The demand for ATVs and UTVs for military activities is boosting the market growth. The global ATV and UTV market size is likely to attain over USD 12 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 6.7% during the forecast years 2021-2028. An ATV or all-terrain vehicle is a type of vehicle which is fitted with four low-pressure tires and handle bars. ATVs only accommodate one rider and do not have built-in rollover protection. An UTV or utility task vehicle, also called a side-by-side or recreational off-road vehicle (ROV), is a off-road vehicle that accommodates a driver and a passenger sitting side-by-side. UTVs have bench or occasionally bucket seats and are controlled via a steering wheel rather than handlebars. Most UTVs have built-in rollover protection in the form of a cage on top of the vehicle. Typically used in military, sports, forestry, and agriculture, these vehicles posses superior off-road capabilities and maneuverability.
The present and future ATV and UTV market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the ATV and UTV market opportunities during the forecast years. Factors such as the increase in their usage from military and sports verticals are some of the key factors driving the market growth for ATV and UTV market.
Also, increasing awareness about their applications such as driving on difficult terrain, superior navigational aids, flexibility, and maneuverability are some of the factors which are driving the market growth. However, the market growth is restrained by factors such as their high maintenance costs and a ban on ATV and UTV in wildlife areas.
The report also emphasizes several distinctiveness of the global ATV and UTV industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the ATV and UTV industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The ATV and UTV market has tough competition among the new emerging and pre-established market vendors. Besides, the ATV and UTV industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the application, the market is categorized into utility, sports, and others. The sports segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the others segment is likely to emerge as the rapidly growing segment.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the ATV and UTV market in this region is mostly ascribed to the growing adoption of ATV and UTV solutions by sports enthusiasts in countries such as India, Japan, and China to compete against other regional players. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the market maturity in the region.
The major players of the global ATV and UTV market are BRP Inc, CFmoto, Deere Company, Hisun Motors Corporation, Honda Motor Company, Ltd., Kawasaki Heavy Industries Ltd, Kwang Yang Motor Co., Ltd., Kubota Corporation, Polaris Industries, Inc., Suzuki Motor Corporation, Textron Inc, and Yamaha Motor Co., Ltd. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global ATV and UTV Market
Type Overview, 2019-2028 (USD Billion)
Application Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America