Summary

The all-terrain vehicle market is projected to grow from USD 2.9 billion in 2024 to USD 3.3 billion by 2030, at a CAGR of 2.3% from 2024 to 2030. The North American ATV market is decreasing due to a shift in consumer buying behavior towards side-by-side vehicles, which provide extra seating capacity and safety for riders. Moreover, according to the annual report of Polaris Inc 2023, the retail sales of side-by-side vehicles have increased by 9.5% from 2019 to 2023. i.e. the sales for side-by-side vehicles increased from 510,000 units in 2019 to 550,000 units in 2023, whereas ATVs retail sales in North America was 260,000 units in 2019 which has decreased to 240,000 units in 2023, which showcases the interest of change in consumer from ATVs towards side-by-side vehicles. In contrast, the market will remain steady in other regions. Moreover, the growth in military and farming applications has also boosted the market, which needs ATVs with high load-carrying capacity. "Sports application holds the largest market in all-terrain vehicles." In sports applications, the ATVs are designed for high performance and speed, which makes them ideal for competitive racing. The engine capacity of sport ATVs ranges from 100 - 1000 cc. This sports ATVs are modified & equipped with different accessories to design a unique style and power. Also, these ATVs are usually popular amongst young riders as they seek them for adventure sports and actively participate in race events and motocross competitions. The ATV sports activity has a strong culture and demand in North America and Europe, where these regions have large concentrations of ATV clubs, racing leagues, and events, increasing interest among the people. OEMs also play an essential role in driving the market for sports ATVs, where OEMs are actively investing in R&D to innovate and release new models for sports riders. Companies like Polaris Inc. (US), BRP (Canada), Textron (US), Yamaha Motor Co., Ltd (Japan), CFMOTO (China), and Honda Motor Co., Ltd (Japan) actively launches ATVs and SxS vehicle to compete in the global market. For instance, Honda launched 2024 TRX450R ATV in March 2024 which was offered with 450 cc engine. Similarly, Yamaha had launched Raptor 700R in April 2024 which was offered with a 686 cc engine. Hence, the increase in number of clubs & leagues for ATVs & SxS vehicles, and new ATVs launched by the OEM for sports applications would drive the market. ">800 cc to be the fastest-growing market for All-terrain vehicles." The market for >800 cc engines is growing fast due to increased demand for high-performance vehicles capable of handling extreme terrains and rigorous track activities. These higher-engine capacity in ATVs are usually preferred for sports activities such as race events & recreational task whereas utility vehicles are used for mining, forestry, and search & rescue operations. After the pandemic, sports and outdoor activities have increased in North America, due to which there was a gradual growth in ATV market for higher engine capacity. Some of the major ATV