All-Terrain Vehicle Market to Reach $5 Billion by 2031, Led by Sport Segment and Growth in Asia-Pacific
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The global all-terrain vehicle market is projected to reach $5 billion by 2031, growing at a CAGR of 4.8% from 2022-2031.
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The sport all-terrain vehicle segment accounted for the largest market share in 2021. The electric powered segment is projected to grow at the fastest rate through 2030.
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North America held the highest market share in 2021. Asia-Pacific is expected to see the fastest growth rate from 2022-2031.
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Key factors driving market growth include favorable regulations, increased recreational activities, and adventure sports trends. High costs and restrictions restrain growth somewhat.
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Major players include Yamaha, Textron, Suzuki, Polaris, Kubota, Kawasaki, Honda, Hisun, Deere & Company, CFMOTO, and BRP.