ATV and UTV Market was valued at around USD 8.99 billion in 2019, and is expected to reach USD 19.31 billion by 2030, with a CAGR of 7.1% during the forecast period.
ATV UTV vehicle stands for all-terrain vehicle and utility terrain vehicle. These vehicles can be used for various applications in harsh climatic conditions rough surfaces, owing to the special design. They are equipped with low pressure tires handle bars, which provide better control on vehicle as well as enhance the operational efficiency. In addition, they are convenient for the supply of goods commodities in remote hilly areas. ATV UTV vehicles are quite different from normal vehicles, in terms of operation, and require training for regular use.
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Global ATV and UTV market report is segmented on the basis of vehicle type, displacement, fuel type, application, end user, and region. Based on vehicle type, the ATV and UTV market is bifurcated into ATV and UTV. On the basis of displacement, the market is categorized into 400CC, 400-800 CC, and 800 CC. On the basis of fuel type, the ATV and UTV market is classified into gasoline powered, diesel powered, electric powered, and solar powered. On the basis of application, the ATV UTV market is categorized into utility, sports, and others. On the basis of end user, it is segmented into agriculture, military, mountaineering, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and RoW, which are further segmented into major countries such as the U.S., UK, France, and others.
The ATV and UTV market is primarily driven by the constant advancement in technology followed by the growth in disposable income. There has been a constant rise in demand for ATV UTV, owing to its widespread application and high adoption rate. Furthermore, the high operational efficiency of these vehicles in remote areas and its multi-purpose design is expected to fuel the market growth. Moreover, growth in sports adventure activities and re-creational activities boost the demand for ATV UTV. In addition, these vehicles offer numerous benefits including improved vehicle control, sharp handling, reduced turning radius, compact size, and high maneuvering capability in tight spaces, which are also likely to promote the market growth. However, high maintenance cost followed by the ban on ATV UTV in wildlife and other similar areas are expected to hinder the ATV and UTV market growth.
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The developed regions including North America and Europe are expected to account for the major market share, owing to growth in sports activities and adventure sports. In addition, technological advancement and developed infrastructure offering multipurpose use can propel the growth of the market. Asia-Pacific is expected to dominate the ATV and UTV market in terms of growth rate, owing to the rapid development of remote hilly areas along with growth in military defense industry. Furthermore, surge in re-creational activities, growth in disposable income, and government support is also expected to augment the market growth.
The major market players profiled in the ATV and UTV market include Polaris Industries, Inc., Kawasaki Motors Corp., Deere Company., U.S.A., Yamaha Motor Co., Ltd., Honda Motor Company, ARCTIC CAT INC., Suzuki, BRP, KYMCO, and HISUN.
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