race events held are “Grand National Cross Country (GNCC) Series and the Baja 1000 which requires higher engine capacity in ATVs. OEMs are also expanding their product portfolio for >800 cc engines in ATVs. For instance, In May 2024, Yamaha developed a new 1000 cc ATV for off-road enthusiasts, which was sold in domestic and international markets. OEMs are also expanding their manufacturing facility to cater to the increasing demand for ATVs. For instance, In July 2023, Honda Motor Co., Ltd. (Japan) in North Carolina Manufacturing facility started the production of ATVs with higher engine capacity due to an increase in demand for them in North America. The company invested USD 380 million to develop FourTrax and TRX series ATV models. Similarly, In July 2022, BRP (Canada) started their new manufacturing plant in Querétaro, Mexico, including a production line for >800 cc engines in ATVs. Similarly, Arctic Cat (US) (Subsidiary company of Textron Inc (US)) had invested USD 26 million in their new manufacturing facility at Thief River Falls due to increased outdoor activities and sports events in North America. Hence, these investments by the key players and rising race events have boosted the market for engines >800 cc. "Asia Oceania is the fastest growing market for All-terrain vehicles." Asia Oceania region has significant countries like China and Australia, where ATV has a higher market share. Countries like Australia have extensive farmland and agricultural spaces where ATVs are essential for farming and caring for livestock. Similarly, China is Asia Oceania's second-largest market, with some dominating players like CFMOTO (China), Chongqing Huansong (China), and Linhai (China). However, many ATVs that these key players in China manufacture are exported to Europe and other countries due to higher demand. According to International Trade Centre (ITC) data for 2023, China exports most ATVs to the US, Russia, and Mexico, where China also holds a total trade value of USD 2,127.9 million in 2023. On the other hand, the top leading player like CFMOTO (China) mentioned on their website that more than 70% of their ATVs are sold in 100 countries, whereas 60% of their vehicles are sold in Europe. Also, many events are held in China to create new racing enthusiasts for ATVs, and the company holds events such as CFMOTO DAY every year. As the ATV market is gradually moving towards electrification, critical players in this region are focused on developing electric drivetrains, which has created new opportunities in the ATV market. Indian Startups like Powerland had raised USD 1.2 million funds in equity and debt finance in its pre-Series A round from the company named ILAFA Vertriebs GmbH (Germany) to increase the production and commercialization of the electric version of ATVs, mainly focusing on Powerland Tachyon 4x4. Moreover, these electric ATVs have gained a higher demand in European countries due to emission regulations. The key players are also acquiring other companies to increase their presence in other countries. Hence, these investments, events, and