ATV is a short term for All Terrain Vehicle. It commonly has 4 wheels and is designed to be driven off road. It seats one person, or sometimes two, one in front of the other.
This information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink™ , which provides information on engines, and OE Link™, a database of equipment manufacturers.
Market Share: With 28% of total units produced, Polaris leads in the production of 4-wheeled ATVs in North America. In second position and third position are Honda and Yamaha Motor with 22% and 18.5%, respectively.
Export: Mexico exports up to 45% of its production worldwide. The United States exports up to 30% of its production worldwide. Approximately 60% of Suzuki’s production in Rome, GA, remain in the US, while the rest are sold internationally.
Trends: In 2022, production of ATVs in North America decreased nearly 5% from 2021. However, production is expected to rebound 5% in 2023. The 2022 decrease was partially COVID-19 related. Other factors included overstock, the uncertain economic outlook, and the growing popularity of side x side units (utility vehicles).
Manufacturers have discontinued less popular models/variants and are concentrating on bestselling units. ATVs are used in many activities that meet recreation, sport and military needs.
Investor relations representatives from Yamaha, Polaris Industries and Arctic Cat forecast increased sales, based on rising consumer discretionary spending and favorable gas prices. Production is expected to increase, considering current economic factors along with the introduction of innovative products and technologies. Look for additional production up to 10% by 2025. PSR
Carol Turner is Senior Analyst, Global Operations, for Power Systems Research
