Utility Terrain Vehicle (UTV) Market Snapshot
“The Utility Terrain Vehicle (UTV) Market is estimated to increase at a CAGR of 5.67% from $ 5.78 Billion in 2023 to $ 9.89 Billion by 2030.”
Utility Terrain Vehicles (UTVs) are off-road vehicles designed for various purposes such as transportation, recreation, and labor. They typically seat more people than ATVs and have a cargo bed for transporting goods. UTVs provide a more stable and pleasant ride, seating two to six people, allowing for teamwork, fun trips, and group activities.
Utility Terrain Vehicle (UTVs) are utilized in various sectors like forestry, mining, construction, agriculture, and tourism. The utility terrain vehicle market is expected to grow due to the increasing demand for flexible off-road vehicles. UTVs are becoming more popular in established markets like North America and Europe, as well as developing ones like Asia Pacific and South America.
ATVs and UTVs have a detrimental environmental impact due to their soil damage, root system harm, and soil erosion, affecting soil fertility, stream sedimentation, and plant development. Restrictions may reduce product demand and raise concerns about their security.
Technological advancements have enhanced UTV performance, resulting in higher power, faster acceleration, and superior handling. Manufacturers continuously strive to develop more efficient engines for better off-road performance and faster speeds.
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Growth Drivers:
Off-road vehicles are gaining popularity due to increasing leisure activity involvement worldwide. Trail sports, adventure sports, and motorcycle riding among young people are driving demand for power sports vehicles. In 2021, the U.S. Bureau of Labour Statistics reported that individuals aged 15 or older spent an average of 5.3 hours per day on sports and leisure activities. This trend is expected to drive manufacturers of off-road utility vehicles to expand.
- The goal is to increase the participation and spending in off-road recreational activities.
- The tourism industry in the Middle East and Latin America is experiencing a positive outlook.
- High R&D investment and product innovation are key factors contributing to the growth of the industry.
- The number of off-road sports events is increasing rapidly.
- The demand for UTVs has significantly increased for military operations.
- The travel and tourism industry in the U.S. is experiencing a significant growth.
Trends
- The COVID-19 pandemic severely impacted the utility terrain vehicle market, leading to a significant decrease in leisure and road travel activities, hindering market expansion.
- The halted operations also impacted the supply chain for non-essential goods industries, exacerbated by the sector's stagnation in the travel and tourist industry.
- Governments in several nations have made significant investments and legislative support, bolstering the resurgence of the tourism sector.
- The industry is expected to experience a steady boost from the slow but steady revival and relaxation of closure restrictions.
Utility Terrain Vehicle (UTV) Market Segment Analysis
“The company is implementing consistent design improvements to increase demand for UTVs under 400cc.”
The utility terrain vehicles market below 400cc is expected to grow by over 6.5% between 2023 and 2030. These vehicles are used for light-duty applications like agriculture and travel. Manufacturers are enhancing their functionality with hydraulic steering systems, suspensions, and longer frames. Their low cost has given them a competitive edge.
The utility segment's utility terrain vehicle market is predicted to reach a value of nearly USD 7.9 billion by 2030. The construction industry is expected to see a rise in UTV usage, leading to increased infrastructure spending. UTVs' superior cargo capacities, improved mobility, safety, and affordability in construction applications are driving their adoption.
Competitive Landscape of the Utility Terrain Vehicle (UTV) Market Analysis
New Developments
August 12, 2022 Volcon Off-Road UTVs to be Powered by General Motors’ Electric Propulsion Systems
Volcon” or the “Company”), the first all-electric, off-road powersports company, announced today that it will power all of its off-road utility terrain vehicles (“UTV”) with General Motors’ (“GM”) proven and tested electric propulsion systems, including the Company’s flagship UTV, the Volcon Stag, which was revealed to the public on July 1, 2022. Future models, including future versions of the Stag, as well as the Company's planned “Project X” vehicle, will be designed and developed to utilize GM’s electric propulsion systems. Volcon will be the first, and currently only off-road powersports company to offer their full line of vehicles with GM’s electric propulsion.
JUNE 29, 2022 New AutoTrac™ Ready John Deere Gator™ Utility Vehicles give farmers, ranchers hands-free steering capabilities
Olathe, KS (June 29, 2022) — John Deere now offers a new AutoTrac Ready option for select full-size Gator Utility Vehicles to give farmers and ranchers hands-free steering capabilities and increased versatility.
"John Deere is enabling the productivity gains farmers have seen while using AutoTrac technology on their tractors and integrating it into a smaller, more nimble machine – a Gator Utility Vehicle," said Maureen McCormack, Go-to-Market manager, Gator Utility Vehicles for John Deere.
For instance, in August 2022, Volcon and GM entered a partnership to power the former’s upcoming off-road UTVs with GM propulsion systems to accelerate the adoption of electric vehicles. This initiative enabled the company to increase its customer base and strengthen its footprint across the regional market.
Regional Analysis
The US sports utility terrain vehicle market is expected to reach USD 2 billion in 2022, driven by racing competitions like Legacy Racing, Rally on the Rocks, and the UTV World Championship. The outdoor recreation sector contributed 454 billion USD to the country's GDP in 2021, and UTV use in sports is expected to expand due to increased spending and off-road event participation.
Given the growing awareness about dangerous car emissions, it is predicted that the market for utility terrain vehicles in the United States would rise at a 20% rate until 2032. The U.S. EPA approved a final rule in December 2022 that tightens regulations on heavy-duty engines and vehicles' carbon emissions. Due to cheap battery costs, electric vehicle prices are falling, which has encouraged American customers to purchase electric utility ATV vehicles. The ability to give vehicle engines instantaneous power and torque will increase demand for electric off-road vehicles.
