South Korea ATV and UTV Market is expected to reach USD 1330.3 million by 2030
The hydrogen-powered vehicle initiatives of automakers in South Korea is driving up demand for the South Korea ATV and UTV market during the forecast period.
South Korea ATV and UTV Market was valued at USD 615.55 million in 2022, and is predicted to reach USD 1330.3 million by 2030, with a CAGR of 9.25% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The escalating efforts of South Korean automakers to introduce vehicles powered by hydrogen are driving the expansion of the market. For instance, in February 2023, Kia Motors Corporation unveiled its concept car, an all-terrain vehicle (ATV) equipped with a hydrogen fuel cell, at the International Defense Exhibition and Conference 2023 in the United Arab Emirates. Kia stated that their forward-looking hydrogen fuel cell ATV concept car is well-prepared to adjust to forthcoming environmentally friendly policies and can maneuver silently and strategically. Consequently, this development is expected to generate prospects for the ATV and UTV markets.
However, in certain regions, the option to engage in recreational or utility activities in off-road areas may encounter limitations due to factors such as environmental regulations, land-use policies, or private property restrictions. These constraints have the capacity to hinder the extensive use and enjoyment of ATVs and UTVs, particularly for individuals involved in recreational riding pursuits.
Moreover, the off-road characteristics of ATVs and UTVs give rise to inherent risks and safety considerations. Accidents involving inexperienced or negligent riders can result in injuries or even fatalities. To address these risks, it is imperative to establish safety regulations, mandate training prerequisites, and ensure the implementation of responsible riding behaviors to minimize these potential hazards. Thus, limited off-road access and safety concerns restrain the market's growth in the region.
On the other hand, ATVs and UTVs play a dual role as vehicles for both camping and nature exploration, yet they come with inherent dangers. The increasing presence of these vehicles in the market correlates with a heightened occurrence of accidents involving ATVs and UTVs. The predominant factor in many of these incidents is the lack of safe and responsible conduct by drivers. 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/south-korea-atv-and-utv-market/request-sample
According to the report, leading players in the South Korea 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 South Korea ATV and UTV Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the South Korea 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 South Korea ATV and UTV market is provided in the report along with their competitive analysis.