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The All-terrain Vehicle (ATV) Steering System Market size is estimated to grow at a CAGR of 4.34% between 2023 and 2028. The market size is forecast to increase by USD 102.88 million. The growth of the market depends on several factors such as the improvements in ATV steering system technology, the increasing demand for ATVs for recreational and adventurous sports activities, and the growing tourism to promote sales of ATVs.
This ATV steering system market report extensively covers market segmentation by end-user (OEM and aftermarket), type (tie-rod steering, crossover steering, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the ATV steering system market growth is the growing tourism to promote sales of ATVs. The significant growth of the recreational transportation sector, which comprises boats, marines, and off-road vehicles for recreational purposes, is supporting the demand for ATVs. In addition, the growth in tourism is expected to promote off-road recreational activities across the world.
In addition, a focus on safety by providing necessary training and accessories will lower the related risks and encourage riders to use off-road vehicles such as ATVs. Furthermore, factors such as the changing lifestyles, adoption of recreational activities by the youth and middle-aged population, and improving tourism infrastructure are driving the market growth during the forecast period.
A key factor shaping the ATV steering system market growth is the improvements in ATV steering system technology. There are significant developments in the global ATV steering system market especially in ATV powertrains and the launch of new products with all-electric powertrains. Therefore, such developments are expected to fuel the growth of the market.
Moreover, ATVs are characterized as being bulky, with uncharacteristic designs and potent engines that make them unique. In addition, with advances in ATV design and manufacturing technology, ATV manufacturers have made improvements in ATV powertrains and drivetrains. Furthermore, the increase in popularity of all-electric ATVs would positively impact the growth of the market as all-electric ATVs use all-electric powertrain and drivetrain components. Therefore, it is positively impacting the all-terrain vehicle steering system market. Hence, such factors drive the market growth during the forecast period.
Product recalls due to reliability issues are one of the key challenges hindering the ATV steering system market growth. There are significant issues associated with the functioning of ATVs in recent years, which have led to both safety concerns and reliability issues. For example, in September 2023, Polaris recalled Ranger Off Recreational Highway Vehicles and Pro XD utility vehicles, Gravely ATLAS vehicles, and Bobcat utility vehicles due to injury hazards.
Moreover, there have been multiple instances of such recalls of ATVs in the last few years, which raised questions on the reliability, durability, and safety concerns of ATVs. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global ATV Steering System Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allied Motion Technologies Inc: The company offers ATV steering system such as ATV power steering assist actuator, which is used extensively in marine, agricultural, and material handling vehicles.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The OEM segment is estimated to witness significant growth during the forecast period. The original equipment manufacturer (OEM) segment comprises the adoption of ATV steering systems from ATV manufacturers. In addition, this segment also includes in-house ATV steering systems developed by ATV manufacturers. Furthermore, the OEM segment dominates the global ATV steering system market as the steering system is the standard fitment of every ATV.
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The OEM segment was the largest segment and was valued at USD 290.43 million in 2018. Moreover, companies that manufacture ATV steering systems focus on R&D to upgrade their technology such as improving handling, reducing driver effort, and increasing the safety cut-off for emergencies. For example, several OEMs offer a variety of ATVs, such as side-by-side ATVs and single-seater ATVs with handlebars. Furthermore, there is an increasing demand for ATVs in North America and Europe and OEMs such as Yamaha Motor, Honda Motor, Suzuki Motor, and Polaris are making significant investments in R&D to develop new models. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The main countries in North America which are significantly contributing to the ATV steering system market growth include the US and Canada. In addition, the US witnessed high sales of ATVs where OEMs such as Yamaha Motor Co. Ltd. (Yamaha Motor), Kawasaki Motors Corp. (Kawasaki Motors), and Honda Motor Co. Ltd. (Honda Motor) offer numerous models in the dirt, adventure, off-road, and dual-sport categories. Moreover, the introduction of newer models of ATVs and electric-powered and hybrid ATVs fuelling the growth of the market in the region. Furthermore, the region has also been witnessing a continuous inflow of investments by many ATV OEMs. For example, Bombardier Recreational Products Inc. (BRP) has multiple ATV manufacturing plants in Mexico to meet the growing demand. Hence, such factors drive the market growth during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global ATV steering system market witnessed a significant slowdown due to the negative impact on motorsports events, as they had to be canceled or postponed, and led to a decline in the demand for ATVs in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the high demand for off-road vehicles for effective patrolling during combat operations in military operations, fuelling the demand for the ATV steering system. Such factors are expected to drive the market during the forecast period.
The ATV steering system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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ATV Steering System Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
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Market Growth 2024-2028 |
USD 102.88 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.22 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 59% |
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Key countries |
US, Canada, Australia, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allied Motion Technologies Inc., Bombardier Recreational Products Inc., Dorman Products Inc., Faurecia SE, Global Steering Systems LLC, Hitachi Ltd., HL Mando Co. Ltd., Honda Motor Co. Ltd., JTEKT Corp., Kawasaki Heavy Industries Ltd., KYB Corp., Nexteer Automotive Group Ltd., NSK Ltd., Polaris Inc., QuadBoss, Robert Bosch GmbH, Suzuki Motor Corp., thyssenkrupp AG, Yamaha Motor Co. Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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