Amphibious ATVs Market Size, Share, Growth, and Industry Analysis, By Type (Utility ATVs, Sport ATVs, Side by Sides ATVs, Children ATVs), By Application (Sports and Leisure, Agriculture Industry, Out-door Work, Military Forces), Regional Forecast By 2031

Updated On: 29 April 2024

Amphibious ATVs Market Report Overview

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The global Amphibious ATVs market size was USD 3.936 billion in 2021,as per our research, the market is expected to reach USD 8,019.11 million in 2031, exhibiting a CAGR of 7.38% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Amphibious ATVs market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The Amphibious ATVs as the name suggest is an all-wheel, all-amphibious vehicles. The preliminary distinguishing feature in these vehicles are that it is capable of traveling in both land and in water. Such vehicles find several activities owing to their ability to travel through all kinds of terrain.

Such vehicles have found its utility in multiple industries like farming, hunting and military. The use of these vehicles are normally restricted to extra-urban areas since in many countries they are legally off highways and express highways.

COVID-19 Impact: Pandemic Decreased the Market Demand

As a result of the COVID-19 pandemic the governments were forced to shift their focus from spending on defence to spending on healthcare. This shift in priority, in order to safeguard the economy is the reason why the major players in the market are expecting a decreased demand. This has also majorly affected their budget and thus resulted in the flattening of the growth curve over the course of time.

Furthermore, owing to the global pandemic there has also been a decline in the foreign investments hampering the growth of the market. However, since the lifting of the COVID-19 restrictions, the market is anticipating some changes as the major companies and the defense are both assessing and adapting their supply chains.

Latest Trends

"Existing tension between the countries and the rising conflicts are expected to fuel the growth in the market"

The rising need to get more accessibility into rougher terrains by the militaries all around the world is expected to be the driving factor contributing to the growth of the amphibious ATVs market. One such example is the upgradation of the U.S. army to the assault amphibious vehicles. Similarly, several other governments are also passing legislation to encourage the use of a vehicle that doesn’t have as much adverse effect on the environment. Another factor that has been increasing the demand for amphibious ATVs are increasing popularity of Water Sports. Australian Government has announced an investment of USD 620 million to acquire new Australian-built amphibious vehicles and landing craft fleets. Such an investment has been done by the government to enable them to transport land forces with greater speed and protection.

Amphibious ATVs Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Utility ATVs, Sport ATVs, Side by Sides ATVs, Children ATVs

• By Application Analysis

Based on application, the market can be divided into Sports and Leisure, Agriculture Industry, Out-door Work, Military Forces, Others

Driving Factors 

"Increasing use in the commercial sectors to foster the market growth"

The lifting of the COVID-19 restriction has opened up tourism and there by the adventure sports associated with the same has also started to gain back their grounds. This has resulted in a spike the demand for amphibious ATVs and the major manufactures are focusing on development of technologically more advanced vehicles to meet the regaining popularity of water sports and water transportation. Besides, there is also an increasing applicability of the amphibious ATVs in construction, excavation, water mud removal, and similar activities that has resulted in an increasing demand of the amphibious vehicles

"Increasing military industry investment to result in the expansion of the market"

Every country in the world has been trying to upgrade their armour and artillery to strengthen their defence. Therefore leading countries like the U.S., Russia, China, Saudi Arabia, and India are making heavy investments in order to procure and develop advanced military system. It can only be anticipated that as the threats to border security and terrorism continues to grow, the amount invested by the countries to consolidate their defences will also increase. This increase in military investments also includes the investments made in procuring ATVs with advanced technology and robust engines, since these are the vehicles that can serve in all terrains and can also be equipped with guns and ammunition. This is set to increase the amphibious ATVs market share.

Restraining Factors

"High initial cost to hamper the market growth"

The prime manufacturers of amphibious ATVs are engaged in applying advanced technologies to the product to cater to the requirement of the market. However this same virtue is also actice as a vice as it is increasing the initial manufacturing cost of the same. In order to make the system truly amphibious they have to make sure its equipment are compatible with both land and water. The engines are also specifically designed to enable this differentiating feature of operating on land and in water of the product. These factors increases the manufacturing cost of the vehicle and therefore restricts growth of the market.

Amphibious ATVs Market Regional Insights

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"North America to lead the Amphibious ATV Market "

The sale of all-terrain vehicles has increased in North America. One of the striking factors driving the amphibious ATVs market growth in the continent is the constant push for using more eco friendly vehicles. The growth in tourism and the increase in the disposable income of the middle class substantially increasing their buying powers are also fuelling this rapid growth in the region. Therefore this upward curve has also resulted in increased investments to manufacture more advanced environment friendly vehicles and thus all the factors cumulatively are fostering the in the market.  

Key Industry Players

"Key players to employ advanced technologies in order to stimulate further growth of the Market  "

The major companies in the market are shifting their focus in developing robust vehicles that can be used for multi-tasking in the coming years. Furthermore, they are adopting strategies to strengthen their hold in the market by adopting strategies such as mergers and acquisitions, agreements, contracts, and partnerships for business expansions. Their increased competence in the field of research and development is said to be a driving factor for stimulating growth in the market. The US Marine Corps have offered a USD 184 million contract to BAE Systems in order to procure more Amphibious Combat vehicles.

List of Market Players Profiled

• Kawasaki
• John Deer
• Kubota
• Rato
• XY FORCE
• Cectek
• DRR
• KTM
• Yamaha Motor
• BMS
• CFMOTO
• KYMCO
• Suzuki
• Bobcat
• Arctic Cat
• Hisun
• BRP
• Polaris
• TGB
• Husqvarna
• Honda

Report Coverage

This report examines an understanding of the Amphibious ATVs market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.