Utility Terrain Vehicle Market
Global Utility Terrain Vehicle Market to Witness CAGR of 5.5% from 2023 to 2031
HOUSTON, TEXAS, UNITED STATES, August 7, 2023/EINPresswire.com/ — Global Utility Terrain Vehicle Market Synopsis
A utility terrain vehicle (UTV) is a type of off-road vehicle that is designed for both work and recreation. UTVs are typically four-wheel drive and have a large cargo capacity, making them ideal for tasks such as hauling equipment, hunting, and fishing. They are also becoming increasingly popular for recreational activities such as trail riding and mud bogging. The utility terrain vehicle market is growing rapidly, and there are a number of recent developments that are shaping the future of this market. Some of these developments include the increasing popularity of side-by-side UTVs; the introduction of more powerful and fuel-efficient engines; and the development of new safety features. UTV manufacturers are developing new safety features, such as roll cages and airbags, which are making UTVs safer to operate.
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Before COVID-19, the utility terrain vehicle market grew steadily at a 6.4% CAGR, driven by work and recreational popularity, and expanding middle class in developing countries. During the pandemic, demand initially dipped due to restrictions but later rebounded as people sought outdoor recreation. UTVs are now used more for leisure than work, with a rise in demand for advanced features like GPS and Bluetooth. The market is projected to continue growing post-pandemic, emphasizing recreation and technology.
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Global Utility Terrain Vehicle Market Growth Drivers:
• Growing Demand for Recreational Activities: The utility terrain vehicle market is driven by the increasing demand for recreational activities. According to a survey by the Outdoor Industry Association, outdoor participation in the US alone grew by over 5% between 2021 and 2022, with around 52% of Americans participating in outdoor activities. The rising interest in outdoor adventures, off-roading, and leisure pursuits has led to an uptick in UTV purchases for personal use. This trend is expected to continue as consumers seek safe and enjoyable outdoor experiences, making UTVs a popular choice for recreation enthusiasts.
• Versatility and Utilization in Various Applications: UTVs’ versatility and ability to perform various tasks contribute to their popularity. They find application across diverse sectors, including agriculture, construction, forestry, and mining. The UTV’s adaptability in rugged terrains and its capability to transport cargo make it an efficient choice for utility tasks. For example, a report by the Association of Equipment Manufacturers stated that UTV sales in the agricultural sector accounted for a significant portion of overall UTV sales, showcasing their widespread utilization in agriculture.
• Rising Demand in Emerging Markets: Emerging markets are experiencing a surge in demand for UTVs due to increasing disposable incomes and urbanization. Countries like India, China, and Brazil are witnessing significant growth in the UTV market. As per a report by Market Research Future, the Asia Pacific region’s UTV market is expected to grow rapidly during the forecast period. Rising industrialization and infrastructure development also drive the demand for UTVs in emerging economies, fostering their adoption for commercial applications.
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Global Utility Terrain Vehicle Market Recent Developments:
• Side-by-side UTVs are designed to seat two or more people side-by-side, and they are becoming increasingly popular for recreational activities. Moreover, UTV manufacturers are introducing more powerful and fuel-efficient engines, which is making UTVs more versatile and environmentally friendly. Furthermore, the development of new safety features. UTV manufacturers are developing new safety features, such as roll cages and airbags, which are making UTVs safer to operate. Technology is being used in a variety of ways in UTVs, such as the use of GPS navigation systems, Bluetooth connectivity, and cameras. The UTV market is also expanding into new regions, such as Asia and Africa. This is being driven by the growth of the middle class in these regions and the increasing demand for Western-style recreational vehicles.
• The Asia Pacific region is witnessing significant growth in the utility terrain vehicle market. The region is witnessing a surge in interest in outdoor adventures and recreational pursuits. The COVID-19 pandemic further boosted the popularity of outdoor activities as people sought safer and socially distanced options for leisure. Moreover, according to the World Bank, Asia Pacific’s gross domestic product (GDP) per capita has been steadily rising over the years, reflecting improved economic prosperity.
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Global Utility Terrain Vehicle Market: Competitive Benchmarking and Key Developments
In July 2023, employees at Honda North Carolina Manufacturing (NCM) in Swepsonville celebrated the introduction of a new model to their production lineup. Marking a significant milestone for the power equipment facility, they proudly assembled the first-ever FourTrax Rancher all-terrain vehicle (ATV), ushering in a new era of powersports in North Carolina.
In August 2022, Arctic Cat unveiled its lineup of ATV and UTV models for 2023. These latest models build upon the updates introduced in the 2022 editions and come equipped with Garmin GPS integration, enhancing the vehicles’ navigation capabilities.
o American Honda Motor Co., Inc.
o Arctic Cat Inc.
o Bombardier
o Deere & Company
o Kawasaki Motors Corp., U.S.A.
o KUBOTA Corporation
o Polaris Inc.
o Suzuki Motor USA, LLC
o TOMCAR, Inc.
o Yamaha Motor Co., Ltd.
o Other Industry Participants
Global Utility Terrain Vehicle Market:
By Product
o Less Than 400 CC
o 400 to 800 CC
o More Than 800 CC
By Application
o Sports
o Commercial
o Personal
By Propulsion
o Gasoline/Petrol Engines
o Diesel Engines
o Electric Motors
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By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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