ATV Tire Market to Surpass $640 Million by 2024
Growing use of all-terrain vehicles in different application
areas such as agriculture, sports and entertainment to drive global ATV tire
market through 2024
According
to TechSci Research report, “Global All-Terrain
Vehicle Tire Market By Vehicle Type, By Demand Category, By Tire Size, By Company,
By Region, Competition Forecast & Opportunities, 2014 – 2024”, the
global all-terrain vehicle tire market is projected to reach $ 646 million by 2024.
Growth in the market for ATV tires can be attributed to increasing trend of off-roading
activities such as recreational and leisure activities and rising usage of ATV in
agriculture sector for transportation of light goods in Europe and North
America. Increasing demand from defence sector is also expected to boost the
sales of all-terrain vehicle tires during forecast period.
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In
terms of vehicle type, utility all-terrain vehicle tire segment accounted for
the largest share in the global all-terrain vehicle tire market in 2018, backed
by their versatile usage, high load carrying capacity, easy maintenance and
economical pricing as compared to other ATVs. Over the coming years, major global
all-terrain vehicle manufacturers are anticipated to come up with a wide range
of advanced and specifically designed all-terrain vehicle tires to meet varying
customer requirements. North America dominates the global all-terrain vehicle
tire market, owing to increasing number of ATV sports and racing tournaments, rapid
usage in agriculture, especially in poultry farming, and growing off-roading
activities in the region. United
States dominates the North America ATV tire market with market share of over 75%
in 2018. Moreover, increase in the number of all-terrain vehicles in material
transport, hunting as well as in forest and desert safari, etc., is expected to
further fuel up the demand for all-terrain vehicle tires in North America.
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“Expanding
global ATV fleet, growing use of ATVs in several applications such as sports,
entertainment and agriculture coupled with a rising number of international tire
players foraying into ATV tire market is anticipated to positively influence
the global ATV tire market. Moreover, increasing focus of manufacturers to
develop eco-friendly and advanced ATV tires is expected to act as a catalyst
for the industry growth in the coming years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
All-Terrain Vehicle Tire Market By Product Type, By Engine Displacement, By
Application Type, By Region, Competition Forecast & Opportunities, 2014 – 2024” has evaluated the future growth
potential of all-terrain vehicles market, globally, and provides statistics and
information on market size, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyses emerging trends along with essential drivers and key challenges
faced by the industry.
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