ATV and UTV Market is poised to grow at a CAGR of over 7.10% during the forecast period (2020-2030)
Consistent expansion of application followed by high adoption rate as well as technological advancement in ATV & UTV are expected to drive the growth of the ATV and UTV industry during the forecast period (2020-2030).
The ATV and UTV Market is expected to grow at a CAGR of 7.10% from 2020 to 2030, according to a new research report by Next Move Strategy Consulting.
ATV and UTV vehicles, known as all-terrain vehicle and utility terrain vehicles, are majorly used in the remote & off-road areas. These vehicles have wide applications in different industries, including agriculture, military, sports, & others. These vehicles are designed specially to provide enhanced operational efficiency with high performance in remote & uneven areas. ATV and UTV vehicles are thereby gaining popularity overtime, owing to their design advantages as well as easy and convenient access to remote areas.
According to the report, there has been a continuous expansion of application across diverse areas followed by a high adoption especially in hilly and remote areas. Furthermore, constant advancement in technology and rise in disposable income of individuals boost the market growth. In addition, there has been a consistent growth in adventure sports activities and re-creational activities that has elevated the demand for ATV & UTV vehicle. Likewise, implementation of supportive government policies are also expected to enhance the ATV & UTV market growth. Moreover, rise in awareness among people supported by numerous advantages offered by these vehicles tends to bring change in market trends.
However, high cost associated with maintenance and the ban of ATV & UTV in wildlife due to terrain damage are expected to hinder the market growth. On the contrary, constant product advancement to develop safer ATV & UTV vehicle to ensure the users’ safety is anticipated to provide numerous opportunities to the ATV and UTV market during the forecast period.
On the basis of vehicle type, the ATV and UTV market is bifurcated into ATV and UTV. The ATV segment dominates the global ATV and UTV market and will remain dominant during the forecast period.
On the basis of displacement, the ATV and UTV market is categorized into 400CC, 400-800 CC, and 800 CC. The 400-800 CC segment is expected to account for the major market share and maintain its dominance during the forecast period.
On the basis of fuel type, the ATV and UTV market is classified into gasoline powered, diesel powered, electric powered, and solar powered. The gasoline segment is anticipated to develop significantly during the forecast period, and dominate the market growth.
On the basis of application, the ATV and UTV market is fragmented into utility, sports, and others. The sports segment is likely to develop tremendously, owing to surge in sports activities on international level along with government support.
On the basis of end user, the ATV and UTV market is divided into agriculture, military, mountaineering, and others. Military segment is forecasted to show significant growth rate owing to the rise in application.
North America is projected to account for the highest market size share of the ATV and UTV market during the forecast period owing to the surge in sports & adventure sports activities. Europe accounts for the second position in the ATV and UTV market size. Asia Pacific is expected to be the fastest developing region in the ATV and UTV market which is majorly driven by the wide expansion of application along with growth in military & defence industry. In addition, constant development of remote & hilly areas along with growth in re-creational activities further accelerates the ATV and UTV market growth.
According to the report, some the key players in the ATV and UTV market are 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.
Browse key industry insights from the report at https://www.nextmsc.com/report/atv-and-utv-market in detail along with the table of contents:
Key Insights from the ATV and UTV Market Report:
- Asia Pacific is the fastest growing ATV and UTV market owing to the wide application followed by growth in re-creational activities as well as development of remote & hilly areas.
- The Utility application dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are 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.
The report ATV and UTV market – segmented by vehicle type, application, displacement, fuel type, end user, and geography
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