The global ATV and UTV market revenue was around US$ 10.8 billion in 2023 and is estimated to reach US$ 20.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2024 to 2032.
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All-terrain vehicles (ATVs) and utility terrain vehicles (UTVs) are common off-road vehicles used for both business and leisure. An ATV is a vehicle with handlebars and four low-pressure tires that make it easier to navigate a range of terrain. ATVs are used in surveying, the military, agriculture, sports, forestry, and other fields because of their off-road prowess and ability to move over any terrain. Similar to this, a utility terrain vehicle (UTV) is designed to carry out tasks more efficiently than a vehicle intended for general use. UTVs are made to function in difficult terrain and harsh environments, and they are usually more compact and efficient than full-size cars or SUVs. It is also referred to as a four-wheel drive, side-by-side off-road vehicle that can accommodate two to six people at a time.
Factors Influencing Market Growth
– It is expected that government support for the use of ATVs and UTVs on public roads will increase the demand for ATVs and UTVs, thus propelling market growth.
– The increase in popularity of adventure sports attracts tourists, which also increases the demand for ATVs and UTVs, ultimately expanding the market.
– As ATVs and UTVs damage wildlife habitat and grassland health, they are not allowed in wildlife areas. This may hamper market growth.
– The production of ATVs and UTVs with added safety measures to avoid injuries and death may also increase the demand for ATVs and UTVs, propelling market growth.
Impact of COVID-19
COVID-19 negatively impacted the market. Its outbreak disrupted the supply chain of the global ATV & UTV industries. Trade and travel restrictions enforced by numerous governments across the globe have negatively impacted the demand for off-road vehicles. Sales of ATVs and UTVs have declined during COVID-19, indicating a decline in the market growth.
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Regional Insights
North America dominated the market in 2023. This is due to the region’s high level of discretionary income, propensity for all-terrain vehicles (ATVs), lax laws governing their use, steady economic growth, room for new trends, and impending electric vehicle initiatives. Because off-road vehicles are so widely used in hunting, forestry, mining, agriculture, sports, recreation, and construction, the US market for these vehicles continues to be the largest. As a result, this factor will drive the market growth in the region.
Leading Competitors
– SUZUKI MOTOR CORPORATION
– Textron Inc.
– POLARIS INDUSTRIES, INC.
– KWANG YANG MOTOR CO., LTD.
– Yamaha Motor Co Ltd
– KUBOTA Corporation.
– HISUN
– BRP
– Kawasaki Heavy Industries
– Deere & Company
– Honda Motor Co., Ltd.
– CFMOTO
– Other Prominent Players
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Segmentation Analysis
The global ATV and UTV market segmentation focuses on vehicle type, displacement, power output, fuel type, end use, and region.
Segmentation based on Vehicle Type
– ATV
– UTV
Segmentation based on Displacement
– Less Than 400 CC
– 400 CC To 800 CC
– More Than 800 CC
Segmentation based on Power Output
– Less Than 50kW
– 50kW to 100 kW
– Above 100 kW
Segmentation based on Fuel Type
– Gasoline Powered
– Diesel Powered
– Electric Powered
– Solar Powered
Segmentation based on End Use
– Agriculture
– Military
– Mountaineering
– Others
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Segmentation based on Region
– North America
– The U.S.
– Canada
– Europe
– UK
– Germany
– France
– Italy
– Spain
– Netherlands
– Rest of Europe
– Asia-Pacific
– China
– Japan
– India
– Australia
– South Korea
– Singapore
– Rest Of Asia-Pacific
– LAMEA
– Latin America
– Middle East
– Africa
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These responses will function a complete examination of the:
- The markets’ present-day infrastructures
- Market possibilities and challenges
- Future plausible for increase in particular industries
- Major geographic and market segments to target, and end-user goal organizations and their viable operational volumes
- Representative and a price chain probability breakdown
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- The market’s important using forces
- Key market traits are impeding market expansion.
- Obstacles to market expansion.
- Market’s pinnacle merchants.
- Thorough SWOT analysis
- Threats and possibilities confronted with the aid of the modern carriers in the world market.
- Trending elements that affect the markets in the quite a number region.
- Initiatives with a strategic center of attention on the pinnacle vendors.
- PEST find out about of the five essential market regions.
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