Industry Outlook
The utility task vehicles (UTV) market witnessed a high uptick in the recent few years and registered US$ 4.63Bn in 2019 that is projected to reach US$ 7.88Bn in 2028 growing at a steady CAGR of 6.1% throughout the forecast period from 2020 to 2028. UTV is also known as side-by-sides are vehicles capable of commuting over rough terrains and are powered by IC engines or electric motors. Unlike all-terrain vehicles (ATVs) UTVs are driven with the help of steerings and can accommodate two or more people and additional loads. Furthermore, UTVs can also tow small to medium size loads and hence are gaining popularity for several end-use applications such as farming, mining, and search and rescue operations. UTVs are packed with the best of features from sports utility vehicles and all-terrain vehicles and cost considerably less than bulky SUVs. In addition, UTVs are greatly admired by adventure lovers and off-road racers. All these factors are pushing the overall UTV market to new heights in terms of market value.
Electric UTVs segment have to Hang-on for Few Years to Overcome Conventional Fuel Utility Task Vehicles
In 2019, conventional fuel UTVs are racing away with a considerable margin compared to electric UTVs. The popularity of UTVs with IC engines, especially diesel engines allowed conventional fuel UTV to dominate the overall market. UTVs powered by IC engines produce more power and are associated with the thrill of riding and racing. Consequently, the segment expected the reign supreme over its electric counterpart during the forecast period from 2020 to 2028. Electric UTVs are still under-developed and going through a lot of technological innovations. With major manufacturing paying keen attention to its development, electric UTVs projected to claim considerable market share beyond the forecast period.
Sports UTV on Top of the Podium in Vehicle Type Segment
Sports utility task vehicles claimed the highest market share in the overall UTV market in terms of market value. The perpetually growing popularity of off-road recreational activities created a sense of excitement and enthusiasm among the youths for the sports and thus, stimulated the growth of sports UTVs. Various off-road races and rallies including Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert, and Grand National Cross Country allow UTVs to participate and famous off-road rally racing, Dakar Rally, 2017 organize separate events for utility task vehicles. Load-carrying UTV trail sports UTV in 2017. Load-carrying UTV is extensively used for agricultural applications and farmers across the globe are identifying the potential of UTV for carrying loads, tools, and tow agricultural equipment. Consequently, the demand for load-carrying UTVs anticipated growing even further in the coming years.
North America to Steer the Way to the Top among Other Regions in Global UTV Market
The U.S. and other North American countries are the largest consumers of utility task vehicles. These vehicles are highly appreciated for off-road adventure and recreational activities as several off-road rallies and races are organized frequently in this region. Consequently, the region is crowned as the leader in the overall UTV market in terms of market value. Asia Pacific proposes high prospects for the UTV market to grow in this region as UTVs are extensively used in countries such as Australia, New-Zealand, and China for agricultural applications. With the rise in disposable income and the growing popularity of UTVs in China and India, the UTV market in the Asia Pacific expected to reach new heights throughout the forecast period from 2020 to 2028.
Market Segmentation
By Vehicle Type (2018–2028; US$ Bn)
By Fuel Type (2018–2028; US$ Bn)
Geography Segment (2018–2028; US$ Bn)
Rapidly Growing UTV Market Raised a War for Top Contention among UTV Manufacturers
Fierce competition among some of the world’s major automotive and utility manufacturers is evident in the utility task vehicles (UTV) market. As the market is growing firmly, these manufacturers are running that extra mile to launch new variants and attract consumers from different end-use applications. Dedicated vehicles for agriculture, sports, and military applications are introduced by these companies with advanced safety features, performance, and utility and installing confidence in the minds of customers about their products. Companies are facing tough price fights with each other and non-branded companies from developing regions to claim their share and the competition projected to expedite even further throughout the forecast period from 2020 to 2028. Some of the major UTV manufacturing companies mentioned in this research study include Polaris Industries, Kawasaki Heavy Industries Motorcycle & Engine Company, Suzuki Motor Corporation, Yamaha Motor Company Limited, Honda Motor Co., Ltd., Deere & Company, Husqvarna AB, Kubota Corporation, Case IH, Bobcat Company, Mahindra & Mahindra Limited, and Caterpillar Inc. among others.
Key questions answered in this report
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The utility task vehicles (UTV) market witnessed a high uptick in the recent few years and registered US$ 4.63Bn in 2019 that is projected to reach US$ 7.88Bn in 2028 growing at a steady CAGR of 6.1% throughout the forecast period from 2020 to 2028. UTV is also known as side-by-sides are vehicles capable of commuting over rough terrains and are powered by IC engines or electric motors. Unlike all-terrain vehicles (ATVs) UTVs are driven with the help of steerings and can accommodate two or more people and additional loads. Furthermore, UTVs can also tow small to medium size loads and hence are gaining popularity for several end-use applications such as farming, mining, and search and rescue operations. UTVs are packed with the best of features from sports utility vehicles and all-terrain vehicles and cost considerably less than bulky SUVs. In addition, UTVs are greatly admired by adventure lovers and off-road racers. All these factors are pushing the overall UTV market to new heights in terms of market value.
