Canada ATV and UTV Market is expected to reach USD 3.71 billion by 2030
Canada's robust outdoor culture is driving up demand for the Canada ATV and UTV market during the forecast period.
Canada ATV and UTV Market was valued at USD 2.12 billion in 2022, and is predicted to reach USD 3.71 billion by 2030, with a CAGR of 6.36% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
Canada holds the position of the second-largest market for ATV and UTV vehicles in North America, attributed to its robust tradition of engaging in outdoor ventures and leisure activities, akin to its neighboring nation, the United States. The Canadian population takes pleasure in a diverse range of outdoor pursuits, including hunting, fishing, trail riding, and the exploration of expansive wilderness areas.
The utility of ATVs and UTVs in traversing challenging terrains and offering access to remote locations is greatly appreciated, rendering these vehicles particularly favored among outdoor enthusiasts. Consequently, this trend is anticipated to be a driving force behind the growth of the ATV and UTV market in Canada.
However, Access to off-road areas for recreational use or utility purposes may be restricted or limited in certain regions due to environmental regulations, land-use policies, or private property restrictions. These limitations can hinder the widespread use and delight of ATVs and UTVs, particularly for recreational riders.
Moreover, the off-road nature of ATVs and UTVs poses inherent risks and safety concerns. Inexperienced or careless riders can be involved in accidents, leading to injuries or fatalities. Safety regulations, training requirements, and the enforcement of responsible riding practices are necessary to mitigate these risks. Thus, limited off-road access and safety concerns restrain the market's growth in the region.
On the other hand, ATVs and UTVs serve as vehicles for camping and exploring nature but also have inherent risks. The availability of more of these vehicles on the market contributes to the higher frequency of ATV and UTV accidents. The primary cause of most vehicle accidents is the failure of drivers to behave safely and responsibly. Hence, market players are introducing ATVs and UTVs with advanced GPS features to enhance safety and security.
Therefore, the ATV is equipped with user-friendly GPS and vehicle data tracking equipment. Consequently, developing ATVs and UTVs with enhanced safety features to prevent accidents and fatalities presents a lucrative business opportunity for major ATV and UTV market players.
Request for a sample here: https://www.nextmsc.com/canada-atv-and-utv-market/request-sample
According to the report, leading players in the Canada 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, and Kubota Corporation.
Key Insights from the Canada ATV and UTV Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Canada 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 players in the Canada ATV and UTV market is provided in the report along with their competitive analysis.