Market Trends of All-Terrain Vehicle Tire Industry
This section covers the major market trends shaping the All Terrain Vehicle Tire Market according to our research experts:
Government Initiatives to Boost Recreational Activities will Drive the Market
The US government is taking new initiatives to boost the demand for ATVs. The administration increased the budgetary allocations to build new off-road trails that are helpful for recreational enthusiasts and boost adventure sports in the region. The United States has various national parks, such as Wisconsin, which emerged as a major geographical terrain that assisted North American youth ATV and UTV participants. In April 2017, the Georgia Department of Natural Resources announced a federal recreational trail grant of USD 1 million for the Bush Head Shoals State ATV Park, which helped in the growth of the market.
North America is Expected to Lead the Market During
There are many sport events taking place in the North American countries like USA and Canada. The grand national cross-country series, ATV National Motocross Championship, and Championship Mud Racing are few such events where a different class of ATVs are used. Also, the demand of ATVs in all the age sections of the society will drive the growth of the market in the forecast period. For instance, in 2018, 8.11% of Americans aged between 18 and 29 years owned an ATV, 11.85% of people aged between 30 and 49 years owned an ATV, and 5.5% of people aged between 50 and 64 years own an ATV.
This percentage is expected to increase over the forecast period, with an anticipated increase of people's interest in recreational activities. The United States is the largest market in the North American region, occupying more than 90% of the total value, followed by Canada and Mexico.
