ATV and UTV Market is expected to reach USD 29.23 billion by 2030
The rising initiatives towards the launch of electric vehicles are driving the growth of the global ATV and UTV market.
The ATV and UTV market was valued at USD 16.21 billion in 2022, and is expected to reach USD 29.23 billion by 2030, with a CAGR of 6.8 % from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The introduction of electric-powered ATVs and UTVs propels the growth of the ATV and UTV market. These vehicles have emerged as a solution for offering zero-emission operations and reducing the environmental impact. The development of electric models has gained momentum, with manufacturers investing in research and development activities to meet the demand for cleaner and more sustainable off-road vehicles. For instance, in December 2021, Polaris and Zero Motorcycles released an electric UTV called the Ranger XP Kinetic. It has a top speed of 60 mph and a range of up to 100 miles on a single charge. The UTV has a 10-inch touchscreen display, a 12-volt power outlet, and a cargo bed.
Moreover, the rising implementation of ATVs and UTVs in military appliances has revolutionized various aspects of military operations. These versatile off-road vehicles have proven indispensable in reconnaissance and surveillance missions, providing soldiers with the ability to gather intelligence quickly and effectively. Their rapid deployment capabilities enable military forces to swiftly reach remote or challenging terrains. This, in turn, enhanced their emergency response time. ATVs and UTVs also excel in cargo and equipment transport, accommodating the needs of personnel, supplies, and specialized equipment. Furthermore, ATVs and UTVs are crucial in military training programs to familiarize soldiers with off-road driving techniques. Thus, the increasing integration of ATVs and UTVs in military applications showcases their value and effectiveness in enhancing operational capabilities across a wide range of military operations. This, in turn, contributes to the ATV and UTV market growth.
However, high cost, safety concerns, and limited off-road access hamper the growth of the market. On the contrary, market players are introducing ATVs and UTVs with advanced GPS features to enhance safety and security, creating opportunities for the market growth. For instance, Grizzly ATV, developed by Yamaha Motor Corp., USA, allows recreational ATV users to access various technology and social media features. The ATV is equipped with user-friendly GPS and vehicle data tracking equipment. Such advancements create lucrative opportunities for the market.
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According to the report, the leading market players operating in the ATV and UTV market include Polaris, Inc., BRP, Inc., Honda Motor Co., Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Textron, Inc., CF Moto, Suzuki Motor Corporation, KYMCO Group, Kubota Corporation, and others. These market players are adopting several strategies, such as product launches across various regions, to maintain their dominance in the ATV and UTV market.
For instance, in May 2023, Polaris launched the RZR Pro R 4 Ultimate, a new model in its RZR lineup to cater to the off-road vehicle market. This four-seater UTV offers enhanced performance and advanced features to provide an exciting riding experience for adventure enthusiasts.
In February 2023, BRP, Inc.’s brand Can-Am launched the next-generation mid-CC Outlander ATVs. The new models showcase cutting-edge technology, advanced features, and enhanced performance to cater to the demands of off-road enthusiasts.
In November 2022, Kubota launched the first lineup of UTVs for 2023. It introduced new colors and accessories to enhance the user experience. The new models showcase Kubota's commitment to providing reliable and versatile utility vehicles for various applications.
Moreover, in August 2022, Yamaha unveiled its new 2023 ATV and UTV range, offering customers an expanded lineup of off-road vehicles. The range includes several models with updated features and enhancements to cater to the diverse needs of adventure enthusiasts and professionals in the outdoor industry.
Key Insights from the ATV and UTV Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the ATV and UTV market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of key players in the global ATV and UTV market along with their competitive analysis are provided in the report.