increased export rates are driving the market for ATVs. Breakdown of Primaries In-depth interviews were conducted with CXOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. • By Company Type: All-terrain Vehicle Manufacturer- 80%, and Other Companies - 20% • By Designation: C Level Executives - 60%, Directors/ Vice Presidents-10%, and Others -30% • By Region: North America - 20%, Europe - 10%, Asia Oceania - 50%, and Rest of the World – 20% The All-terrain vehicles market comprises significant manufacturers such as Polaris Inc. (US), Honda Motor Co., Ltd (Japan), BRP (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US). Research Coverage The study segments the all-terrain vehicle market by application (sports, entertainment, agriculture, military & defense, and others); type (sports and utility); drive type (2WD, 4WD, and AWD); engine capacity (<400 cc, 400 - 800 cc, and >800 CC); fuel type (gasoline and electric); seating capacity (One-seater and ≥2-Seater); the number of wheels (four wheels and >four wheels), electric ATV, by battery capacity (<10kWh and >10 kWh), and Side-by-side vehicle market, by number of wheels (four wheels and >four wheels) region (Asia Oceania, Europe, North America, Rest of the world) and side-by-side by region. Key Benefits of Buying the Report: The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the all-terrain vehicle market and its subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities. The report provides insights on the following pointers: • Analysis of critical drivers (Increasing off-road recreational activities, growing demand for all-terrain vehicles in agriculture and military & defense sectors, rising purchasing power and spending capacity of individuals), Restraints (High accident rates are hampering the ATV sales, and Restriction on all-terrain vehicle use in wildlife zones), Opportunities (Integration of advanced technologies in all-terrain vehicles, Growing penetration of electric all-terrain vehicles, and Increasing rental services), Challenges (Trade barriers between different countries High cost of ATVs and High cost of all-terrain vehicles) • New vehicles launch for electric ATVs with their battery capacity offered by the manufacturers which are used in military, agriculture and recreational purpose. • OEM analysis for electric ATVS and SxS vehicles: battery capacity vs vehicle range; Gasoline ATVs: horsepower VS engine capacity; and Gasoline SxS vehicles: horsepower VS engine capacity. • Total Cost of Ownership for ATVs for gasoline and electric fuel type • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the all-terrain vehicle market. • Market Development: Comprehensive information about lucrative markets – the report analyses the all-terrain vehicle market across different regions. • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the all-terrain vehicle market. • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Polaris Inc. (US), BRP (Canada), Honda Motor Co., Ltd (Japan), Textron Inc. (US), and Yamaha Motor Corporation (Japan). In the all-terrain vehicle market.

