Venom Motorsports.
Industry participants are actively involved in introducing advanced technology to differentiate their portfolio. For example in 2018, Arctic Cat introduced the upgraded DVX 90 model with fully independent front suspension for enhancing comfort while off-roading.
Link: GM Insights
