All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market By Type (All-Terrain Vehicle, Utility Task Vehicle); By Fuel Types; By End-Use; By Region, Segments & Forecast, 2023- 2032
- Published Date:Jul-2023
- Pages: 114
- Format: PDF
- Report ID: PM1363
- Base Year: 2022
- Historical Data: 2019-2921
Report Outlook
The global All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) market was valued at USD 9,899.42 million in 2022 and is expected to grow at a CAGR of 8.5% during the forecast period.
Off-road enthusiasts often use two types of vehicles, All-Terrain Vehicles (ATVs) and Utility Task Vehicles (UTVs), for different purposes. ATVs, called quad bikes, are single-rider vehicles that use handlebars for steering and control. They have large, low-pressure tires and a straddle seating position built for recreational use. ATVs can easily traverse rough terrains like dirt trails, dunes, and muddy paths because of their excellent maneuverability.
 and Utility Task Vehicle (UTV) Market.png )
To Understand More About this Research: Request a Free Sample Report
On the other hand, UTVs, also known as side-by-sides, are designed for utility and work-related tasks. They usually have a bench or bucket seating arrangement to accommodate multiple passengers and a steering wheel for control. UTVs have a more robust construction and often have cargo beds or rear cargo areas, making them ideal for carrying tools, equipment, and supplies. These vehicles are commonly used in agriculture, construction, and land management industries.
Both ATVs and UTVs have their advantages and are designed for specific purposes. ATVs excel in agility and maneuverability, making them ideal for recreational activities like trail riding, racing, and exploring off-road terrain. They offer a thrilling riding experience, and people commonly use them for recreational purposes like hunting, camping, and sports.
On the other hand, UTVs prioritize utility and versatility. With their larger seating capacity and cargo-carrying capabilities, UTVs are widely used for work-related tasks. They can transport materials, tools, and personnel across various terrains, making them valuable in industries where off-road access is essential. UTVs are also favored by outdoor enthusiasts who require a vehicle carrying gear and equipment for hunting, fishing, and camping activities.
Safety is a crucial aspect of riding both ATVs and UTVs. It is important to wear appropriate safety gear such as helmets, goggles, gloves, and boots to protect against potential hazards. Additionally, riders should receive proper training and follow all local regulations and guidelines for operating these vehicles.
 And Utility Task Vehicle (Utv) Market New.png)
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
ATVs are widely used in applications such as rescue operations in inhabitable land, adventure sports, and exploration missions. Utility task vehicles (UTV), also known as side-by-sides, are powered by IC engines or electric motors. They are capable of commuting over rough terrains and are driven with the help of steering. UTVs can accommodate two or more people along with additional loads, and are used in applications such as farming, mining, and rescue.
The global ATV and UTV market is influenced by increasing recreational off-road activities such as racing and sports. The increasing consumer disposable income and improving living standards boost the growth of the market. Development of technologically advanced vehicles with upgraded performance and efficiency increases the demand for these vehicles. The growing demand for sports and adventure activities drive the growth of the market. The demand from defense, agriculture, and mining sectors has increased, further boosting the All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) market growth. Supportive initiatives from governments and private organizations to promote sports activities have accelerated the adoption of these vehicles across the globe.
Report Segmentation
The market is primarily segmented based on type, fuel types, end-use, and region.
|
By Type |
By Fuel Types |
By End-Use |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
Electric Segment is Expected to Witness Significant Growth During the Forecast Period
Electric segment is anticipated to witness substantial growth during the projected years due to more sustainable and environmentally-friendly option. There are several advantages to electric ATVs and UTVs. Firstly, they offer a quieter ride than their gasoline-powered counterparts, reducing noise pollution in recreational areas. Additionally, they produce zero tailpipe emissions, contributing to improved air quality and reduced carbon footprint. This is especially important in environmentally sensitive areas where preserving nature and minimizing pollution are critical.
Electric ATVs and UTVs also provide instant torque, delivering quick acceleration and enhanced performance while easily navigating challenging terrains. They require less maintenance than gasoline-powered vehicles, resulting in potential cost savings in the long run. Furthermore, electric ATVs and UTVs can be recharged using renewable energy sources like solar or wind power, providing emissions-free off-road adventures while utilizing clean and renewable energy.
The Demand in North America is Expected to Witness Significant Growth During Forecast Period
North America is expected to witness significant growth during the upcoming years. The region's high disposable income, preference for all-terrain vehicles (ATVs), relaxed laws regarding ATV usage, stable economy, potential for innovative trends, and upcoming electric vehicle projects are key contributing factors. The United States remains the largest market for off-road vehicles due to their popularity in various applications such as hunting, forestry, mining, agriculture, sports, recreation, and construction activities. As the demand for ATVs continues to increase, the US is expected to remain the biggest market for off-road vehicles.
On the other hand, Europe is projected to experience significant growth in the utility terrain vehicle market. Demand for ATVs and UTVs has been increasing, particularly with the growing tourism activities. Countries like Germany, Spain, and France have seen a rise in sports and adventure activities, driving demand for these vehicles. Technological advancements, increasing applications in defense and agriculture sectors, supportive government initiatives, and growth in consumer disposable income and living standards are other factors contributing to the market growth in Europe.
Competitive Insight
The leading players in the market include Yamaha Motors, Honda Motors Co Ltd, Deere & Company, Polaris Industries, Kubota Corporation, Caterpillar Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Bobcat Company, Hisun Motors, and Bombardier Recreational Products among others. These leading players in the market are introducing innovative products in the market to cater to the growing demand of consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.
Recent Developments
- In October 2021, Ari Motors partnered with German electric vehicle solution startup Sono Motors to launch their new solar-enabled electric utility cart, the 458 of series L7e.
- Addax Motors released a new variant of their Addax MT series vehicles in June 2020. This electric utility cart can travel up to 132 km on a single charge according to the WLTP standard. It has a 12 kW electric motor can generate up to 16 horsepower and 120 N m torque.
All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 10,720.08 million |
|
Revenue Forecast in 2032 |
USD 22,320.48 million |
|
CAGR |
8.5% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments Covered |
By Type, By Fuel Type, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
Yamaha Motors, Honda Motors Co Ltd, Deere & Company, Polaris Industries, Kubota Corporation, Caterpillar Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Bobcat Company, Hisun Motors |
FAQ's
key companies in All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market are Yamaha Motors, Honda Motors Co Ltd, Deere & Company, Polaris Industries, Kubota Corporation, Caterpillar Inc.
The global All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) market is expected to grow at a CAGR of 8.5% during the forecast period.
The All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market report covering key are type, fuel types, end-use and region.
key driving factors in All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market are Increasing recreational off-road activities.
The global All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) market size is expected to reach USD 22,320.48 million by 2032.
© 2024 Polaris Market Research and Consulting. All rights reserved
