Mexico ATV and UTV Market is expected to reach USD 2.47 billion by 2030
Mexico's robust outdoor culture is driving up demand for the Mexico ATV and UTV market during the forecast period.
Mexico ATV and UTV Market was valued at USD 1.54 billion in 2022, and is predicted to reach USD 2.47 billion by 2030, with a CAGR of 5.29% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
Mexico's status as a prominent hub for automotive manufacturing has not only captured the attention of the automotive industry, but it has also emerged as an appealing destination for manufacturers of recreational vehicles (RVs). The country's well-developed network of suppliers, combined with its reputation in automotive production, positions it favourably as a choice for producing off-road vehicles (ORVs). Notable RV manufacturers, including Polaris, are recognizing the benefits of Mexico's conducive business environment and have established significant facilities there.
For instance, Polaris operates a sprawling 700,000-square-foot plant in Monterrey. With five vehicle assembly lines and a workforce of approximately 2,500 employees, this facility plays a pivotal role in the manufacturing of Side-by-Side vehicles, engines, and vital components.
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.
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According to the report, leading players in the Mexico 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 Mexico ATV and UTV Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Mexico 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 Mexico ATV and UTV market is provided in the report along with their competitive analysis.