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Table of Contents

1 INTRODUCTION 29 1.1 STUDY OBJECTIVES 29 1.2 MARKET DEFINITION 30 1.2.1 MARKET DEFINITION 30 1.2.1.1 By Drive Type 30 1.2.1.2 By Type 31 1.2.2 INCLUSIONS AND EXCLUSIONS 31 1.3 MARKET SCOPE 32 1.3.1 YEARS CONSIDERED 33 1.4 CURRENCY CONSIDERED 33 1.5 UNIT CONSIDERED 33 1.6 STAKEHOLDERS 34 1.7 SUMMARY OF CHANGES 34 2 RESEARCH METHODOLOGY 35 2.1 RESEARCH DATA 35 2.1.1 SECONDARY DATA 36 2.1.1.1 List of key secondary sources to estimate base numbers 37 2.1.1.2 Key data from secondary sources 38 2.1.2 PRIMARY DATA 38 2.1.2.1 Sampling techniques and data collection methods 39 2.1.2.2 Primary interview participants 40 2.2 MARKET SIZE ESTIMATION 40 2.2.1 BOTTOM-UP APPROACH 42 2.2.2 TOP-DOWN APPROACH 43 2.3 FACTOR IMPACTING ALL-TERRAIN VEHICLE MARKET 44 2.4 DATA TRIANGULATION 45 2.5 RESEARCH ASSUMPTIONS 46 2.6 RISK ASSESSMENT 46 2.7 RESEARCH LIMITATIONS 47 3 EXECUTIVE SUMMARY 48 4 PREMIUM INSIGHTS 52 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC ALL-TERRAIN VEHICLE MARKET 52 4.2 ALL-TERRAIN VEHICLE MARKET, BY TYPE 52 4.3 ALL-TERRAIN VEHICLE MARKET, BY APPLICATION 53 4.4 ALL-TERRAIN VEHICLE MARKET, BY DRIVE TYPE 53 4.5 ALL-TERRAIN VEHICLE MARKET, BY FUEL TYPE 54 4.6 ALL-TERRAIN VEHICLE MARKET, BY ENGINE CAPACITY 54 4.7 ALL-TERRAIN VEHICLE MARKET, BY NUMBER OF WHEELS 55 4.8 ALL-TERRAIN VEHICLE MARKET, BY SEATING CAPACITY 55 4.9 SIDE-BY-SIDE VEHICLE MARKET, BY REGION 56 4.10 ELECTRIC ALL-TERRAIN VEHICLE MARKET, BY BATTERY CAPACITY 56 4.11 SIDE-BY-SIDE VEHICLE MARKET, BY NUMBER OF WHEELS 57 4.12 ALL-TERRAIN VEHICLE MARKET, BY REGION 57 5 MARKET OVERVIEW 58 5.1 INTRODUCTION 58 5.2 MARKET DYNAMICS 59 5.2.1 DRIVERS 59 5.2.1.1 Increasing off-road recreational activities 59 5.2.1.2 Growing demand for all-terrain vehicles in agriculture and military & defense applications 60 5.2.1.3 Rising purchasing power and spending capacity of individuals 60 5.2.2 RESTRAINTS 61 5.2.2.1 High accident rates hampering all-terrain vehicle sales 61 5.2.2.2 Restriction on all-terrain vehicle use in wildlife zones 62 5.2.3 OPPORTUNITIES 63 5.2.3.1 Integration of advanced technologies in all-terrain vehicles 63 5.2.3.2 Growing penetration of electric all-terrain vehicles 63 5.2.3.3 Increasing rental services 64 5.2.4 CHALLENGES 64 5.2.4.1 Trade barriers between different countries 64 5.2.4.2 High cost of all-terrain vehicles 65 5.3 IMPACT OF AI/GENAI ON ALL-TERRAIN VEHICLE MANUFACTURING 66 5.3.1 CASE STUDIES 66 5.3.1.1 Massimo using robots in all-terrain vehicle manufacturing units 66 5.3.1.2 Polaris using ToolsGroup's platform to optimize supply chain of all-terrain vehicles 67 5.3.1.3 AI-equipped all-terrain vehicles for precision farming in Midwest, US 67 5.3.1.4 Indian Army conducting trials for AI-based all-terrain vehicles 67 5.3.1.5 CFMOTO partnering with Cerence to integrate AI in all-terrain vehicles 68 5.