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Utility Task Vehicles (UTV) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028

  • ID: 5148415
  • Report
  • September 2020
  • Region: Global
  • 105 pages
  • Acute Market Reports
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FEATURED COMPANIES

  • Bobcat Company
  • Case IH
  • Caterpillar Inc.
  • Deere & Company
  • Honda Motor Co. Ltd.
  • Husqvarna AB
  • MORE
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)
  • 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?
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Bobcat Company
  • Case IH
  • Caterpillar Inc.
  • Deere & Company
  • Honda Motor Co. Ltd.
  • Husqvarna AB
  • MORE
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Market Segmentation
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Assumptions
1.3.5 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Utility Task Vehicles (UTV) Market, 2019
2.2 Global Utility Task Vehicles (UTV) Market, by Vehicle Type, 2019
2.3 Global Utility Task Vehicles (UTV) Market, by Fuel Type, 2019
2.4 Global Utility Task Vehicles (UTV) Market, by Geography, 2019

Chapter 3 Market Dynamics
3.1 Product and Market Insights
3.1.1 Global Utility Task Vehicles (UTV) Market Value and Growth, 2018 – 2028, (US$ Bn) (Y-o-Y %)
3.2 Market Dynamics
3.2.1 Market drivers:
3.2.1.1 Growing Popularity of Off-road Adventure Sports
3.2.1.1 Incorporation of UTV in Military Tasks and Applications
3.2.1.2 Introduction of Electric UTV
3.2.2 Market Growth Challenges
3.2.2.1 Confined and Limited Market
3.3 See-Saw Analysis
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Attractive Investment Proposition, 2019
3.5 Competitive Analysis
3.5.1 Market Positioning of Key Vendors, 2019

Chapter 4 Global Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type
4.1 Market Analysis
4.2 Sports UTV
4.2.1 Global Sports Utility Task Vehicles (UTV) Market Value, 2018 – 2028, (US$ Bn)
4.3 Load Carrier UTV
4.3.1 Global Load Carrier UTVs , Market Value, 2018 – 2028, (US$ Bn)
4.4 Multi-purpose UTV
4.4.1 Global Shelving-supported Utility Task Vehicles (UTV) Market Value, 2018 – 2028, (US$ Bn)

Chapter 5 Global Utility Task Vehicles (UTV) Market, by Fuel Type
5.1 Market Analysis
5.2 Conventional Fuel UTVs
5.2.1 Global Conventional Fuel UTVs Market Value, 2018 – 2028, (US$ Bn)
5.3 Electric UTVs
5.3.1 Global Electric UTVs Market Value, 2018 – 2028, (US$ Bn)

Chapter 6 North America Utility Task Vehicles (UTV) Market Analysis
6.1 Overview
6.1.1 North America Utility Task Vehicles (UTV) Market Value, 2018 – 2028, (US$ Bn)
6.2 North America Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
6.2.1 SRC Analysis
6.3 North America Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
6.3.1 SRC Analysis
6.4 North America Utility Task Vehicles (UTV) Market Analysis, by Region/Country, 2018 – 2028 (US$ Bn)
6.4.1 U.S.
6.4.1.1 U.S. Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
6.4.1.2 U.S. Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
6.4.2 Rest of North America
6.4.2.1 Rest of North America Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
6.4.2.2 Rest of North America Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)

Chapter 7 Europe Utility Task Vehicles (UTV) Market Analysis
7.1 Overview
7.1.1 Europe Utility Task Vehicles (UTV) Market Value, 2018 – 2028, (US$ Bn)
7.2 Europe Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
7.2.1 SRC Analysis
7.3 Europe Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
7.3.1 SRC Analysis
7.4 Europe Utility Task Vehicles (UTV) Market Analysis, by Region/Country, 2018 – 2028 (US$ Bn)
7.4.1 U.K.
7.4.1.1 U.K. Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
7.4.1.2 U.K. Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
7.4.2 Germany
7.4.2.1 Germany Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
7.4.2.2 Germany Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
7.4.3 France
7.4.3.1 France Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
7.4.3.2 France Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
7.4.4 Rest of Europe
7.4.4.1 Rest of Europe Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
7.4.4.2 Rest of Europe Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)

Chapter 8 Asia Pacific Utility Task Vehicles (UTV) Market Analysis
8.1 Overview
8.1.1 Asia Pacific Utility Task Vehicles (UTV) Market Value, 2018 – 2028, (US$ Bn)
8.2 Asia Pacific Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
8.2.1 SRC Analysis
8.3 Asia Pacific Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
8.3.1 SRC Analysis
8.4 Asia Pacific Utility Task Vehicles (UTV) Market Analysis, by Region/Country, 2018 – 2028 (US$ Bn)
8.4.1 China
8.4.1.1 China Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
8.4.1.2 China Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
8.4.2 Japan
8.4.2.1 Japan Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
8.4.2.2 Japan Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
8.4.3 India
8.4.3.1 India Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
8.4.3.2 India Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
8.4.4 Rest of Asia Pacific
8.4.4.1 Rest of Asia Pacific Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
8.4.4.2 Rest of Asia Pacific Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)

Chapter 9 Rest of the World Utility Task Vehicles (UTV) Market Analysis
9.1 Overview
9.1.1 Rest of the World Utility Task Vehicles (UTV) Market Value, 2018 – 2028, (US$ Bn)
9.2 Rest of the World Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
9.2.1 SRC Analysis
9.3 Rest of the World Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
9.3.1 SRC Analysis
9.4 Rest of the World Utility Task Vehicles (UTV) Market Analysis, by Region/Country, 2018 – 2028 (US$ Bn)
9.4.1 Middle East & Africa
9.4.1.1 Middle East & Africa Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn)
9.4.1.2 Middle East & Africa Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)
9.4.2 Latin America
9.4.2.1 Latin America Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type, 2018 – 2028 (US$ Bn) 63
9.4.2.2 Latin America Utility Task Vehicles (UTV) Market Analysis, by Fuel Type, 2018 – 2028 (US$ Bn)

Chapter 10 Company Profiles
10.1 Polaris Industries
10.1.1 Polaris Industries: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Industries Served, Recent Developments)
10.2 Kawasaki Heavy Industries Motorcycle & Engine Company
10.2.1 Kawasaki Heavy Industries Motorcycle & Engine Company: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.3 Suzuki Motor Corporation
10.3.1 Suzuki Motor Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.4 Yamaha Motor Company, Limited
10.4.1 Yamaha Motor Company, Limited: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.5 Honda Motor Co., Ltd.
10.5.1 Honda Motor Co., Ltd.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.6 Deere & Company
10.6.1 Deere & Company: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.7 Husqvarna AB
10.7.1 Husqvarna AB: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.8 Kubota Corporation
10.8.1 Kubota Corporation: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.9 Case IH
10.9.1 Case IH: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.10 Bobcat Company
10.10.1 Bobcat Company: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.11 Mahindra & Mahindra Limited
10.11.1 Mahindra & Mahindra Limited: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
10.12 Caterpillar Inc.
10.12.1 Caterpillar Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Industries Served, Recent Developments)
Note: Product cover images may vary from those shown
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  • 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.
Note: Product cover images may vary from those shown
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