Utility Terrain Vehicle Market Overview:
The global utility terrain
vehicle market is likely to grow at a 6% CAGR in the forecast
period 2020- 2027, according to the latest Market Research Future (MRFR)
analysis. The utility terrain vehicle or UTV, put simply, is a vehicle
that is specifically designed for effectively performing tasks compared to the
general-purpose vehicle. Such vehicles are also called four-wheel drive off-road
vehicles as well as side-by-side vehicles. These possess the capacity of
two-six persons. Displacement (CC) <800, displacement (CC) 400-800, and
displacement CC <400 are the different product types that owing to its
alluring features and benefits are used in different industries such as sport
UTV, work UTV, and others. These vehicles are large and powerful and used more
for work than recreation.
Various factors are fuelling the global utility terrain vehicle market
share. As per the recent MRFR market estimates, such factors include the
capacity to work in landscapes or harsh terrain, adoption in different
industries including sports, forest, and military, the growing prominence of
improved mobility services in mining and construction activities for stability
and superior traction, the growing consumer proclivity towards offload
recreational activities in different adventurous and sports events, growing
investments for infrastructure development, increasing tourism activities, and
modernization of agricultural transportation. The additional factors adding
market growth include high cargo carrying capacity, quick mobility on hard
surface, and increasing consumer preference for off-road recreational activity.
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On the contrary, high vehicle costs, adverse effects caused during a
rollover crash like undesirable steering characteristics, inadequate occupant
protection, and inadequate lateral stability, the impact of the COVID-19
pandemic, and the growing fatalities rate by off-road recreational activities
may hamper the global utility terrain vehicle market growth over the forecast
period.
Key Players
The leading players profiled in the global utility terrain vehicle
market report include Kwang Yang Motor Co, Ltd (Taiwan), BRP (Canada), Honda
Motor Company, Ltd. (Japan), Arctic Cat (U.S.), Hisun Motors Corp (U.S.),
Kubota Corporation (Japan), Yamaha Motor Company Limited (Japan), John Deere
(U.S.), Kawasaki Heavy Industries Ltd. (Japan), and Polaris Industries, Inc.
(U.S.), among others.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the
global utility terrain vehicle market based on product type and
application.
By product type, the utility terrain vehicle market is segmented into
displacement (CC) <800, displacement (CC) 400-800, and displacement CC
<400.
By application, the global utility terrain vehicle market is segmented
into sport UTV, work UTV, and others.
Regional Analysis
By region, the global utility terrain vehicle market covers the recent
trends and growth opportunity across North America, Europe, the Asia Pacific
(APAC), and Rest of the World (RoW). Of these, North America will steer the
market over the forecast period. Increasing production and sales of all forms
of utility terrain vehicles, the presence of vast number of utility terrain
vehicle manufacturers in Canada and the US who are efficient to manufacture
highly efficient UTVs with advanced features that can be used in different
landscapes and scenarios, annual motorsport competition that includes various
formats like rocky terrain and mountain terrain in the US, government
initiatives to promote sport activities, high disposable incomes, and
increasing applications in mining, defense, and agriculture are adding to the
global utility terrain vehicle market growth in the region.
The global utility terrain vehicle market is fragmented and also
competitive with the presence of many domestic as well as international
industry players. They have incorporated assorted strategies to stay at the
forefront and also cater to the surging needs of the customers, including
collaborations, partnerships, contracts, geographic expansions, new product
launches, joint ventures, and more. Additionally, these players are also making
heavy investments in research and development activities for strengthening
their portfolios and also creating a hold in the market.
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