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 68 5.5 PRICING ANALYSIS 69 5.5.1 INDICATIVE AVERAGE SELLING PRICE, BY REGION, 2019–2023 69 5.5.2 INDICATIVE AVERAGE SELLING PRICE, BY TYPE, 2019–2023 70 5.5.3 INDICATIVE AVERAGE SELLING PRICE, BY APPLICATION, 2019–2023 70 5.5.4 OEM PRICING FOR ALL-TERRAIN VEHICLES, BY DRIVE TYPE 71 5.5.5 OEM PRICING FOR ALL-TERRAIN VEHICLES, BY ENGINE CAPACITY 73 5.5.6 OEM PRICING FOR ELECTRIC ALL-TERRAIN VEHICLES 75 5.5.7 OEM PRICING FOR ALL-TERRAIN VEHICLES, BY NUMBER OF WHEELS 76 5.5.8 OEM PRICING FOR ALL-TERRAIN VEHICLES, BY SEATING CAPACITY 76 5.5.9 OEM PRICING FOR SIDE-BY-SIDE VEHICLES, BY NUMBER OF WHEELS 78 5.6 SUPPLY CHAIN ANALYSIS 79 5.7 ALL-TERRAIN VEHICLE MARKET ECOSYSTEM ANALYSIS 80 5.7.1 ALL-TERRAIN VEHICLE MANUFACTURERS 81 5.7.2 RAW MATERIAL/COMPONENT SUPPLIERS 81 5.7.3 GOVERNMENT AND REGULATORY AUTHORITIES 81 5.7.4 DEALERS AND DISTRIBUTORS 82 5.7.5 SERVICE & REPAIR CENTERS 82 5.7.6 END USERS 82 5.8 INVESTMENT SCENARIO 83 5.9 TECHNOLOGY TRENDS 84 5.9.1 KEY TECHNOLOGIES 84 5.9.1.1 Autonomous all-terrain vehicles 84 5.9.1.2 Advancements in battery packs and development of wireless and automated charging for electric all-terrain vehicles 85 5.9.2 COMPLEMENTARY TECHNOLOGIES 85 5.9.2.1 Advanced connectivity and smart features 85 5.9.3 ADJACENT TECHNOLOGIES 86 5.9.3.1 Hydrogen fuel cell all-terrain vehicles 86 5.10 PATENT ANALYSIS 87 5.11 TRADE ANALYSIS 92 5.11.1 IMPORT SCENARIO, 2019–2023 92 5.11.2 EXPORT SCENARIO, 2019–2023 94 5.12 KEY CONFERENCES AND EVENTS IN 2024–2025 96 5.13 CASE STUDY ANALYSIS 97 5.13.1 JOHN DEERE AND AMS PARTNERED FOR NEXT-GEN ENTRY-LEVEL SPORTS ALL-TERRAIN VEHICLES 97 5.13.2 POLARIS INTRODUCED NAVIGATION PLATFORM TAILORED TO ITS CUSTOMERS IN PARTNERSHIP WITH COMTECH 97 5.13.3 KAWASAKI ARC WELDING SOLUTIONS FOR ALL-TERRAIN VEHICLES 98 5.13.4 CORRA'S ABOBE COMMERCE SOLUTION TO CONTROL MOBILE TRAFFICKING PROBLEM 98 5.14 REGULATORY LANDSCAPE 99 5.14.1 US 99 5.14.2 CANADA 101 5.14.3 AUSTRALIA 102 5.14.4 EUROPE 102   5.14.5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 103 5.14.5.1 North America 103 5.14.5.2 Europe 104 5.14.5.3 Asia Oceania 105 5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 107 5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 107 5.15.2 BUYING CRITERIA 108 5.16 TOTAL COST OF OWNERSHIP 110 5.16.1 ELECTRIC VS. GASOLINE ALL-TERRAIN VEHICLES 110 5.17 OEM ANALYSIS 111 5.17.1 BATTERY CAPACITY VS. VEHICLE RANGE 111 5.17.2 GASOLINE ALL-TERRAIN VEHICLES: HORSEPOWER VS. ENGINE CAPACITY 112 5.17.3 GASOLINE SIDE-BY-SIDES: HORSEPOWER VS. ENGINE CAPACITY 113 6 ALL-TERRAIN VEHICLE MARKET, BY TYPE 114 6.1 INTRODUCTION 115 6.2 SPORTS 116 6.2.1 ASIA OCEANIA TO BE FASTEST-GROWING MARKET 116 6.3 UTILITY 118 6.3.1 INCREASING APPLICATION IN FARMS AND AGRICULTURAL PRACTICES TO DRIVE MARKET 118 6.4 INDUSTRY INSIGHTS 120 7 ALL-TERRAIN VEHICLE MARKET, BY APPLICATION 121 7.1 INTRODUCTION 122 7.2 SPORTS 124 7.2.1 POPULARITY OF SPORTS EVENTS AND CHAMPIONSHIPS TO DRIVE MARKET 124 7.3 ENTERTAINMENT 126 7.3.1 GROWING NUMBER OF LOCAL RACES AND EVENTS TO DRIVE MARKET 126 7.4 AGRICULTURE 127 7.4.1 GROWING FARM MECHANIZATION TO DRIVE MARKET 127 7.5 MILITARY & DEFENSE 129 7.5.1 GROWING R&D AND INVESTMENTS TO DEVELOP ALL-TERRAIN VEHICLES