New York, US, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Utility Terrain Vehicles Market Research Report Information by Propulsion, Displacement, Application, and Region- Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 8634.35 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.4% during the assessment timeframe.
Utility Terrain Vehicles (UTVs) Market:
A utility terrain vehicle (UTV) refers to a vehicle developed for rougher hauling, terrain, and other tasks. It is also called a four-wheel, side-by-side drive off-road vehicle, having a capacity of two to six-person. Multi-purpose off-highway utility vehicle (MOHUV) or recreational off-highway (ROV) are other names used for this vehicle. Utility terrain vehicle (UTV) is believed to be the most probably used for agriculture and construction activities, such as pulling plants, compost quickly, fertilizers, transporting equipment & smaller tools, and shrubs, and can operate in combination with the other retrofitted vehicles. The global utility terrain vehicles market has shown massive development in the last few years. The main parameter supporting the market's growth is the fast technological advancements in vehicle design.
Furthermore, the factors such as increasing demand for utility from the military industry and the flourishing sports industry are also predicted to boost the market's growth over the assessment era. Moreover, the increase in attraction for off-raiding recreation activities and rising consumer spending are also anticipated to upsurge in the market's growth over the coming years. In addition, factors like growing product development activities by major players, the launch of new solutions, and a substantial increase in maintenance activities are also likely to catalyze the market's growth over the forecast period.
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Utility Terrain Vehicles Market Competitive Analysis
The catalog for crucial participants across the global utility terrain vehicles market includes players such as:
- Polaris (U.S.)
- Hisun (U.S.)
- Kawasaki Heavy Industries (Japan)
- Arctic Cat (U.S.)
- John Deere (U.S.)
- Honda (Japan)
- Yamaha (Japan)
- BRP (Canada)
- Kubota (Japan)
Utility Terrain Vehicles Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 8634.35 Million |
| Growth Rate | CAGR of 6.4% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Positive outlook toward electric utility terrain vehicles |
| Key Market Drivers | Rising demand of utility terrain vehicles across various sectors |
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Utility Terrain Vehicles Market USP Covered
Market Drivers
The global utility terrain vehicles market has shown massive development in the last few years owing to the growing demand of utility terrain vehicles across various sectors, positive outlook toward electric utility terrain vehicles, and capacity to work in specialized environments.
Utility Terrain Vehicles Market Restraints
On the other hand, the high labor and infrastructure cost is likely to restrict the market's growth.
COVID-19 Impact
The global utility terrain vehicles market has been through some massive changes, given the arrival of the global health crisis in COVID-19. On the other hand, with all the financial and industrial activities returning to normal, the global market for utility terrain vehicles is anticipated to witness rapid development over the coming years.
Utility Terrain Vehicles Market Segment Analysis
Among all the displacements, the 400-800 CC segment is anticipated to show the maximum growth rate across the global market for utility terrain vehicles over the review era. The main parameter supporting the segment's growth is the most extreme highlights and upgraded security. The growing rough terrain desert titles in the U.S. boost the segment's growth. These vehicles provide a roll restrain structure, further developing vehicle security and lowering the chances of wounds and fatalities. Industry main participants are engaged with developing and raising progressed vehicles that will develop the interest for 400-800 cc UTVs.
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Among all the propulsions, the gasoline segment is predicted to ensure the top spot across the global utility terrain vehicles market over the review era. Gas is likely the most significant portion of the off-road vehicles market by fuel type.
Among all the application areas, the sports segment is predicted to hold the top spot across the global utility terrain vehicles market over the review era.
Utility Terrain Vehicles Market Regional Analysis
The global utility terrain vehicles market is analyzed across five major regions: South America, the Middle East & Africa, Asia-Pacific, Asia-Pacific, Europe, and North America.
According to the analysis reports by MRFR, the North American region is predicted to secure the top spot across the global market for utility terrain vehicles over the assessment era. The growing popularity of ATVs is considered a vital parameter supporting the regional market's growth. Furthermore, the forthcoming electric vehicle projects are anticipated to boost the regional market's growth over the review timeframe. Moreover, the factors such as unofficial laws regarding ATV plans, created economy, the scope for new and trend-setting innovations, and the high discretionary cash flow of people are also catalyzing the growth of the regional market over the coming years. According to industry experiences, the U.S. shows the most significant portion of the off-road vehicle market, inferable from popularity in applications such as development, mining, ranger service, chasing, diversion, sports, agribusiness, and military exercises. As the interest in ATVs keeps growing, the U.S. depends on staying in the most significant off-road vehicle market.
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The utility terrain vehicles for the European region are anticipated to show substantial growth over the review era. Over the years, the growing demand for ATVs and UTVs for enhancing tourism activities is believed to be the main parameter supporting regional market growth. The growing trend of sports activities and adventure sports across nations such as France, Spain, and Germany has boosted the demand for these vehicles. Furthermore, the rising consumer disposable income across the region is anticipated to boost the demand for these vehicles over the review era. Moreover, the improving living standards across the European region is also predicted to influence the regional market's growth over the forecasted timeframe. In addition, factors such as supportive government initiatives, increasing applications in defense and agriculture sectors, and technological advancements are also likely to catalyze the growth of the regional market over the coming years.
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