According to the sports ATV equipment market analysis, the global sports ATV equipment market will grow steadily at a CAGR of above 5% by 2021. One of the primary drivers for this market is the growing popularity of off-road recreational activities. The popularity of such activities can be attributed to the need for leisure with a busy lifestyle of today's global population, especially in the urban areas. This rising popularity of off-road activities has propelled sports enthusiasts to take up activities like backpacking, scuba diving, rafting, snorkeling, mountain biking, and dirt racing. On a global scale, the need for leisure is especially evident among people who come under the age bracket of 25-44 years. For instance, in 2015, nearly half of the US population belonging to this age group participated in such off-road recreational activities. This increasing interest in off-road recreational activities across the globe is expected to propel the sports ATV equipment market growth during the forecast period.
Based on the sports ATV equipment market analysis, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. With governments encouraging off-road recreational activities by allocating land for sports events like dirt racing, desert racing, and mountain racing is the major reason for the growth of the sports ATV equipment market in the region. Moreover, a rapid increase in the exports of sports ATV equipment across the globe will further contribute to the growth of the sports ATV equipment market in the coming years.
Competitive landscape and key vendors
The global sports ATV equipment market is marked by the presence of leading international players holding majority shares in the market. The market is almost monopolized by the presence of a few prominent players; this has made the global market highly consolidated in nature. The intense competition among these companies, coupled with the rapid changes in technology and consumer preferences, makes the threat of new entrants extremely low.
Leading vendors in the market are
Honda Motor Company
Yamaha Motor Corporation
Other prominent vendors in the sports ATV equipment market include Fox Racing, Kawasaki Motors, KYMCO, and Leatt.
Segmentation by product and analysis of the sports ATV equipment market
Sports ATV protective gear
During 2016, the sports ATV dominated the sports ATV equipment market and accounted for a major part of the overall market share. An increase in the number of off-road recreational activities is a major factor in boosting the demand for sports ATVs. Also, the rise in the number of sports enthusiasts to drive ATVs and various vendors developing ATV experience zones are other factors contributing to the dominance of this segment in the global market.
Segmentation by distribution channel and analysis of the sports ATV equipment market
Sporting goods retailers
Department stores, hypermarket, and supermarket
In this market study, analysts have estimated the sporting goods retailers to dominate the sports ATV equipment market during the forecast period. The ability of the sporting goods retailers to offer popular brands of sports ATV equipment is the major factors responsible for the dominance of this segment.