It’s Spring – or almost Spring depending on your location – and what better time to pull that ATV out of the shed and churn some dirt! While you’re at it, now is a good time to generate some revenue as well. According to Mordor Intelligence, the North American ATV and UTV market is valued at USD 5.96 billion in 2023, with a predicted growth to USD 7.90 billion, registering a CAGR of about 4.8 percent over the next five years. Rebounding from the shut-down pandemic years, ATV and UTV use has expanded from primarily agriculture, patrolling and hunting uses to sports and recreational activities, gardening, and a plethora of other uses.
Top ATV manufacturers including Yamaha, Polaris, Honda, Can-Am, Suzuki, and Kawasaki realized the opportunity for market growth during the pandemic and announced a slew of new products in 2022. Targeting a wide range of markets including sports, all-terrain, adult, youth, and commercial applications, these units are hitting the showroom floor as consumers shake off the winter doldrums. Specifically, the growth in off-road adventure activities and ‘overlanding’ reflects US consumer interest in affordable family-oriented fun.
While gas-powered models will remain the top seller for the next couple of years, advancements in electric ATVs will leverage growth in the automotive EV market. Outdoor charging options for hunting or back-country use may lag but commercial applications including military and civic use could follow the trend of these industries transitioning their fleets to EVs.