The Global ATV and UTV Market size was valued at USD 8.99 billion in 2019, and is predicted to reach USD 19.31 billion by 2030, with a CAGR of 7.10% from 2020-2030. ATV (All-Terrain Vehicles) are known for their capabilities in off-road activities and variable terrains. They hold applications in military, survey, forestry, agriculture, sports, and other sectors. The handling of ATVs requires trained drivers as they are mostly used in remote areas. UTV (Utility-Terrain Vehicles) are high-performance vehicles designed to operate in a more efficient manner than a general-purpose vehicle, with a capacity of two to six people.
Market Dynamics and Trends:
The global ATV and UTV market is on a spur owing to higher adoption of these vehicles in military activities, rapid increase in adventure tourism, growing number of adventure parks and trails, increase in the trend of sports and other recreational activities. Furthermore, market dynamics such as increase in per-capita disposable income as well as government regulations in support of driving the ATVs and UTVs on road, are anticipated in propelling the market growth in future.
Besides, benefits offered by ATVs and UTVs in rough terrains like improved vehicle control, superior operability, sharp handling, reduced turning radius, manoeuvring capability in tight spaces as well as its compact size, increase the adoption of such vehicles in variable terrains, hence supplementing the growth of the global ATV and UTV market. However, high maintenance costs, and prohibition on driving the ATVs and UTVs in wildlife area due to terrain damage, shall hamper the market growth over the forecast period. On the other hand, increasing rate of fatalities in sports activities, advancement in product technologies offering safer ATVs and UTVs are expected to promote the growth of the global ATV and UTV market in future.
Market Segmentations and Scope of the Study:
The global ATV and UTV market share analysis is based on vehicle type, displacement, fuel type, application, end user and geography. Based on the type of vehicle, the market is segmented into ATV and UTV. Based on displacement, the market is fragmented into 400CC, 400-800 CC, and 800 CC. Based on the fuel type, the market is categorized into Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered. Based on application, the market is divided into Utility, Sports, and Others. Based on end user, the market is fragmented into Agriculture, Military, Mountaineering, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis:
North America is expected to hold the major market share in the global ATV and UTV market throughout the forecast period owing to higher trends in adventure sports activities, presence of more adventure destinations, higher service offerings, well-established infrastructures with increased awareness and multipurpose use of the ATVs and UTVs in this region.
Asia Pacific region is expected to show significant growth with constant increase in market share over the forecast period owing to the increase in per-capita disposable income and evolution of the emerging economies. Furthermore, increase in the development of hilly areas, inclination of youth towards adventure sports activities, as well as higher adoption of ATVs and UTVs in defense and military sector, are fostering the growth of ATV and UTV market in this region.
Competitive Landscape:
The ATV and UTV market, which is highly competitive, consists of various market players. Some of the major market players include Polaris Industries, Inc., Kawasaki Motors Corp., Deere & Company, Yamaha Motor Co., Ltd., Honda Motor Company, ARCTIC CAT INC., Suzuki, BRP, KYMCO, and HISUN among others. The past endeavours, present developments along with futuristic advancements, sum-up to comprehend the overall market growth.
For instance, in October 2019, John Deere introduced a new 8 Family Tractor lineup that includes 8RT two-track tractors, 8R wheel tractors, the all-new 8RX, the industry's first fixed-frame four-track tractors. These standard equipped new tractors come with the latest precision and technology, thus allowing the customers to choose machine configuration, options, and horsepower to best fit their operation.
Moreover, in February 2020, Polaris Industries, Inc., the pioneer in powersports and off-road innovation in the global ATV and UTV market, introduced its brand-new three and six-seat models viz. ‘2020 RANGER XP 1000 NorthStar Premium’ and ‘RANGER XP 1000 NorthStar Ultimate.’ The new NorthStar lineup offers an expanded, more premium range of options, providing industry-leading products and the highest level of value across its entire portfolio. The NorthStar promises ultimate off-road comfort and convenience. With climate control, premium cab upgrades and the industry’s only ride command technology as the standard equipment, Polaris’ new NorthStar lineup now offers a more accessible price.
KEY MARKET SEGMENTS:
Global ATV and UTV market - By Vehicle Type
- ATV
- UTV
Global ATV and UTV market - By Displacement
- 400 (CC)
- 400-800 (CC)
- 800 (CC)
Global ATV and UTV market -By Fuel Type
- Gasoline Powered
- Diesel Powered
- Electric Powered
- Solar Powered
Global ATV and UTV market -By Application
- Utility
- Sports
- Others
Global ATV and UTV market -By End User
- Agriculture
- Military
- Mountaineering
- Others
Global ATV and UTV market -By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- RoW
- Latin America
- Middle East
- Africa
What is the estimated value of the ATV and UTV Market?
What is the growth rate of the ATV and UTV Market?
What is the forecasted size of the ATV and UTV Market?
Who are the key companies in the ATV and UTV Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 378 |
| Published | December 2020 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value ( USD | $ 8.6 Billion |
| Forecasted Market Value ( USD | $ 19.3 Billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
Table of Contents
Executive Summary
ATV and UTV: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 - 2030. Rapid increase in adventure tourism and rising number of adventure parks are expected to drive the ATV and UTV market growth.ATV (All-Terrain Vehicles) are known for their capabilities in off-road activities and variable terrains. They hold applications in military, survey, forestry, agriculture, sports, and other sectors. The handling of ATVs requires trained drivers as they are mostly used in remote areas. UTV (Utility-Terrain Vehicles) are high-performance vehicles designed to operate in a more efficient manner than a general-purpose vehicle, with a capacity of two to six people.
The global ATV and UTV market is on a spur owing to higher adoption of these vehicles in military activities, rapid increase in adventure tourism, growing number of adventure parks and trails, increase in the trend of sports and other recreational activities. Furthermore, market dynamics such as increase in per-capita disposable income as well as government regulations in support of driving the ATVs and UTVs on road, are anticipated in propelling the market growth in future. However, high maintenance costs, and prohibition on driving the ATVs and UTVs in wildlife area due to terrain damage, shall hamper the market growth over the forecast period. Moreover, increasing rate of fatalities in sports activities, advancement in product technologies offering safer ATVs and UTVs are expected to promote the growth of the global ATV and UTV market in future.
The global ATV and UTV market share analysis is based on vehicle type, displacement, fuel type, application, end user and geography. Based on the type of vehicle, the market is segmented into ATV and UTV. Based on displacement, the market is fragmented into 400CC, 400-800 CC, and 800 CC. Based on the fuel type, the market is categorized into Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered. Based on application, the market is divided into Utility, Sports, and Others. Based on end user, the market is fragmented into Agriculture, Military, Mountaineering, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Companies Mentioned
A selection of companies mentioned in this report includes:
- Polaris Industries, Inc.
- Kawasaki Motors Corp.
- Deere & Company
- Yamaha Motor Co., Ltd.
- Honda Motor Company
- ARCTIC CAT INC.
- Suzuki
- BRP
- KYMCO
- HISUN
