South Korea ATV and UTV Market

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South Korea ATV and UTV Market by Type (ATV and UTV), by Displacement (Below 400 cc, 400–800 cc, and above 800 cc), by Fuel Type (Gasoline Powered, Diesel Powered, and Electric Powered), and by Application (Military, Agriculture, Recreation, and Other Applications) – Opportunity Analysis and Industry Forecast, 2024–2030

Industry: Automotive & Transportation | Publish Date: 04-Dec-2024 | No of Pages: 72 | No. of Tables: 67 | No. of Figures: 22 | Format: PDF | Report Code : AT787

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Market Definition

South Korea ATV and UTV Market was valued at USD 716.16 million in 2023, and is predicted to reach USD 1330.3 million by 2030, with a CAGR of 8.5% from 2024 to 2030.

All-Terrain Vehicle (ATV) is a motorized off-road vehicle designed for recreational and utility purposes. Its compact size, low-pressure tires, and handlebar steering characterize it. ATVs are designed to traverse various terrains, including dirt trails, mud, sand, and rocky surfaces. They have powerful engines and rugged suspension systems to provide excellent traction, maneuverability, and stability in challenging environments. 

ATVs usually have a four-wheel drive system, allowing them to simultaneously deliver power to all wheels for enhanced off-road performance. ATVs are primarily used for recreational activities such as off-roading and trail riding; they are also utilized in various industries for utility purposes such as agriculture, forestry, search and rescue operations, and maintenance of remote areas.

Utility Task Vehicle (UTV) is a multipurpose off-road vehicle for work and recreation. UTVs are larger and more robust than traditional ATVs as they feature a cabin-like structure with side-by-side seating for two or more occupants, offering increased passenger capacity and cargo-carrying capabilities.

UTVs are renowned for their versatility and ruggedness. They have sturdy frames, powerful engines, and advanced suspension systems to handle demanding terrains and heavy loads. Some renowned brands that offer these kinds of UTVs in the market include Polaris Inc, Yamaha, Kawasaki, Arctic Cat, John Deere, Honda, Textron Off-Road, and others.  

These vehicles are widely used in various industries and sectors, including agriculture, construction, landscaping, recreation, and public services. Their utility features include the ability to haul and tow heavy loads with ample cargo space for transporting equipment and materials.

Thus, both ATVs and UTVs are popular off-road vehicles with distinct characteristics. ATVs excel in agility, speed, and maneuverability for single riders, while UTVs prioritize passenger capacity, cargo versatility, and comfort for multi-passenger & utility applications.

South Korean Automakers' Hydrogen-Powered Vehicle Initiatives Fuel Market Growth

The increasing endeavors of South Korean automakers to introduce hydrogen-powered vehicles are propelling market growth. 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.

 

Surging Recreational and Adventure Tourism Boosts Demand for ATVs and UTVs in South Korea

The ATV and UTV market in South Korea are experiencing a significant boost due to the escalating trend of outdoor recreational activities and the burgeoning popularity of adventure tourism. As more individuals seek immersive and thrilling experiences in natural landscapes, the demand for All-Terrain Vehicles (ATVs) and Utility Task Vehicles (UTVs) has surged. 

These vehicles provide an exhilarating means for people to navigate off-road terrains, enabling them to delve into the heart of unexplored environments and actively engage with their surroundings. The appeal lies not only in the thrill of exploration but also in the accessibility offered by these vehicles, catering to both enthusiasts and newcomers. 

This increasing interest in outdoor leisure and adventure tourism is acting as a catalyst, driving the growth of the ATV and UTV market as these vehicles become essential tools for individuals to partake in a wide range of recreational activities while propelling market expansion.

 

Limited Off-Road Access and Safety Concerns of ATV and UTV Market in South Korea

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.

Technological Advancements in the field of ATV and UTV Market in South Korea

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.

 

Competitive Landscape  

The South Korea ATV and UTV industry includes several market players such 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 Benefits

  • The South Korea ATV and UTV market report provides a quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.

  • The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.

  • The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.

  • The competitive analysis of the market players along with their market share in the South Korea ATV and UTV market.

  • The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

South Korea ATV and UTV Market Key Segments

By Type

  • ATV

  • UTV

By Displacement

  • Below 400 cc

  • 400–800 cc

  • Above 800 cc

By Fuel Type

  • Gasoline Powered

  • Diesel Powered

  • Electric Powered

By Application

  • Military

  • Agriculture

  • Recreation

  • Other Applications

Key Players

  • 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

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 716.16 Million

Revenue Forecast in 2030

USD 1330.3 Million

Growth Rate

CAGR of 8.5% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Million (USD)

Growth Factors

The hydrogen-powered vehicle initiatives of automakers

The rapid rise in recreational and adventure tourism

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

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Frequently Asked Questions

According to the report published by the Next Move Consulting, the South Korea ATV and UTV market business is expected to hit at $1330.3 million (USD) by 2030.

The South Korea ATV and UTV industry includes several market players such as 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.

The South Korea ATV and UTV market share is segmented on the basis of type, displacement, fuel type, and application.

The growth of the ATV and UTV market in South Korea is being propelled by several key drivers, including the hydrogen-powered vehicle initiatives of automakers, the rapid rise in recreational and adventure tourism, as well as notable technological advancements.

The factors restraining the growth of the South Korea ATV and UTV market are limited off-road access and safety concerns.

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