Wilmington, Delaware, United States, July 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global utility terrain vehicle market is projected to flourish at a CAGR of 5.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 10.3 billion is anticipated for the market in 2031. As of 2023, the market for utility terrain vehicles is expected to close at US$ 6.6 billion.
The rising popularity of outdoor recreational activities, such as off-road riding, trail exploration, and hunting, has fueled the demand for utility terrain vehicles among outdoor enthusiasts. The increasing interest in electric vehicles extends to UTVs, leading to the development and introduction of electric-powered UTV models, leading to market growth.
The growth of adventure tourism and outdoor experiences has contributed to the demand for utility terrain vehicle rentals and tours, boosting the market in popular tourist destinations. Increasingly utilization of utility terrain vehicles in various industrial and commercial settings for transportation, maintenance, and logistical operations, especially in construction, mining, and facility management, drives the market demand.
With growing innovations in technology manufacturers have been incorporating advanced technologies into utility terrain vehicles, such as improved suspension systems, enhanced safety features, and digital displays, making them more appealing to consumers, this is likely to drive the demand for utility terrain vehicles market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 6.3 Bn | |
| Estimated Value | US$ 10.3 Mn | |
| Growth Rate - CAGR | 5.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 275 Pages | |
| Market Segmentation | By Drive Type, Engine Capacity, Propulsion Type, Vehicle Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Honda Motor Company, Arctic Cat Inc., BRP, CFMOTO USA, Deere & Company, Hisun Motors, Kawasaki Motors, Ltd., Kubota Corporation, Polaris Inc., Suzuki Motor Corporation, TOMCAR, Inc., Yamaha Motor Co., Ltd. | |
Key Takeaways from the Market Report
- As of 2022, the utility terrain vehicles market was valued at US$ 6.3 billion
- By engine capacity, the demand for less than 400 CC segments is rising significantly due to the increasing demand for sustainable options.
- Based on application, the sports segment is expected to account for a significant market share
- By propulsion type, the electric segment is expected to generate high revenue during the forecast period.
Utility Terrain Vehicles Market: Prominent Drivers and Trends
- The increasing emphasis on sustainability and growing awareness about environmental issues drive the demand for electric utility terrain vehicles.
- The growing demand for utility terrain vehicles in sports activities, likely to drive the market demand
- Availability of utility terrain vehicles with powerful engines, advanced suspension systems, and other performance-enhancing features
- Technological advancements in utility terrain vehicles, such as connectivity and inbuilt infotainment system, enhance the user experience
- Increasing adoption of eco-friendly transportation drives the utility terrain vehicles market growth during the forecast period.
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Utility Terrain Vehicle Market – Regional Analysis
- North America is one of the largest and most mature markets for utility terrain vehicles. The region's strong demand is driven by a combination of factors, including a robust outdoor recreation culture, agricultural applications, industrial utility uses, and a high disposable income allowing for increased leisure spending. The United States and Canada are major contributors to the utility terrain vehicle market in this region.
- The Asia-Pacific region has seen significant growth in the utility terrain vehicle market, driven by rising disposable income, urbanization, and the expansion of outdoor recreation and adventure tourism industries. Countries like China, India, and Australia are key players in this region
Competitive Landscape
The market players operating in the utility terrain vehicle market are enhancing their product portfolio and expanding the market footprint to strengthen the market position. Transparency Market Research has profiled the following players in its global utility terrain vehicle market report:
- Honda Motor Company
- Arctic Cat Inc.
- BRP
- CFMOTO USA
- Deere & Company
- Hisun Motors
- Kawasaki Motors, Ltd.
- Kubota Corporation
- Polaris Inc.
- Suzuki Motor Corporation
- TOMCAR, Inc.
- Yamaha Motor Co., Ltd.
Key Developments in the Utility Terrain Vehicles Landscape:
- In May 2022 – HISUN introduced the Sector 450 is the perfect mid-sized UTV with all the features and power of a full-size UTV. Standard with a Roof, Windshield, Side Mirrors, Turn Signals, Winch, and Aluminum Wheels making the Sector 450 the ultimate mid-size UTV. Packed with a 454cc Single Cylinder EFI Engine, 4-Wheel Drive, and Dual A-Arm Nitrogen Assisted Shocks, the Sector 450 will get you where you need to go quickly and comfortably.
- Kawasaki introduced the top-of-the-line Brute Force ATVs feature 749 cm3 V-Twin engines and light, compact chassis. They offer stellar off-road performance and mobility thanks to their 4-wheel-drive (selectable 2WD/4WD) drivetrains and tough suspension and also have excellent load-carrying capacity.
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Utility Terrain Vehicle Market – Segmentation
Drive Type
- 2WD
- 4WD
- AWD
Engine Capacity
- Less than 400 CC
- 400 - 800 CC
- More than 800 CC
Propulsion Type
- Gasoline
- Diesel
- Electric
Vehicle Type
- Car
- Pick-up
Application
- Sports
- Recreation
- Military & Defense
- Utility Work
- Entertainment
- Agriculture
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
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