Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global market for all-terrain vehicles (ATVs) and utility task vehicles (UTVs) has exhibited a robust growth trajectory, reaching a value of nearly $8,778.8 million in 2022. This growth has been driven by a compound annual growth rate (CAGR) of 5.0% since 2017. The market is projected to further expand from $8,778.8 million in 2022 to $13,294.2 million in 2027, reflecting a growth rate of 8.7%. Subsequently, the market is anticipated to sustain its upward trajectory with a CAGR of 9.2% from 2027, culminating in a value of $20,678.9 million by 2032.
The growth observed in the historical period can be attributed to emerging market opportunities, increased utilization of ATVs and UTVs in military operations, and a rising global population. However, certain challenges such as a shortage of skilled labor impacted growth during this period.
Looking ahead, the market is poised to be driven by factors including government support, urbanization, the rise in high-net-worth individuals, and a growing global focus on reducing greenhouse gas emissions. Despite these growth drivers, stringent regulations could potentially hinder the market's progress.
The market is segmented by type into all-terrain vehicles (ATVs) and utility task vehicles (UTVs). The utility task vehicle (UTV) segment emerged as the larger segment, constituting 60.9% of the total market in 2022. Going forward, the utility task vehicle (UTV) segment is projected to exhibit the fastest growth, with a CAGR of 10.5% during the period 2022-2027.
The displacement-based segmentation includes categories such as less than 400cc, 400cc-800cc, more than 800cc, and others. The 400cc-800cc segment dominated this segment in 2022, capturing 40.3% of the market. The others segment is expected to grow the fastest with a CAGR of 10.9% from 2022 to 2027.
The market is also categorized by fuel types, including fossil fuels, electric, and solar. Fossil fuels represented the largest segment in 2022, accounting for 85.7% of the market. However, the electric segment is projected to exhibit the highest growth rate, with a CAGR of 11.1% from 2022 to 2027.
Furthermore, the market is segmented by end users, including recreational, sports, agriculture and utility, military and defense, and other end-users. The recreational segment held the largest share in 2022, comprising 39.6% of the total market. The sports segment is expected to grow the fastest with a CAGR of 9.0% during the period 2022-2027.
Geographically, North America dominated the market in 2022, accounting for 61.3% of the total market. This region is expected to continue leading in growth, followed by Western Europe and other regions, including Eastern Europe and the Middle East.
The market is highly concentrated, with the top ten competitors representing a substantial share of the market. Notable companies in this market include Polaris Inc., Yamaha Motor Co., Ltd., Kawasaki Heavy Industries Ltd., Bombardier Recreational Products (BRP) Inc., Zhejiang Chunfeng Power Co., Ltd. (CFMoto), and others.
To capitalize on opportunities in the market, companies are recommended to focus on electric ATVs and UTVs, explore innovations like amphibious terrain vehicles, expand into emerging markets, strengthen their presence in developed markets, and engage in collaborations and acquisitions. These strategies will enable companies to navigate the dynamic landscape of the all-terrain vehicle (ATV) and utility task vehicle (UTV) market effectively and sustain growth.
Competitive Portfolio:
- Polaris Inc
- Yamaha Motor Co., Ltd
- Kawasaki Heavy Industries Ltd
- Bombardier Recreational Products (BRP) Inc
- Zhejiang Chunfeng Power Co., Ltd. (CFMoto)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 336 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $8778.8 Million |
| Forecasted Market Value (USD) by 2031 | $20678.9 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/u7iw4j
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