Electric UTVs segment have to Hang-on for Few Years to Overcome Conventional Fuel Utility Task Vehicles
In 2019, conventional fuel UTVs are racing away with a considerable margin compared to electric UTVs. The popularity of UTVs with IC engines, especially diesel engines allowed conventional fuel UTV to dominate the overall market. UTVs powered by IC engines produce more power and are associated with the thrill of riding and racing. Consequently, the segment expected the reign supreme over its electric counterpart during the forecast period from 2020 to 2028. Electric UTVs are still under-developed and going through a lot of technological innovations. With major manufacturing paying keen attention to its development, electric UTVs projected to claim considerable market share beyond the forecast period.
Sports UTV on Top of the Podium in Vehicle Type Segment
Sports utility task vehicles claimed the highest market share in the overall UTV market in terms of market value. The perpetually growing popularity of off-road recreational activities created a sense of excitement and enthusiasm among the youths for the sports and thus, stimulated the growth of sports UTVs. Various off-road races and rallies including Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert, and Grand National Cross Country allow UTVs to participate and famous off-road rally racing, Dakar Rally, 2017 organize separate events for utility task vehicles. Load-carrying UTV trail sports UTV in 2017. Load-carrying UTV is extensively used for agricultural applications and farmers across the globe are identifying the potential of UTV for carrying loads, tools, and tow agricultural equipment. Consequently, the demand for load-carrying UTVs anticipated growing even further in the coming years.
North America to Steer the Way to the Top among Other Regions in Global UTV Market
The U.S. and other North American countries are the largest consumers of utility task vehicles. These vehicles are highly appreciated for off-road adventure and recreational activities as several off-road rallies and races are organized frequently in this region. Consequently, the region is crowned as the leader in the overall UTV market in terms of market value. Asia Pacific proposes high prospects for the UTV market to grow in this region as UTVs are extensively used in countries such as Australia, New-Zealand, and China for agricultural applications. With the rise in disposable income and the growing popularity of UTVs in China and India, the UTV market in the Asia Pacific expected to reach new heights throughout the forecast period from 2020 to 2028.
Market Segmentation
By Vehicle Type (2018–2028; US$ Bn)
- Sports UTVs
- Load Carrier UTVs
- Multipurpose UTVs
By Fuel Type (2018–2028; US$ Bn)
- Conventional Fuel UTVs
- Electric UTVs
Geography Segment (2018–2028; US$ Bn)
- North America
- U.S.
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of APAC
- Rest of the World (RoW)
- Latin America
- Middle East and Africa (MEA)
Rapidly Growing UTV Market Raised a War for Top Contention among UTV Manufacturers
Fierce competition among some of the world’s major automotive and utility manufacturers is evident in the utility task vehicles (UTV) market. As the market is growing firmly, these manufacturers are running that extra mile to launch new variants and attract consumers from different end-use applications. Dedicated vehicles for agriculture, sports, and military applications are introduced by these companies with advanced safety features, performance, and utility and installing confidence in the minds of customers about their products. Companies are facing tough price fights with each other and non-branded companies from developing regions to claim their share and the competition projected to expedite even further throughout the forecast period from 2020 to 2028. Some of the major UTV manufacturing companies mentioned in this research study include Polaris Industries, Kawasaki Heavy Industries Motorcycle & Engine Company, Suzuki Motor Corporation, Yamaha Motor Company Limited, Honda Motor Co., Ltd., Deere & Company, Husqvarna AB, Kubota Corporation, Case IH, Bobcat Company, Mahindra & Mahindra Limited, and Caterpillar Inc. among others.
Key questions answered in this report
- What are the recent market trends in the utility task vehicles (UTV) market and precious growth opportunities for the players?
- How growing off-road adventure activities and rallies affect the global as well as regional utility task vehicles (UTV) market?
- Which are the prominent range of products that are manufactured by the key players?
- Which is the largest and fastest-growing segment in terms of vehicle type and fuel type?
- Which is the most attractive geographical region/country for the overall utility task vehicles (UTV) market?
- How the introduction of electric UTVs became a game-changer in the overall utility task vehicles (UTV) market?
- What is the market size and trend in developing markets such as Asia Pacific, Middle East & Africa, and Latin America?
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type
Chapter 5 Global Utility Task Vehicles (UTV) Market, by Fuel Type
Chapter 6 North America Utility Task Vehicles (UTV) Market Analysis
Chapter 7 Europe Utility Task Vehicles (UTV) Market Analysis
Chapter 8 Asia Pacific Utility Task Vehicles (UTV) Market Analysis
Chapter 9 Rest of the World Utility Task Vehicles (UTV) Market Analysis
Chapter 10 Company Profiles
Companies Mentioned
- Polaris Industries
- Kawasaki Heavy Industries Motorcycle & Engine Company
- Suzuki Motor Corporation
- Yamaha Motor Company
- Limited
- Honda Motor Co. Ltd.
- Deere & Company
- Husqvarna AB
- Kubota Corporation
- Case IH
- Bobcat Company
- Mahindra & Mahindra Limited
- Caterpillar Inc.
