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ATV and UTV Market Expected to Reach USD 12.4 Billion by 2028, Growing at a CAGR of over 6.5%

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ATV and UTV Market Expected to Reach USD 12.4 Billion by 2028, Growing at a CAGR of over 6.5%

April 18
20:30 2023
ATV and UTV Market Expected to Reach USD 12.4 Billion by 2028, Growing at a CAGR of over 6.5%
The global ATV and UTV market generated revenue of approximately USD 8.5 billion in 2021 and is expected to grow at a CAGR of over 6.5% during the forecast period from 2022 to 2028, reaching around USD 12.4 billion by 2028.

The latest market report published by Credence Research, Inc. titled “Global ATV and UTV Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028” reveals that the global ATV and UTV market generated revenue of approximately USD 8.5 billion in 2021 and is expected to grow at a CAGR of over 6.5% during the forecast period from 2022 to 2028, reaching around USD 12.4 billion by 2028.

ATVs, which are vehicles fitted with handlebars and four low-pressure tires, are widely used in industries such as military, forestry, agriculture, and sports due to their maneuverability and off-road capabilities. These vehicles require training and are typically used off-road, with limited public road usage. In recent years, ATVs have gained popularity for their ability to access remote locations and transport supplies and equipment efficiently. On the other hand, UTVs, also known as utility terrain vehicles, are designed for specific tasks and offer enhanced functionality compared to general-purpose vehicles. Other names for UTVs include multi-purpose off-highway utility vehicles (MOHUV) and recreational off-highway (ROV) vehicles.

ATV and UTV trails and related activities have become increasingly popular among tourists for recreational purposes. Many tourism councils are introducing ATV and UTV-related activities by constructing tracks for these vehicles to attract and retain tourists. For example, adventure event promoter ATV Circuit opened an ATV track in Noida, India in May 2018, offering an entirely off-road experience with customized 4×4 all-terrain vehicles. This initiative aimed to tap into the growing interest in extreme sports among people. Additionally, several countries host annual championships for ATV and UTV races, gaining rapid popularity as anyone operating these vehicles can participate. As a result, the increasing popularity of adventure sports is driving the demand for ATVs and UTVs, stimulating the market growth.

ATVs and UTVs are also in high demand for military applications such as troop transportation and navigating challenging terrains. The superior mobility, maneuverability, flexibility, and navigational aids offered by ATVs and UTVs make them ideal for tactical missions in the military sector. For instance, the Polaris MRZR Alpha, a new Lightweight Tactical All-Terrain Vehicle (LTATV), was awarded a USD 109 million seven-year contract by the U.S. Special Operations Command (USSOCOM) in May 2020. This further demonstrates the increasing demand for ATVs and UTVs in military operations, driving the market expansion in this sector.

Browse full report with List, Table and Figures: Global ATV and UTV Market

The growing popularity of adventure sports and leisure activities, along with the increasing demand for ATVs and UTVs in military applications, is expected to drive the market growth. Additionally, regional government authorities are allocating higher budgets for the construction of off-road trails to promote recreational activities and adventure sports, as most ATVs and UTVs are prohibited from operating on highways and major roads. These factors are likely to contribute to the expansion of the ATV and UTV market during the forecast period. Moreover, the usage of ATVs and UTVs has extended beyond sports and leisure activities, with applications in agriculture, patrolling, hunting, gardening, and other tasks.

The global ATV and UTV market is bifurcated into vehicle, fuel, application, displacement, end-user vertical, and Geography. Based on vehicle type, the market is categorized into ATV and UTV. Based on fuel type, the global market is segmented into gasoline-powered, diesel-powered, electric-powered, and solar-powered. Based on application, the market is categorized into utility, sports, and others. The global market is segmented on displacement into less than 400cc, 400 – 800cc, and more than 800cc. Based on end-user verticals, the market is categorized into agriculture, military, mountaineering, and others. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America held the greatest market share in the global ATV and UTV market in 2021. The main elements anticipated to increase demand for ATVs and UTVs in North America are high consumer demand for ATVs, high personal discretionary income, the opportunity for new and advanced technology, a developed economy, and governmental regulations governing ATV designs. ATV and UTV sales in the region are increasing due to well-known manufacturers introducing new iterations of these vehicles and famous ATV and UTV clubs holding racing events. Furthermore, it is anticipated that legislation promoting the use of these vehicles on public roads would cause the market in North America to grow.

Why Buy This Report-

  • The report provides a qualitative and quantitative analysis of the global ATV and UTV market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
  • The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
  • In-depth analysis of the global ATV and UTV market segmentation based on vehicle type, fuel type, displacement, application, and end-user vertical.
  • Major countries in each region with their import/export statistics
  • The global ATV and UTV market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.

Table of Content:

1. Preface

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. Target Audience

1.1.3. USP and Key Offerings

1.2. Research Scope

1.3. Research Methodology

1.3.1. Phase I – Secondary Research

1.3.2. Phase II – Primary Research

1.3.3. Phase III – Expert Panel Review

1.3.4. Approach Adopted

1.3.4.1. Top-Down Approach

1.3.4.2. Bottom-Up Approach

1.3.5. Assumptions

1.4. Market Segmentation

 

2. Executive Summary

2.1. Market Snapshot: Global ATV and UTV Market

2.2. Global ATV and UTV Market, By Vehicle Type

2.3. Global ATV and UTV Market, By Fuel Type

2.4. Global ATV and UTV Market, By Displacement

2.5. Global ATV and UTV Market, By Application

2.6. Global ATV and UTV Market, By End-User Vertical

2.7. Global ATV and UTV Market, By Region

 

3. Market Dynamics & Factors Analysis

………..

 

4. Premium Insights

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5. Market Positioning of Key Players, 2021

……..

 

6. COVID 19 Impact Analysis

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7. Global ATV and UTV Market

………

 

8. North America ATV and UTV Market Analysis

……….

 

9. Europe ATV and UTV Market Analysis

………..

 

10. Asia Pacific ATV and UTV Market Analysis

…………

 

11. Latin America ATV and UTV Market Analysis

………..

 

12. Middle East and Africa ATV and UTV Market Analysis

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13. Company Profiles

13.1. BRP INC

13.1.1. Company Overview

13.1.2. Products/Services Portfolio

13.1.3. Geographical Presence

13.1.4. Financial Summary

13.1.4.1. Market Revenue and Net Profit (2019-2021)

13.1.4.2. Business Segment Revenue Analysis

13.1.4.3. Geographical Revenue Analysis

13.2. CFMOTO

13.3. Deere & Company

13.4. HISUN

13.5. Honda Motor Co Ltd

13.6. Kawasaki Heavy Industries Ltd. (Kawasaki Motors Corp., U.S.A.)

13.7. Kubota Corporation, Kwang Yang Motor Co., Ltd

13.8. Polaris Industries Inc

13.9. Suzuki Motor Corporation

13.10. Textron Inc. (Arctic Cat)

13.11. Yamaha Motor Co Ltd

13.12. Others

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Browse full report with List, Table and Figures:  https://www.credenceresearch.com/report/atv-and-utv-market

 

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