Sports ATV Equipment: Introduction
- ATV as the name implies is an “All-Terrain Vehicle” designed to handle wide range of terrains compared to most other vehicles. However, the vehicle is not street legal in many countries, states, and provinces. The sport ATV finds application in many off road competitions, in forestry, in beaches, and also in amusement, and theme & adventure parks.
- The increasing popularity of ATV in adventure activities and the trend of owning an ATV in developed nations is expected to drive the global sports ATV equipment market during the forecast period.
Key Drivers and Opportunities of the Global Sports ATV Equipment Market
- Sports ATVs come in different sizes and is suitable for all age groups. Sporting events have seen increased patronage from young consumers. Demand for advanced sports ATVs and the participation of youth in driving ATVs is expected to drive the global sports ATV equipment market.
- In many countries, sports ATV is restricted to only beaches, mountains, and parks. The market in such regions depends on tourism. The promotion of ATVs and its related activities on a larger scale will help in driving the sports ATV equipment market in such regions. On the other hand, many military and forest departments use sports ATVs for special purposes and thus generate a small market for sports ATV equipment.
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- Governments of many countries are opening their roads for ATVs which is expected to increase the sale of ATVs and increase the equipment market during the forecast period. People are stuck at home due to lockdown and avoid travelling. As the travelling restrictions ease out, more people are expected to head toward beaches, and theme & adventure parks, which is expected to drive the sports ATV equipment market during the forecast period.
- However, lack of training and increasing ATV accidents might hamper the sports ATV market, which in turn may impact the sports ATV equipment market during the forecast period.
North America to hold major share of the global sports ATV equipment market
- Geographically, the global sports ATV equipment market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to dominate the global sports ATV equipment market due to increasing number of jurisdictions allowing ATVs to be driven on public roads. North America is likely to be followed by Europe due to increased spending on recreational sports activities. For the same reason, Asia Pacific will register a higher CAGR. Middle East & Africa and South America are likely to register a slow growth rate during the forecast period.