THAT CAN OPERATE IN EXTREME CONDITIONS TO DRIVE MARKET 129 7.6 OTHERS 131 7.7 INDUSTRY INSIGHTS 133 8 ALL-TERRAIN VEHICLE MARKET, BY DRIVE TYPE 134 8.1 INTRODUCTION 135 8.2 2WD 137 8.2.1 ADDED SENSE OF CONTROL TO DRIVE MARKET 137   8.3 4WD 138 8.3.1 TECHNICAL ADVANTAGES LIKE BETTER TRACTION AND ABILITY TO SWITCH TO 2WD TO DRIVE 4WD MARKET 138 8.4 AWD 140 8.4.1 GROWING TREND OF ELECTRIFICATION TO DRIVE MARKET 140 8.5 INDUSTRY INSIGHTS 142 9 ALL-TERRAIN VEHICLE MARKET, BY ENGINE CAPACITY 143 9.1 INTRODUCTION 144 9.2 <400 CC 146 9.2.1 RISING DEMAND IN SPORTS AND OFF-ROAD ACTIVITIES TO DRIVE MARKET 146 9.3 400–800 CC 147 9.3.1 HIGH DELIVERING POWER AND ENHANCED FUEL EFFICIENCY TO DRIVE MARKET 147 9.4 >800 CC 149 9.4.1 ABILITY TO OFFER EXTREME POWER AND TORQUE REQUIREMENTS TO DRIVE MARKET 149 9.5 INDUSTRY INSIGHTS 150 10 ALL-TERRAIN VEHICLE MARKET, BY FUEL TYPE 151 10.1 INTRODUCTION 152 10.2 GASOLINE 153 10.2.1 HIGHER POWER, EFFICIENCY, AND WIDER APPLICATIONS TO DRIVE MARKET 153 10.3 ELECTRIC 155 10.3.1 DEVELOPMENTS IN BATTERY TECHNOLOGY AND LAUNCH OF VARIOUS MODELS FOR DIFFERENT APPLICATIONS TO DRIVE MARKET 155 10.4 INDUSTRY INSIGHTS 156 11 ALL-TERRAIN VEHICLE MARKET, BY NUMBER OF WHEELS 157 11.1 INTRODUCTION 158 11.2 FOUR WHEELS 160 11.2.1 INCREASING SPORTS AND RECREATIONAL ACTIVITIES TO DRIVE MARKET 160 11.3 >FOUR WHEELS 161 11.3.1 GROWING DEMAND FOR UTILITY ALL-TERRAIN VEHICLES IN AGRICULTURE, CONSTRUCTION, AND MINING TO DRIVE MARKET 161 11.4 INDUSTRY INSIGHTS 163 12 ALL-TERRAIN VEHICLE MARKET, BY SEATING CAPACITY 164 12.1 INTRODUCTION 165 12.2 ONE-SEATER 166 12.2.1 LOWER COST THAN TWO-SEATERS TO DRIVE MARKET 166 12.3 ≥TWO-SEATER 168 12.3.1 REDUCED MAINTENANCE AND INCREASED SAFETY TO DRIVE MARKET 168 12.4 INDUSTRY INSIGHTS 169 13 ELECTRIC ALL-TERRAIN VEHICLE MARKET, BY BATTERY CAPACITY 170 13.1 INTRODUCTION 171 13.1.1 ELECTRIC ALL-TERRAIN VEHICLE OEM MODELS, BY BATTERY CAPACITY 173 13.2 <10 KWH 173 13.2.1 GROWING DEMAND FOR ADVENTURE SPORTS TO DRIVE MARKET 173 13.3 >10 KWH 175 13.3.1 INCREASE IN INDUSTRIAL AND MILITARY APPLICATIONS TO DRIVE MARKET 175 13.4 INDUSTRY INSIGHTS 177 14 SIDE-BY-SIDE VEHICLE MARKET, BY NUMBER OF WHEELS 178 14.1 INTRODUCTION 179 14.2 FOUR WHEELS 181 14.2.1 GROWING OUTDOOR RECREATION ACTIVITIES TO DRIVE MARKET 181 14.3 >FOUR WHEELS 182 14.3.1 INCREASING CARGO-CARRYING CAPACITY FOR INDUSTRIAL AND AGRICULTURAL USES TO DRIVE MARKET 182 14.4 INDUSTRY INSIGHTS 183 15 SIDE-BY-SIDE VEHICLE MARKET, BY REGION 184 15.1 INTRODUCTION 185 15.2 INDUSTRY INSIGHTS 187 16 ALL-TERRAIN VEHICLE MARKET, BY REGION 188 16.1 INTRODUCTION 189 16.2 ASIA OCEANIA 191 16.2.1 MACROECONOMIC OUTLOOK 191 16.2.2 CHINA 196 16.2.2.1 Large-scale domestic manufacturing and increasing adoption in farming to drive market 196 16.2.3 AUSTRALIA 198 16.2.3.1 Introduction of safety regulations like installation of rollover protection devices to affect market 198 16.2.4 NEW ZEALAND 200 16.2.4.1 Increasing popularity of sports events and championships to drive market 200 16.2.5 JAPAN 201 16.2.5.1 Growing demand in sports events and championships to drive