Dublin, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The "Global ATV and UTV Market Size, Share & Industry Trends Analysis Report By Vehicle Type, By Fuel Type, By End Use (Mountaineering, Military, Agriculture, and Others), By Displacement, By Power Output, By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global ATV and UTV Market is projected to reach $17.6 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.
This market growth is driven by the increasing popularity of ATVs and UTVs for military operations, including troop transportation and driving across challenging terrains.
The military segment accounted for $2,626.5 million in revenue in 2022 and is expected to experience significant growth due to enhanced mobility and tactical capabilities offered by these vehicles. Innovations and product launches are key strategies adopted by market participants to meet the evolving demands of consumers.
Government Regulations and Adventure Sports Fuel Market Growth
Government regulations allowing the use of ATVs and UTVs on public roads have significantly boosted the market. For instance, the government of Newfoundland and Labrador introduced new off-road vehicle regulations in May 2022, enhancing safety and promoting the use of these vehicles on roads.
Additionally, the rising popularity of adventure sports and recreational activities, such as ATV racing championships, is attracting more tourists, driving market growth.
Key Market Players and Strategies
Honda Motor Co., Ltd., Deere & Company, and Bombardier Recreational Products, Inc. are the major forerunners in the market, as per the Cardinal Matrix analysis.
These companies are actively involved in product launches to expand their market share. For example, Honda recently introduced the Pioneer 520 and Pioneer 500 side-by-side models, targeting strong performance and exceptional value for consumers. Suzuki Motor Corporation partnered with Inmotive, Inc. for the development of a 2-speed EV transmission for Suzuki electric vehicles.
Segmentation Overview
- By Vehicle Type: The UTV segment held the highest revenue share in the market, offering multi-purpose off-highway utility vehicles that are widely used in construction, agriculture, and other industrial applications.
- By Displacement: The 400 CC to 800 CC segment accounted for a significant revenue share in 2022, with ATVs offering enormous storage capacities and high-performance capabilities.
- By Power Output: The 50 kW to 100 kW segment dominated the market in 2022, with high-performance ATVs preferred for off-road activities and racing on challenging terrains.
- By End Use: The agriculture and military segments showed promising growth rates in 2022, with increasing demand for ATVs in agricultural activities and military operations.
- By Fuel Type: Gasoline-powered ATVs and UTVs constituted the largest segment in 2022, with these vehicles precisely blended with oil for engine preservation and quick acceleration.
Regional Analysis
- North America led the market in 2022, with the United States and Canada witnessing increased use of ATVs and UTVs in various sectors. Developed economies, higher disposable income levels, and government regulations have contributed to market growth in this region.
- Europe, Asia-Pacific, and LAMEA are also witnessing significant growth in the ATV and UTV market due to increasing demand for off-road vehicles in adventure sports, agriculture, and military operations.
For more information about this report visit https://www.researchandmarkets.com/r/o127cb
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