U.S. ATV and UTV Market is expected to reach USD 5.75 billion by 2030
Electric vehicle innovations in U.S. region are driving up demand for the U.S. ATV and UTV market during the forecast period.
U.S. ATV and UTV Market was valued at USD 4.12 billion in 2022, and is predicted to reach USD 5.75 billion by 2030, with a CAGR of 3.41% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The ATV and UTV market are witnessing growth as manufacturers increasingly focus on introducing electric vehicles, which in turn is amplifying the overall expansion of the market. For instance, in December 2021, Polaris launched RANGER XP Kinetic, an exceptional UTV known for its superior work capabilities and smooth riding experience. This innovative vehicle incorporates a brand-new electric powertrain from Polaris in collaboration with Zero Motorcycles. With its cutting-edge technology, the RANGER XP Kinetic sets a new benchmark for UTV performance and productivity, offering unmatched capability, remarkable durability, and refined overall performance.
However, in certain areas, the ability to use ATVs and UTVs for recreational or utility purposes off-road might be constrained or restricted due to factors such as environmental regulations, land-use policies, or private property limitations. These restrictions can impede the broad utilization and enjoyment of ATVs and UTVs, especially among individuals engaging in recreational riding.
Moreover, the off-road characteristics of ATVs and UTVs inherently bring about risks and safety considerations. Individuals who are inexperienced or negligent while riding can find themselves in accidents, resulting in injuries or even loss of life. To counter these risks, it is essential to have safety regulations in place, enforce training prerequisites, and promote responsible riding practices to effectively reduce these potential dangers. 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 U.S. 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 U.S. ATV and UTV Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the U.S. 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 U.S. ATV and UTV market is provided in the report along with their competitive analysis.