market 201 16.2.6 INDIA 203 16.2.6.1 Introduction of new models for agriculture applications to drive market 203   16.3 EUROPE 205 16.3.1 MACROECONOMIC OUTLOOK 205 16.3.2 GERMANY 210 16.3.2.1 Growing penetration of all-terrain vehicles in military & defense sector to drive market 210 16.3.3 FRANCE 212 16.3.3.1 Increasing adoption in construction and farming activities to drive market 212 16.3.4 RUSSIA 213 16.3.4.1 Rising demand in defense and agriculture applications to drive market 213 16.3.5 UK 215 16.3.5.1 Safety programs by key market players to drive market 215 16.3.6 SPAIN 216 16.3.6.1 Increased farming activity related to vineyards and olive groves to drive market 216 16.3.7 SWEDEN 217 16.3.7.1 Presence of vast forest areas to drive market 217 16.3.8 REST OF EUROPE 219 16.4 NORTH AMERICA 220 16.4.1 MACROECONOMIC OUTLOOK 220 16.4.2 US 225 16.4.2.1 Growing use of ATVs in military applications to drive market 225 16.4.3 CANADA 226 16.4.3.1 Government efforts to legalize all-terrain vehicles in some provinces to drive market 226 16.4.4 MEXICO 228 16.4.4.1 Growth of off-road vehicle industry to drive market 228 16.5 REST OF THE WORLD 230 16.5.1 MACROECONOMIC OUTLOOK 230 16.5.2 BRAZIL 234 16.5.2.1 Increasing penetration in government forest departments to drive market 234 16.5.3 UAE 236 16.5.3.1 Growing tourism sector to drive market 236 16.5.4 SOUTH AFRICA 237 16.5.4.1 Increasing demand for utility ATVs to access difficult terrains to drive market 237 16.5.5 SAUDI ARABIA 239 16.5.5.1 Growing popularity of desert racing and sports events to drive market 239 16.6 INDUSTRY INSIGHTS 240   17 COMPETITIVE LANDSCAPE 241 17.1 OVERVIEW 241 17.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 241 17.3 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS 243 17.4 MARKET SHARE ANALYSIS, 2023 245 17.5 COMPANY VALUATION, 2023 246 17.6 COMPANY FINANCIAL METRICS, 2023 247 17.7 BRAND COMPARISON 248 17.8 COMPANY EVALUATION MATRIX: ALL-TERRAIN VEHICLE MANUFACTURERS, 2023 249 17.8.1 STARS 249 17.8.2 EMERGING LEADERS 249 17.8.3 PERVASIVE PLAYERS 249 17.8.4 PARTICIPANTS 249 17.9 COMPANY FOOTPRINT 251 17.10 COMPANY EVALUATION MATRIX: SIDE-BY-SIDE VEHICLE MANUFACTURERS, 2023 255 17.10.1 STARS 255 17.10.2 EMERGING LEADERS 255 17.10.3 PERVASIVE PLAYERS 255 17.10.4 PARTICIPANTS 255 17.11 COMPANY FOOTPRINT 257 17.12 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 260 17.12.1 PROGRESSIVE COMPANIES 260 17.12.2 RESPONSIVE COMPANIES 260 17.12.3 DYNAMIC COMPANIES 260 17.12.4 STARTING BLOCKS 260 17.12.5 COMPETITIVE BENCHMARKING 262 17.13 COMPETITIVE SCENARIO 264 17.13.1 PRODUCT LAUNCHES/DEVELOPMENTS/ENHANCEMENTS 264 17.13.2 DEALS 279 17.13.3 EXPANSIONS 283 17.13.4 OTHER DEVELOPMENTS 286 18 COMPANY PROFILES 287 18.1 KEY PLAYERS 287 18.1.1 POLARIS INC. 287 18.1.1.1 Business overview 287 18.1.1.2 Products offered 288 18.1.1.3 Recent developments 290 18.1.1.4 MnM view 295 18.1.1.4.1 Key strengths 295 18.1.1.4.2 Strategic choices 296 18.1.1.4.3 Weaknesses and competitive threats 296 18.1.2 TEXTRON INC. 297 18.1.2.1 Business overview 297 18.1.2.2 Products offered 