Utility Terrain Vehicle Market Size, Share & Industry Analysis, By Type (Displacement (CC): below 400 Cc, Displacement (CC): 400-800 Cc, Displacement (CC): above 800 Cc), By Application (Sport UTV, Work UTV, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The global demand for the utility terrain vehicle is expected to expand owing to its ability to operate on rough terrains, which is considered an important factor in the military and defense sector. Its high load carrying capacity and also easy movement on the rough grounds compared to all-terrain vehicles, these factors are expected to drive the growth of the UTV market. The utility terrain vehicle can be modified in wide varieties as per the application. Owing to this factor, the UTVs are becoming a more popular option in the many industries for transporting equipment. The increasing demand for utility terrain vehicles for the agriculture, hunting operations, and construction sector is expected to drive the market over the forecast period. The rising trend of consumers towards off-road recreation activities is likely to propel the growth of the market.
The high cost of the utility terrain vehicle is expected to restrain the growth of the market over the forecast period. Also, rollover crash, inadequate occupant protection, and steering characteristics are some factors that are expected to be a restraint to the utility terrain vehicle market. Rising off-road accidents is expected to be a major hindrance to the growth of the utility terrain vehicle market.
Key Market Driver -
The increasing demand of the UTVs for the agriculture and construction sector is expected to drive the growth of the market.
Key Market Restraint -
The high cost of this utility terrain vehiclevehicle is expected to hamper the growth of the market.
Market Segmentation:
The global utility terrain vehicle market has been segmented into type, application, and region. By type, further, the market has been segmented into displacement below 400 Cc, 400-800 Cc, and above 800Cc. The above 800 Cc segment is expected to dominate the market over the forecast period owing to the superior volumetric efficiencies by high torque. The requirement of higher displacement over the rough terrains is also expected to drive the growth of this segment in the market. The 400-800 Cc segment is also expected to show good growth in the market over the forecast period owing to its major usage in agriculture applications. By application, the global utility terrain vehicle market is segmented into the sport UTV, work UTV and others. The sport UTV segment is expected to dominate the market over the forecast period owing to the rise in trailing and racing activities. The work UTV application segment is also expected to show good growth in the market, owing to the increase in the construction sector.
Key Players:
Some of the major companies that are present in the utility terrain vehicle market include Polaris Inc., CFMOTO, Yamaha Motor Corporation, can-am, Arctic Cat Inc., Kawasaki Motor Corp., among others.
Key Insights
- New Advancements in Utility Terrain Vehicle
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the utility terrain vehicle market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the market over the forecast period. The rise in the sport and adventure activity and also rise in consumer expenditure on enhanced vehicles in this region are likely to drive the growth of the market in this region. Asia Pacific is also expected to show good growth in the utility terrain vehicle market over the forecast period. The growing construction and agriculture sector in this region is the main factor expected to drive the growth of the utility terrain vehicle market in this region. Europe is also expected to show good growth in the utility terrain vehicle market over the forecast period.
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Segmentation
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Key Industry Developments:
- October 2018: Kawasaki Motor Corp. becomes exclusive Curtis steel cab distributor in U.S. This cab provides more comfort and also protection to the occupants.
- Ongoing
- 2023
- 2019-2022
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