Future research market insights
By 2030, the market for utility terrain vehicles is expected to be worth USD 8634.35 million, growing at a 6.4% CAGR over the forecast period (2022–2030).
The term “utility terrain vehicle” (UTV) refers to a vehicle made for carrying, harsher terrain, and other uses. A side-by-side, four-wheel-drive off-road vehicle with seating for two to six people is another name for it. Other names for this vehicle are recreational off-highway (ROV) and multi-purpose off-highway utility vehicles (MOHUV). This vehicle is most likely employed for agricultural and construction tasks, including readily moving equipment and smaller tools while hauling plants, bushes, fertilizers, and compost. It can also cooperate with other modified vehicles.
UTV owners may customize their vehicles to meet their requirements thanks to a wide range of attachments (the Gator can accommodate more than 100). Models like the Kawasaki Teryx, Arctic Cat Prowler, Polaris RZR, and the newest CanAm Commander are examples of exceptionally sporty cuts. Although there are many job-specific UTVs that may be utilized that are the usual cargo bay of 16.3 cubic feet and the towing capability of 1,400 pounds in a specialized UTV for the task, these recreation-focused UTVs are also skilled workers.
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| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2030: USD 8634.35 Million |
| CAGR | ~6.4% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
Regional Analysis of the Utility Terrain Vehicle Market
North America, Europe, Asia-Pacific, the Middle East, Africa, and South America are the several regions that are categorized. Throughout the projected period, North America is anticipated to have the largest revenue market share. The largest percentage of the entire industry is anticipated to be in North America throughout the predicted period. Off-road vehicle interest has been sparked in the region by factors like the popularity of ATVs, upcoming electric vehicle projects, high levels of discretionary income, the potential for new and trend-setting inventions, the creation of an economy, and informal rules around ATV plans.
Segmentation of the Utility Terrain Vehicle Market
According to Displacement:
The categories of the global utility terrain vehicle market are based on application, and they are up to 400 CC, 400-800 CC, and over 800 CC. During the projection period, the 400-800 CC category is anticipated to grow at the fastest rate and hold the largest market share. By 2027, the 400-800 cc UTV displacement category is anticipated to have the greatest market share worldwide.
According to Propulsion:
The Global Utility Terrain Vehicle Market is divided into three sectors depending on the kind of application: gasoline, diesel, and electric. During the forecast period, the Gasoline sector is anticipated to grow at the fastest rate and hold the most market share. According to the estimated market size, the market for off-road vehicles will use the most gas.
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Depending on the Application
The segments of the global utility terrain vehicle market based on the application include sports, military, recreational activities, and others. During the projected period, the Sports sector is anticipated to have the greatest CAGR and the biggest market share.
Key Players:
Kawasaki Heavy Industries (Japan), BRP (British Motorcycles), Polaris (USA), Yamaha (Japan), Kubota (Japan), Hisun (USA), Arctic Cat (USA), Honda (Japan), and BRP (Canada)
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