The global utility terrain vehicle market is expected to experience significant growth in Europe due to rising demand for ATVs and UTVs due to tourism activities. This growth is attributed to the popularity of adventure and sports in countries like Germany, Spain, and France, rising consumer disposable income, and rising living standards. Technological advancements, increased applications in agriculture and defense, and government support also contribute to the market's growth.
Key Market Segments
Utility Terrain Vehicle (UTV) Market by Displacement
- Below 400 CC
- 400-800 CC
- Above 800 CC
Utility Terrain Vehicle (UTV) Market, By Propulsion
Utility Terrain Vehicle (UTV) Market, By Application
- Utility
- Sports
- Recreation
- Military
The above information has been provided for the following regions and countries:
North America
Europe
- UK
- Germany
- France
- Italy
- Russia
Asia Pacific
- China
- India
- Japan
- South Korea
Latin America
MEA
- UAE
- Saudi Arabia
- South Africa
Frequently Asked Questions
What is the expected growth rate of the Utility Terrain Vehicle (UTV) market over the next 7 years?
The Utility Terrain Vehicle (UTV) Market is estimated to increase at a CAGR of 5.67% from $ 5.78 Billion in 2023 to $ 9.89 Billion by 2030 | Report 2023 by published by Market Report Service.
Who are the major players in the Utility Terrain Vehicle (UTV) market and what is their market share?
Volcon, Martex Global Enterprises, Vanderhall Motor Works Inc., Yamaha Motor Co., Ltd., Polaris Inc., Kawasaki Motors Corporation, Honda Motor Co., Ltd., Deere & Company, Caterpillar Inc., Bombardier Recreational Products (BRP), BMS Motorsports, Inc., and Arctic Cat, Inc, are prominent players operating and dominating in the market.
Who are the top 3 Utility Terrain Vehicle (UTV) Market Key Vendors?
Volcon, Martex Global Enterprises, Vanderhall Motor Works Inc, are key players in the Utility Terrain Vehicle (UTV) market.
Which geographical areas dominate the worldwide market for Utility Terrain Vehicle (UTV)?
North America region are emerging as the top regional markets for Utility Terrain Vehicle (UTV) solutions.
1.SUMMARY
1.1. Utility Terrain Vehicle (UTV) Market Overview
1.2. Key Insights
1.3. Report Scope
1.4. Research Methodology
1.5. Frequently Asked Questions
1.6. Chapter Outlines
- DECISION-MAKING SUMMARY
- INTRODUCTION
3.1. Overview of Utility Terrain Vehicle (UTV)
3.2. Key Historical Events
3.3. Structure
3.4. Biochemical Interaction
3.5. Target Indications
3.6. Advantages of Utility Terrain Vehicle (UTV)
3.7 Challenges associated with Utility Terrain Vehicle (UTV)
3.8. Future Perspectives.
- MARKET LANDSCAPE
4.1. Methodology
4.2 Utility Terrain Vehicle (UTV): Developer Landscape
4.2.1. Analysis by Year of Establishment
4.2.2. Analysis by Company Size
4.2.3. Analysis by Location of Headquarters (Region-wise)
4.2.4. Analysis by Location of Headquarters (Country-wise)
4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)
4.2.6. Most Active Players
- COMPANY
5.1. Company Overview
5.1.2 Management Team
5.1.3. Product Portfolio
5.1.4. Recent Developments and Future Outlook
- PARTNERSHIPS AND COLLABORATIONS
6.1. Partnership Models
6.2. Utility Terrain Vehicle (UTV): Partnerships and Collaborations
6.2.1. Analysis by Year of Partnership
6.2.2. Analysis by Type of Partnership
6.2.3. Analysis by Year and Type of Partnership
6.2.4. Analysis by Type of Partner
6.2.5. Analysis by Year of Partnership and Type of Partner
6.2.6. Analysis by Type of Partnership and Type of Partner
6.2.7. Analysis by Type of Partner and Parent Company Size
- ACADEMIC GRANTS ANALYSIS
7.1. Methodology and Key Parameters
7.2. Utility Terrain Vehicle (UTV): Academic Grants Analysis
7.2.1. Analysis by Year of Grant Award
7.2.2. Analysis by Amount Awarded
7.2.3. Analysis by Funding Institute Center
7.2.4. Analysis by Support Period
7.2.5. Analysis by Funding Institute Center and Support Period
7.2.6. Analysis by Type of Grant Application
7.2.7. Analysis by Purpose of Grant
- PUBLICATION ANALYSIS
8.1. Analysis Methodology and Key Parameters
8.2. Utility Terrain Vehicle (UTV): Publication Analysis
8.2.1. Analysis by Year of Publication
8.2.2. Analysis by Type of Publication
8.2.3. Analysis by Type of Conjugate
8.2.4. Analysis by Target Indication
8.2.5. Analysis by Copyright Holder
8.2.6. Word Cloud: Emerging Focus Area
8.2.7. Most Active Publishers: Analysis by Number of Publications
- SUCCESS PROTOCOL ANALYSIS
9.1. Methodology and Key Parameters
9.2. Key Assumptions and Scoring Criteria
9.3. Success Protocol Analysis
9.4. Assessment of Approved Utility Terrain Vehicle (UTV)
- Appendix 1: Tabulated Data
- Appendix 2: List of Companies
- Volcon
- Martex Global Enterprises
- Vanderhall Motor Works Inc.
- Yamaha Motor Co.
- Polaris Inc.
- Kawasaki Motors Corporation
- Honda Motor Co.
- Deere & Company
- Caterpillar Inc.
- Bombardier Recreational Products (BRP)
- BMS Motorsports
- Arctic Cat
