Dublin, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The "Utility Task Vehicles Market By Vehicle Type, By Fuel Type - Growth, Share, Opportunities & Competitive Analysis, 2020 - 2028" report has been added to ResearchAndMarkets.com's offering.
The utility task vehicles (UTV) market witnessed a high uptick in the recent few years and registered US$ 4.63Bn in 2019 that is projected to reach US$ 7.88Bn in 2028 growing at a steady CAGR of 6.1% throughout the forecast period from 2020 to 2028.
Electric UTVs segment have to Hang-on for Few Years to Overcome Conventional Fuel Utility Task Vehicles
In 2019, conventional fuel UTVs are racing away with a considerable margin compared to electric UTVs. The popularity of UTVs with IC engines, especially diesel engines allowed conventional fuel UTV to dominate the overall market. UTVs powered by IC engines produce more power and are associated with the thrill of riding and racing.
Consequently, the segment expected the reign supreme over its electric counterpart during the forecast period from 2020 to 2028. Electric UTVs are still under-developed and going through a lot of technological innovations. With major manufacturing paying keen attention to its development, electric UTVs projected to claim considerable market share beyond the forecast period.
Sports UTV on Top of the Podium in Vehicle Type Segment
Sports utility task vehicles claimed the highest market share in the overall UTV market in terms of market value. The perpetually growing popularity of off-road recreational activities created a sense of excitement and enthusiasm among the youths for the sports and thus, stimulated the growth of sports UTVs.
Various off-road races and rallies including Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert, and Grand National Cross Country allow UTVs to participate and famous off-road rally racing, Dakar Rally, 2017 organize separate events for utility task vehicles. Load-carrying UTV trail sports UTV in 2017. Load-carrying UTV is extensively used for agricultural applications and farmers across the globe are identifying the potential of UTV for carrying loads, tools, and tow agricultural equipment. Consequently, the demand for load-carrying UTVs anticipated growing even further in the coming years.
North America to Steer the Way to the Top among Other Regions in Global UTV Market
The U.S. and other North American countries are the largest consumers of utility task vehicles. These vehicles are highly appreciated for off-road adventure and recreational activities as several off-road rallies and races are organized frequently in this region. Consequently, the region is crowned as the leader in the overall UTV market in terms of market value. Asia Pacific proposes high prospects for the UTV market to grow in this region as UTVs are extensively used in countries such as Australia, New-Zealand, and China for agricultural applications. With the rise in disposable income and the growing popularity of UTVs in China and India, the UTV market in the Asia Pacific expected to reach new heights throughout the forecast period from 2020 to 2028.
Rapidly Growing UTV Market Raised a War for Top Contention among UTV Manufacturers
Fierce competition among some of the world's major automotive and utility manufacturers is evident in the utility task vehicles (UTV) market. As the market is growing firmly, these manufacturers are running that extra mile to launch new variants and attract consumers from different end-use applications. Dedicated vehicles for agriculture, sports, and military applications are introduced by these companies with advanced safety features, performance, and utility and installing confidence in the minds of customers about their products. Companies are facing tough price fights with each other and non-branded companies from developing regions to claim their share and the competition projected to expedite even further throughout the forecast period from 2020 to 2028.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
3.1 Product and Market Insights
3.1.1 Global Utility Task Vehicles (UTV) Market Value and Growth, 2018 - 2028, (US$ Bn) (Y-o-Y %)
3.2 Market Dynamics
3.2.1 Market drivers:
188.8.131.52 Growing Popularity of Off-road Adventure Sports
184.108.40.206 Incorporation of UTV in Military Tasks and Applications
220.127.116.11 Introduction of Electric UTV
3.2.2 Market Growth Challenges
18.104.22.168 Confined and Limited Market
3.3 See-Saw Analysis
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Attractive Investment Proposition, 2019
3.5 Competitive Analysis
3.5.1 Market Positioning of Key Vendors, 2019
Chapter 4 Global Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type
4.1 Market Analysis
4.2 Sports UTV
4.3 Load Carrier UTV
4.4 Multi-purpose UTV
Chapter 5 Global Utility Task Vehicles (UTV) Market, by Fuel Type
5.1 Market Analysis
5.2 Conventional Fuel UTVs
5.3 Electric UTVs
5.3.1 Global Electric UTVs Market Value, 2018 - 2028, (US$ Bn)
Chapter 6 North America Utility Task Vehicles (UTV) Market Analysis
Chapter 7 Europe Utility Task Vehicles (UTV) Market Analysis
Chapter 8 Asia Pacific Utility Task Vehicles (UTV) Market Analysis
Chapter 9 Rest of the World Utility Task Vehicles (UTV) Market Analysis
Chapter 10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/stdsx5
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900