A recent study by Triton Market Research titled ‘Global ATV and UTV Market’ comprises the Global Analysis and Forecasts by Application (Utility, Sports, Others), End-user (Agriculture, Mountaineering, Military, Others), Fuel Type (Gasoline-Powered, Diesel-Powered, Electric-Powered, Solar-Powered), Vehicle Type (ATV, UTV), Displacement (≤ 400 (CC), 400-800 (CC), ≥ 800 (CC), and by Geography (North America, Middle East and Africa, Latin America, Asia-Pacific, Europe).
All-terrain vehicles are wildly known for their off-road capabilities, increasing their demand in military and sports. The utility terrain vehicles are used majorly to perform a task more efficiently than general-purpose vehicles.
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Triton’s research report suggests that the global ATV and UTV market is estimated to progress at a CAGR of 6.85% in revenue during the years 2021-2028. It is further predicted to acquire revenue worth $11711.11 million by 2028.
In recent years, there has been a gradual increase in the demand for ATVs and UTVs for military activities. This growth is primarily owing to superior mobility offered for tactical missions. Hence, the increasing use of ATVs and UTVs in the military drives the studied market’s growth. In addition, supportive government regulations are motivating the ATV and UTV market on a progressive path. However, driving bans in wildlife areas and high maintenance costs are restricting the overall growth of the ATV and UTV market.
The ATV and UTV market is segmented into application, end-user, fuel type, vehicle type, and displacement. Based on application, it is divided into utility, sports, and others. The end-user segment is sectioned into agriculture, mountaineering, military, and others. In terms of fuel type, the market is branched into gasoline-powered, diesel-powered, electric-powered, and solar-powered. The vehicle type segment is bifurcated into ATV and UTV. Lastly, displacement section is trifurcated into ≤ 400 (CC), 400-800 (CC), and ≥ 800 (CC).
North America holds the largest market for ATV and UTV globally and is estimated to continue its stronghold till 2028. In Canada, several clubs are promoting the maintenance and construction of trails. Additionally, numerous sports and recreational activities organized by these clubs increase the demand for these vehicles. Furthermore, the presence of prominent players adds to the growth of the studied market across the country. Numerous multinationals are engaged in launching new utility vehicles across the US and Canada, which will influence the adoption of ATVs and UTVs. Hence, such developments are anticipated to widen the growth of the ATV and UTV market across the North American region.
Suzuki Motors Corporation, Honda Motor Company, Polaris Industries Inc, BRP Inc, Kwang Yang Motor Co Ltd, Kawasaki Heavy Industries, Deere & Company, CFmoto, Yamaha Motor Co Ltd¸ Textron Inc, Kubota Corporation, and Hisun are major companies in the ATV and UTV market.
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Question & Answer: ATV and UTV Market
Question 1: What major factors are motivating the ATV and UTV market on a progressive path?
Answer: In recent years, there has been a gradual increase in the demand for ATVs and UTVs for military activities. This growth is primarily owing to superior mobility offered for tactical missions. Hence, the increasing use of ATVs and UTVs in the military drives the studied market’s growth. In addition, supportive government regulations are motivating the ATV and UTV market on a progressive path.
Question 2: What factors are restricting the overall growth of the ATV and UTV market?
Answer: Driving bans in wildlife areas and high maintenance costs are restricting the overall growth of the ATV and UTV market.
Question 3: Which region holds the largest market for ATV and UTV globally?
Answer: North America holds the largest market for ATV and UTV globally and is estimated to continue its stronghold till 2028. In Canada, several clubs are promoting the maintenance and construction of trails. Additionally, numerous sports and recreational activities organized by these clubs increase the demand for these vehicles. Furthermore, the presence of prominent players adds to the growth of the studied market across the country. Numerous multinationals are engaged in launching new utility vehicles across the US and Canada, which will influence the adoption of ATVs and UTVs. Hence, such developments are anticipated to widen the growth of the ATV and UTV market across the North American region.
Question 4: Which are the major companies in the ATV and UTV market?
Answer: Suzuki Motors Corporation, Honda Motor Company, Polaris Industries Inc, BRP Inc, Kwang Yang Motor Co Ltd, Kawasaki Heavy Industries, Deere & Company, CFmoto, Yamaha Motor Co Ltd¸ Textron Inc, Kubota Corporation, and Hisun are major companies in the ATV and UTV market.
Related Report:
The global e-bike market is assessed to progress at a CAGR of 9.95% during the considered period of 2019-2028 while reaping $48.46 billion in revenue by 2028.
Electric bikes are mainly powered by an electric motor that helps riders pedaling the bike easily. Moreover, these bikes are an ideal alternative for scooters as they are eco-friendly and versatile.
The government incentives and surge in preference for e-bikes among consumers are widening the growth of the e-bike market globally. In addition, the surge in the use of e-bikes for delivery services and the use of these bikes to resolve the issue of rising fuel prices are creating new opportunities for the vendors in the e-bike market.
However, the high cost of e-bikes and product recalls, along with problems pertaining to distribution, are impeding the global market’s future growth to a large extent.
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