PORTLAND, Ore., Oct. 1, 2020
- Trend of adventure sports, inclination toward recreational activities, adoption in military activities, and favorable government regulations regarding usage of ATVs and UTVs on roads drive the growth of the global ATV-UTV tire market.
PORTLAND, Ore., Oct. 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "ATV-UTV Tire Market by Type (Racing Tires, Sand Tires, Mud Tires, and All Terrain Tires), Application (All-Terrain Vehicle (ATV) and Utility Terrain Vehicle (UTV)), and Industry Vertical (Agriculture, Military, Mountaineering, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global ATV-UTV tire industry garnered $385.8 million in 2018 and is expected to reach $698.1 million by 2026, growing at a CAGR of 7.5% from 2019 to 2026.
Incentives for market growth
Increase in trend of adventure sports & recreational activities, adoption of ATV-UTV in military activities, and government rules to support driving ATVs and UTVs on roads have boosted the growth of the global ATV-UTV tire market. However, growth in the retreading tires market and volatile prices of raw materials hamper the market growth. On the contrary, rise in the automobile sector and production of safer ATVs and production of safer ATVs and UTVs are expected to create lucrative opportunities in the near future.
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Mountaineering segment dominated the market
The mountaineering segment held the largest share in 2018, accounting for nearly three-fifths of the global ATV-UTV tire market, owing to increased trend towards mountaineering as a sports activity. However, the military segment is expected to portray the highest CAGR of 11.3% during the forecast period, due to increased adoption of ATVs and UTVs in different military applications such as border patrolling and others.
ATV segment to manifest the fastest growth through 2016
The ATV segment is anticipated to register the fastest CAGR of 8.8% during the forecast period, owing to increased demand for ATVs across the globe as they are flexible, easy to ride and are useful in numerous aspects. However, the UTV segment held the largest share in 2018, accounting for more than two-thirds of the global ATV-UTV tire market, as they are safer to drive compared to other sporting vehicles and are useful for several applications such as construction, search & rescue operations, and farming.
North America held the lion's share
The global ATV-UTV tire market across North America held the largest share in 2018, accounting for around half of the market. This is due to the wider usage of ATVs and UTVs in the region in terms of sporting and other activities. However, the market across Asia-Pacific is estimated to hit 9.0% during the study period, owing to the increasing trend towards ATVs and UTVs that are high in performance as well as have better and efficient components installed in them.
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