Global All-Terrain Vehicle Tires Market 2019-2023 | Growing Developments in ATV Tires to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global all-terrain vehicle (ATV) tires market is expected to post a CAGR of close to (1)% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global all-terrain vehicle (ATV) market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing use of ATVs in recreational, sports, and military applications. The preference for recreational activities and adventure is growing each passing year among consumers globally, especially among tourists. Currently, countries in North America and Europe dominate the global ATV tires market as sport and off-road activities are highly popular in these regions. These activities include off-roading, trails, mountain racing, and dirt racing, where ATVs have wide applications. The use of ATVs for military purposes is increasing as ATVs are finding varied applications among the armed forces and police departments in emerging markets such as India as well. This is resulting in greater usage of ATVs in recreational, sports, and military applications, which is driving the market in focus.
As per Technavio, the growing developments in ATV tires will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global all-terrain vehicle tires market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global all-terrain vehicle tires market: Growing developments in ATV tires
The global ATV tires market is witnessing advances in the designing and manufacturing process of tires. Designers, engineers, and technicians are working with prominent vendors to leverage their expertise and knowledge to develop efficient ATV tires. The aim is to achieve higher traction, precise handling, and superior durability to maneuver the toughest of terrains. Over the last couple of years, the global ATV tires market has witnessed an increasing number of tire launches. Many prominent vendors have launched newer tires touting their improved performance.
“There are no substitutes for ATV tires and, therefore, they cannot be replaced by other types of tires, including passenger car tires and commercial vehicle tires. This stems from the unique tread designs, grooves, tread depths. and the overall profile of ATV tires, which make them stand apart from other tires available in the market. These tires have a different production process and are made with special rubber compounds, nylon belt-reinforced tire construction, which raise the cost of manufacturing. Thus, such advances in tire design and manufacturing technology are further raising ATV tire manufacturing costs, and thereby driving the market,” says a senior analyst at Technavio.
Global all-terrain vehicle tires market: Segmentation analysis
This market research report segments the global all-terrain vehicle tires market by application (utility ATV and sport ATV) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the emerging demand for ATVs in China and India.
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INDUSTRY KEYWORD: MOTOR SPORTS MANUFACTURING OTHER MANUFACTURING AUTOMOTIVE OFF-ROAD TRUCKS & SUVS TIRES & RUBBER SPORTS
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 05/22/2019 09:10 AM/DISC: 05/22/2019 09:10 AM