Youth ATV & UTV Market in North America to Hit $380mn by 2024: Global Market Insights, Inc.
SELLBYVILLE, Del., Oct. 2, 2018 /PRNewswire-PRWeb/ -- The youth ATV segment of North American UTV & youth ATV market accounted for over 80% volume share in 2017. The ability to travel through any terrain along with the compact footprint and easier parking & towing facilities will further strengthen the segment dominance over the forecast timeframe. The overall North America youth ATV & UTV market is set to reach USD 383 million by 2024, according to this new research report by Global Market Insights, Inc.
Increasing preference of youth to opt for adventure off-roading events including participation in several ATV and UTV races owing to the availability of diversified models at varied price range are supporting the business growth. Increasing recreational spending along with the rising number of off-roading events are driving the North America youth ATV & UTV market share over the forecast timeframe.
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Gasoline segment dominated the North American youth ATV & UTV market size with a revenue share of over 90%. This can be credited to the availability of diversified engine options with varied power, torque, and cubic capacities. Further, the availability of a vast network of fuel stations will positively influence the business growth till 2024.
The electric vehicle segment will showcase an 8% CAGR over the study timeframe owing to the benefits offered by these vehicles compared to the gasoline engines including no engine noise, lower carbon emissions, enhanced efficiency, and lower operating and maintenance costs. The significantly high power and torque outputs from such vehicles will further support the North American youth ATV & UTV market growth till 2024.
The youth UTV segment will grow significantly at 6% CAGR from 2018 to 2024 owing to the availability of standard safety equipment compared to the ATVs including a roll cage, seatbelts, and windshield. Further, the ability to accommodate multiple passengers further propels the North America youth ATV & UTV revenue generation over the projected timeframe.
Browse key industry insights spread across 200 pages with 271 market data tables & 9 figures & charts from the 2018 report on North America Youth ATV & UTV Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-youth-atv-and-utv-market
The U.S. youth ATV & UTV market will account for the maximum volume share of around 90% by 2024. This can be credited to the increasing recreational participation and the presence of multiple off-road trails in the country. The Pennsylvania state will showcase 5% CAGR from 2018 to 2024 owing to the presence of a vast network of trails that are maintained by the Pennsylvania Department of Conservation and Natural Resources.
The Ontario state in Canada accounted for the maximum volume and revenue share in 2017. This dominance is attributed to the presence of multiple clubs promoting the construction of sustainable, safe, and legal trails across the province. The proliferating off-roads events organized by the Ontario Federation of ATV clubs further strengthens the North America UTV and youth ATV market share over the forecast timeframe.
The prominent players in the North America youth ATV & UTV marketplace include BRP, Arctic Cat, KYMCO, Polaris Industries, Honda Motors, Suzuki Motor Corporation, and Yamaha Motor Corporation. Other notable players include Hisun Motors, Kawasaki Motors Corporation, Apex ATV Racing, DRR USA, Massimo Motorsports, SSR Motorsports, and Venom Motorsports. Industry participants are actively involved in introducing technological features to differentiate their portfolio. For instance, in 2018, Arctic Cat introduced the upgraded DVX 90 model with fully independent front suspension for enhancing comfort while off-roading.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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