298 18.1.2.3 Recent developments 299 18.1.2.4 MnM view 300 18.1.2.4.1 Key strengths 300 18.1.2.4.2 Strategic choices 301 18.1.2.4.3 Weaknesses and competitive threats 301 18.1.3 HONDA MOTOR CO., LTD. 302 18.1.3.1 Business overview 302 18.1.3.2 Products offered 303 18.1.3.3 Recent developments 305 18.1.3.4 MnM view 309 18.1.3.4.1 Key strengths 309 18.1.3.4.2 Strategic choices 309 18.1.3.4.3 Weaknesses and competitive threats 309 18.1.4 KAWASAKI HEAVY INDUSTRIES LTD. 310 18.1.4.1 Business overview 310 18.1.4.2 Products offered 311 18.1.4.3 Recent developments 312 18.1.4.4 MnM view 315 18.1.4.4.1 Key strengths 315 18.1.4.4.2 Strategic choices 315 18.1.4.4.3 Weaknesses and competitive threats 315 18.1.5 YAMAHA MOTOR CO., LTD. 316 18.1.5.1 Business overview 316 18.1.5.2 Products offered 317 18.1.5.3 Recent developments 318 18.1.5.4 MnM view 322 18.1.5.4.1 Key strengths 322 18.1.5.4.2 Strategic choices 322 18.1.5.4.3 Weaknesses and competitive threats 322 18.1.6 SUZUKI MOTOR CORPORATION 323 18.1.6.1 Business overview 323 18.1.6.2 Products offered 324 18.1.6.3 Recent developments 325 18.1.7 DEERE & COMPANY 328 18.1.7.1 Business overview 328 18.1.7.2 Products offered 329 18.1.7.3 Recent developments 330   18.1.8 BRP 332 18.1.8.1 Business overview 332 18.1.8.2 Products offered 333 18.1.8.3 Recent developments 334 18.1.9 CFMOTO 338 18.1.9.1 Business overview 338 18.1.9.2 Products offered 339 18.1.9.3 Recent developments 341 18.1.10 HISUN. 344 18.1.10.1 Business overview 344 18.1.10.2 Products offered 344 18.1.10.3 Recent developments 345 18.2 OTHER PLAYERS 347 18.2.1 BENNCHE, LLC 347 18.2.2 VELOMOTORS 348 18.2.3 ECO CHARGER 349 18.2.4 BALTMOTORS 349 18.2.5 CECTEK 350 18.2.6 NEBULA AUTOMOTIVE PRIVATE LIMITED 351 18.2.7 TAIWAN GOLDEN BEE (TGB) 352 18.2.8 KYMCO 353 18.2.9 LINHAI 354 18.2.10 AMERICAN LANDMASTER 354 18.2.11 SEGWAY TECHNOLOGY CO., LTD 355 18.2.12 BAD BOY MOWERS. 356 18.2.13 MASSIMO MOTORS SPORTS, LLC 357 18.2.14 INTIMIDATOR UTV 358 18.2.15 SSR MOTORSPORTS 359 18.2.16 DRR USA 360 18.2.17 ARGO 361 18.2.18 VOLCON 362 18.2.19 POWERLAND 363 18.2.20 LIVAQ 364 18.2.21 POTENTIAL MOTORS 364 18.2.22 OREION MOTORS 365 19 RECOMMENDATIONS BY MARKETSANDMARKETS 366 19.1 ASIA OCEANIA TO BE ATTRACTIVE MARKET FOR ALL-TERRAIN VEHICLES 366 19.2 >800 CC ALL-TERRAIN VEHICLES AND SIDE-BY-SIDE VEHICLES TO CREATE NEW REVENUE POCKETS 366 19.3 GROWTH OF ELECTRIC ALL-TERRAIN VEHICLES TO OFFER ATTRACTIVE OPPORTUNITIES TO MANUFACTURERS 367 19.4 CONCLUSION 367 20 APPENDIX 368 20.1 INSIGHTS FROM INDUSTRY EXPERTS 368 20.2 DISCUSSION GUIDE 369 20.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 372 20.4 CUSTOMIZATION OPTIONS 374 20.4.1 SIDE-BY-SIDE VEHICLE MARKET, BY APPLICATION 374 20.4.1.1 Sports 374 20.4.1.2 Entertainment 374 20.4.1.3 Agriculture 374 20.4.1.4 Military & Defense 374 20.4.1.5 Others 374 20.4.2 SIDE-BY-SIDE VEHICLE MARKET, BY FUEL TYPE 374 20.4.2.1 Gasoline 374 20.4.2.2 Diesel 374 20.4.2.3 Electric 374 20.4.3 SIDE-BY-SIDE VEHICLE MARKET, BY BATTERY CHEMISTRY 374 20.4.3.1 Li-NMC 374 20.4.3.2 LFP 374 20.5 RELATED REPORTS 375 20.6 AUTHOR DETAILS 376