Global Utility Terrain Vehicle Market was valued US$ XX Mn. in 2019 and is expected to grow US$ XX Mn. by 2027, at a CAGR of around 6.2% during the forecast period.
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Global Utility Terrain Vehicle Market Overview:
A utility terrain vehicle (UTV) is a vehicle designed for the rougher terrain, hauling, and other tasks. It is also known as a side-by-side, four-wheel drive off-road vehicle, with a capacity of two to six-person. Recreational off-highway (ROV) or multi-purpose off-highway utility vehicle (MOHUV) are other terms used for this vehicle. This vehicle most probably used for construction and agriculture activities, like pull plants, shrubs, fertilizers, compost easily, transporting equipment & smaller tools, and can work in conjunction with the other retrofitted vehicles. There are nine types of utility terrain vehicles, like arm forced utility vehicle, multi-utility vehicle, sport utility vehicle, crossover utility vehicle multi-utility vehicle, light equipment, sport utility truck, utility task vehicle. The small sizes of a UTV make it a perfect vehicle to navigate through delicate landscapes without damaging the terrain, all the while having the option to pull additional material or equipment.
Global Utility Terrain Vehicle Market Dynamics:
The ability of UTV vehicle to operate in rough terrains, which is an important factor in the defense & military operations is the key growth factors of the global utility terrain vehicle market. Also, its high cargo carrying capacity and quick mobility on a hard surface area needed for anti-terrorist operations and border security combats in coastal areas, which further boosts the market growth.
Increasing consumer preference towards off-road recreational activity is leading to increasing adoption of the utility terrain vehicle that propels the demand for utility terrain vehicle market. Functioning off-road needs the unit to operate around obstacles and over rough terrains. These vehicles are majorly equipped with a roll-over protection system. Increasing consumer preference toward offload recreational activities is leading to an increase in the adoption of the utility terrain vehicles market. The growing population together with the tourism industry is augmenting participation in several activities. Increasing activities will grow the demand for utility terrain vehicles in the market.
Growing youth fulfillment in recreational activities, for example, hunting and fishing are driving the utility terrain vehicle market size. Customers are emphasizing the deployment of comfortable vehicles, aiming for improving productivity and output. The product offers a larger space and facilitates multiple passengers. Further, superior safety features including bucket seats and roll-cage-like enclosures will support the market growth in the future.
On the other hand, the high cost of these vehicles, due to the use of advanced technological features, like display monitors and integrated communication systems, hampers the growth of the utility terrain vehicle market.
Global Utility Terrain Vehicle Market Segmentation:
According to the product type, the 400-800 cc UTV displacement segment expected to hold the largest market share of the global market by 2027. Because of maximum features and enhanced safety. Increasing off-road desert championships in the U.S. will drive the segment growth. Vehicles offer a roll cage structure that improves vehicle safety and reduces the chances of injuries & fatalities. Industry key players are engaged in innovating and emerging advanced vehicles that will increase the demand for 400-800 cc UTVs.
Region-wise, North America region is expected to hold the largest market share of the global market by 2027. Countries, like the U.S. and Canada, have a massive range of utility terrain vehicle manufacturers who are proficient in manufacturing highly efficient utility terrain vehicles with advanced features. Utility terrain vehicle manufacturers develop different vehicles, which can be used in different scenarios and landscapes. The major attraction regarding utility terrain vehicles in the U.S. is the annual motorsport competition, which involves different formats, such as mountain terrain and rocky terrain. Therefore, such competitions also cause noteworthy growth in the tourism industry, thereby driving the growth of the market.
Global Utility Terrain Vehicle Market Competitive Landscape:
Companies are concentrating on emerging safety measures, for example all-terrain airless tires, covered roof for rollover situations, efficient toggling between 2WD and 4WD, independent suspensions for better stability, and sustainability in variable weather conditions.
Numerous UTV companies in the Minnesota and Michigan region are promoting the uptake of UTVs for recreational activities by investing heavily in off-road competitions and outdoor recreational activities. For instance, in February 2017, Yamaha Motor Corp. announced grants of USD 350,000 to 26 recipients for promoting the use of UTVs in outdoor recreation through its Yamaha Outdoor Access Initiative (YOAI). The YOAI is also working toward the promotion of projects that provide enjoyable and satisfactory experience to UTV riders.
The objective of the report is to present a comprehensive analysis of the Global Utility Terrain Vehicle Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Utility Terrain Vehicle Market dynamics, structure by analyzing the market segments and project the Global Utility Terrain Vehicle Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Utility Terrain Vehicle Market make the report investor’s guide.
Scope of the Global Utility Terrain Vehicle Market: Inquire before buying
Global Utility Terrain Vehicle Market, By Product Type
• Displacement (CC) <400 • Displacement (CC) 400-800 • Displacement (CC) >800
Global Utility Terrain Vehicle Market, By Application
• Sport UTV
• Work UTV
Global Utility Terrain Vehicle Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Utility Terrain Vehicle Market
• Polaris Industries
• John Deere
• Kawasaki
• Yamaha Motor
• Kubota
• Arctic Cat
• Honda
• Bombardier Aerospace
• Suzuki
• Tomcar
• Hisun Motors Corp
• BRP
• Kwang Yang Motor Co, Ltd.
• Others
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The Hive St. Pete
United States - St. Petersburg
02:22 15/06/2021
