Toronto, Ontario, Canada – According to Technavio, the all-terrain vehicle (ATV) tires market size will decrease by $7.11 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of (0.99) percent.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Countrywide Tire and Rubber Inc., Greenball Corp., High Lifter Products Inc., Kenda Tires, Cheng Shin Rubber Ind. Co. Ltd., Polaris Inc., STI Powersports, The Carlstar Group LLC, Titan International Inc. and Toyo Tire Corp. are some of the major market participants. The ATV tires are expensive with no substitutes, and the growing use of ATVs in recreational, sports and military applications will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow growing segments.
The wide applications and functionalities associated with utility ATVs are the primary reasons for the higher market share of this segment at present. Utility ATVs can be conveniently used to transport cargo, agriculture products, ranching, and for recreational activities. This raises the popularity of utility ATVs over sport ATVs among individual users.
However, the post COVID19 impact has brought forth a slowdown in the demand for utility ATVs owing to the low investment in the defense sector. Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the all-terrain vehicle tires market size.