Global ATV Electronics System Market 2020-2024 | Emergence of Autonomous ATVs to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 18, 2019--
The global ATV electronics system market size is expected to grow by USD 117.07 million during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global ATV electronics system market 2020-2024. (Graphic: Business Wire)
ATVs are preferred for various applications including agriculture, military, and forest applications. This is due to vehicle’s ability to operate in a variety of terrains such as soft surfaces, hard surfaces, snow, mud and more. In addition, the rising number of recreational and adventure sports activities in several regions and the broadcasting services for off-road events are also driving the demand for ATVs. This increasing use of ATVs in varied applications is expected to drive the overall market growth during the forecast period.
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As per Technavio, the emergence of autonomous ATVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global ATV Electronics System Market: Emergence of Autonomous ATVs
R&D activities pertaining to autonomous vehicles have increased significantly over the last five years. Increasing levels of automation technologies are likely to make self-driving vehicles commercially viable in the near future. In addition, the growing investments into the development of autonomous technologies is further expected to continue during the forecast period, which will also be crucial in encouraging the development of autonomous technologies for off-road vehicles. Furthermore, various ATV electronic system manufacturers are deploying highly reliable and efficient electronic components to serve specific applications. Thus, the emergence of autonomous ATVs will eventually drive the growth of the ATV electronic systems market during the forecast period.
“Increasing demand for electric ATVs, surging expansion of ATV model manufacturing facilities, and growing adoption of advanced electronic systems in off-road vehicles will boost the ATV electronics system market growth during the forecast period,” says a senior analyst at Technavio.
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Global ATV Electronics System Market: Segmentation Analysis
This market report segments the global ATV electronics system market by type (lighting system, advanced electronic systems, audio system, and other electronic systems) and geography (APAC, Europe, MEA, North America, and South America)
North America led the ATV electronics system market share in 2019, followed by Europe, APAC, MEA, and South America, respectively due to an increase in the adoption of ATVs in agriculture and other sectors. Furthermore, several ATV manufacturers are focusing on establishing their manufacturing facilities in Canada, apart from the US. The expansion of ATV manufacturing facilities in the region is anticipated to create a significant demand for ATV electronic systems and other components during the forecast period.
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Some of the key topics covered in the report include:
Five Forces Analysis
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