Selbyville, Delaware, Feb. 27, 2019 (GLOBE NEWSWIRE) --
The utility terrain vehicle market is predicted to expand from USD 6 billion in 2018 to USD 9 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing preferences of steering controlled off-road vehicles in multiple utility activities including construction, agriculture, and forestry will propel the utility terrain vehicles (UTV) market growth during the projected timeline. Rising UTV demand for search and rescue operations in uneven terrains is positively influencing the industry proliferation.
Growing youth indulgence in recreational activities such as hunting, and fishing is driving the utility terrain vehicle market size. Customers are emphasizing on deployment of comfortable side by side vehicles aiming for improving productivity and output. The product offers larger space and facilitates multiple passengers. Further, superior safety features including bucket seats and roll-cage-like enclosures will support the market growth in next six years.
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Above 800 cc segment leads the utility terrain vehicles (UTV) market size owing to its utilization in sports activities. Rising off-road racing events across the globe is driving the product demand. The events deploy higher displacement engines to deliver greater torque. Shifting trend from short-course trails to desert race events will positively influence UTV market size over study timeframe. Industry players are improving the product portfolio to provide high power to weight ratio, superior endurance and reliability.
Regulatory authorities including the United States Consumer Product Safety Commission (CPSC), Recreational Off-Highway Vehicle Association (ROHVA), and Environmental Protection Agency (EPA) enact laws regarding ORV use, emission and passenger safety.
Stringent regulations and norms established by government bodies are promoting enhanced safety and protection of consumers and environment. Specific requirements for operating UTV over permitted areas are minimizing the environmental impacts pertaining to soil erosion and fuel emissions. Further, EPA and California Air Resources Board (CARB) have proposed emissions standards, test and procedures for reducing air pollution arising from ORVs.
Browse key industry insights spread across 250 pages with 643 market data tables & 10 figures & charts from the report, “Utility Terrain Vehicles (UTV) Market Size By Displacement (Below 400 cc, 400 – 800 cc, Above 800 cc) By Application (Utility, Sports, Recreation, Military) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Sweden, China, India, Japan, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/utility-terrain-vehicles-utv-market
Utility segment will register around 6% CAGR in the UTV market size owing to its adaption in agriculture and landscaping activities. UTVs offer large cargo space and high towing capacity. Moreover, growing demand for transporting supplies, plowing fields, mowing grass and managing livestock will ensure its dominance over the forecast period. Military segment will register substantial growth with its use for carrying troops in uneven terrains.
Europe holds significant share in the utility terrain vehicle market size owing to shifting preferences towards recreational activities including camping and forest adventures. Presence of organization such as Trans Euro Trail offering off road park facilities will positively influence the industry share over the study timeframe. Further, increasing off-road race competitions arranged by the regional organization is enhancing the product demand. Asia Pacific will register strong growth owing to the rising agricultural activities and proliferating tourism industry.
Key industry players of the utility terrain vehicle market include Polaris Industries, Kawasaki Heavy Industries, Bombardier Recreational Products (BRP), Yamaha Motors, Suzuki Motors, Honda Motors, Kubota Corporation, Husqvarna AB, and Bobcat Company. Industry participants are expanding the product portfolio to serve larger consumer base and strengthen their regional presence.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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