ATV Steering System Market - Increasing Motorsport Events to Promote Growth| Technavio

LONDON--(BUSINESS WIRE)--The global ATV steering system market is expected to grow at a CAGR of close to 11% from 2017-2021, according to a new market research report by Technavio.

Global ATV steering system market segmentation by fitment channel and geography

Technavio’s report on the global ATV steering system market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by fitment channel, including original equipment manufacturers (OEMs) and aftermarket. In 2016, OEMs held more than 77% share of the global ATV steering system market. This is due to the increasing demand for ATV steering systems from ATV manufacturers.

Based on geography, the global ATV steering system market has been segmented into APAC, EMEA, and the Americas. As of 2016, the Americas held around 79% of the market share.

“The Americas dominates the global ATV steering system market. This is due to the high demand for ATVs in the US and Canada. ATVs are used for motorsport and commercial and domestic purposes in these countries. In 2013, the US Special Operations Command purchased high-tactile ATVs from Polaris Industries because they could easily be transported in air carriers as they were quite compact,” says Amey Vikram, a lead analyst at Technavio for automotive components research.

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Global ATV steering system market: competitive vendor landscape

Most ATV steering systems are manufactured in the Americas. The demand for ATV steering systems is high in the Americas. Several vendors such as Allied Motion Technologies, PD International, Kimpex, and Rugged manufacture EPS aftermarket kits that are compatible with most models offered by the OEMs. These vendors are located near the key ATV manufacturers that promote a close network of information crossflow and innovations. Can-Am has a contract with Bosch to supply EPAS. Bosch and SHOWA are the major suppliers of steering systems to OEMs that manufacture ATVs.

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Other topics covered in the report:

Market drivers:

• Increasing number of ATV motorsport events and viewers
• Major upgrades in ATV steering system technology

Market challenges:

• High cost and extreme design of ATV steering systems cause fluctuations in demand
• High concentration of sales in Americas

Market trends:

• Design language of ATVs mimicking mainstream vehicles
• Advent of amphibious ATVs

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