ATV and UTV Market Growth and Strategic Outlook 2020 - 2030
ATV andUTV Market was valuedat around USD 8.99 billion in 2019, and is expected to reach USD 19.31 billion by2030, with a CAGR of 7.1% during the forecast period.
ATV & UTV vehicle stands for all-terrain vehicleand utility terrain vehicle. These vehicles can be used for variousapplications in harsh climatic conditions & rough surfaces, owing to the specialdesign. They are equipped with low pressure tires & handle bars, whichprovide better control on vehicle as well as enhance the operational efficiency.In addition, they are convenient for the supply of goods & commodities inremote & hilly areas. ATV & UTV vehicles are quite different fromnormal vehicles, in terms of operation, and require training for regular use.
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Global ATV and UTV market report is segmented on thebasis of vehicle type, displacement, fuel type, application, end user, andregion. Based on vehicle type, the ATV and UTV market is bifurcated into ATVand UTV. On the basis of displacement, the market is categorized into 400CC, 400-800CC, and 800 CC. On the basis of fuel type, the ATV and UTV market is classifiedinto gasoline powered, diesel powered, electric powered, and solar powered. Onthe 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 acrossNorth America, Europe, Asia-Pacific, and RoW, which are further segmented intomajor countries such as the U.S., UK, France, and others.
The ATV and UTV market is primarily driven by the constantadvancement in technology followed by the growth in disposable income. Therehas been a constant rise in demand for ATV & UTV, owing to its widespreadapplication and high adoption rate. Furthermore, the high operationalefficiency of these vehicles in remote areas and its multi-purpose design isexpected to fuel the market growth. Moreover, growth in sports adventureactivities and re-creational activities boost the demand for ATV & UTV. Inaddition, these vehicles offer numerous benefits including improved vehiclecontrol, sharp handling, reduced turning radius, compact size, and highmaneuvering capability in tight spaces, which are also likely to promote the marketgrowth. However, high maintenance cost followed by the ban on ATV & UTV inwildlife and other similar areas are expected to hinder the ATV and UTV marketgrowth.
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The developed regions including North America and Europeare expected to account for the major market share, owing to growth in sportsactivities and adventure sports. In addition, technological advancement anddeveloped infrastructure offering multipurpose use can propel the growth of themarket. Asia-Pacific is expected to dominate the ATV and UTV market in terms ofgrowth rate, owing to the rapid development of remote & hilly areas alongwith growth in military & defense industry. Furthermore, surge inre-creational activities, growth in disposable income, and government support isalso expected to augment the market growth.
The major market players profiled in the ATV and UTVmarket 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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