Portland, April 11, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “ATV and UTV Market by Vehicle Type (ATV and UTV), Displacement (< 400 (CC), 400-800 (CC), and > 800 (CC)), Fuel Type (Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered), Application (Utility, Sports, and Others), and End-user Vertical (Agriculture, Military, Mountaineering, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global ATV and UTV market accounted for $7.63 billion in 2017 and is projected to garner $14.11 billion by 2025, registering a CAGR of 7.8% through 2025.
Increasing trend of adventure sports and recreational activities, rise in demand for ATV and UTV in military activities, and government rules to support driving ATVs and UTVs on road are the major drivers of the market. However, ban on ATV and UTV driving wildlife area due to terrain damage and high maintenance cost hamper the growth of the global ATV and UTV market. On the contrary, increase in production of safer ATVs and UTVs are expected to create lucrative opportunities in the near future.
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Global ATV and UTV market is divided on the basis of vehicle type, displacement, fuel type, application, and geography. Based on vehicle type, the market is segmented into ATV and UTV. The ATV segment held the highest share in 2017. Moreover, the UTV segment is expected to grow at a gradual growth.
On the basis of displacement, the market is bifurcated into less than 400 (CC), 400-800 (CC), and more than 800 (CC). The 400-800 (CC) segment dominated the market in terms of revenue in 2017. Based on fuel type, the market is divided into gasoline powered, diesel powered, electric powered, and solar powered. The gasoline segment held the largest share in 2017.
Based on application, the market is segmented into utility, sports, and others. The sports segment for the ATV and utility for UTV reaped the highest market share in 2017. On the basis of end user, the market is divided into agriculture, military, mountaineering, and others. The mountaineering segment held the largest share in 2017. The market is analyzed according to geography and is divided into North America, Europe, Asia-Pacific, and LAMEA. North America region held the largest revenue in 2017, followed by the Asia-Pacific region.
Global ATV and UTV market report includes the major market players such as Polaris Industries, Inc., Kawasaki Motors Corp., Deere & Company., Yamaha Motor Co., Ltd., U.S.A., Honda Motor Company, ARCTIC CAT INC., HISUN, BRP, Suzuki, and KYMCO.
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