New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "ATV and UTV Market by Type, by Displacement, by Fuel Type, and by Application – Global Opportunity Analysis and Industry Forecast, 2023–2030" - https://www.reportlinker.com/p06486774/?utm_source=GNW
The development of electric models has gained momentum, with manufacturers investing in research and development activities to meet the demand for cleaner and more sustainable off-road vehicles.
For instance, in December 2021, Polaris and Zero Motorcycles released an electric UTV called the Ranger XP Kinetic. It has a top speed of 60 mph and a range of up to 100 miles on a single charge. The UTV has a 10-inch touchscreen display, a 12-volt power outlet, and a cargo bed. Thus, the market growth of ATVs and UTVs is further accelerated by manufacturers’ increasing efforts to introduce electric models of these vehicles.
Moreover, the increasing popularity of adventure sports fuels the growth of the ATV and UTV market in recent years. Adventure enthusiasts and outdoor enthusiasts are constantly seeking new and exhilarating experiences. With powerful engines, sturdy construction, and advanced suspension systems, ATVs and UTVs can navigate through diverse landscapes, including rugged trails, muddy paths, sandy dunes, and rocky terrains. As a result, the ATV and UTV market continues to grow significantly, driven by the increasing demand from adventure enthusiasts.
Segment Overview
The global ATV and UTV market is segmented on the basis of type, fuel type, displacement, application, and geography.
- Based on type, the market is classified into ATV and UTV.
- Based on fuel type, the market is further segmented into gasoline powered, diesel powered, and electric powered.
- Based on displacement, the market is categorized into below 400 cc, 400–800 cc, and above 800 cc.
- Based on application, the market is divided into military, agriculture, recreation, and other applications.
- Based on region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world .
Regional Analysis
The North America market is projected to hold the dominant share by 2030
North America dominates the global ATV and UTV market with the U.S. market dominating the ATV and UTV industry. This region contributes to nearly half of the global market value. It has a robust recreational culture that places a significant emphasis on outdoor activities. This culture and diverse range of terrains encourage the use of ATVs and UTVs for recreational purposes. The popularity of off-roading, hunting, trail riding, and other outdoor adventures contributes to the dominance of the U.S. market.
In addition, Canada is the second-largest market for ATV and UTV vehicles in North America, due to its strong culture of outdoor activities and recreational pursuits. Additionally, Canada holds the 8th position among developed countries in the Adventure Tourism Development Index, highlighting the country’s strong presence and attractiveness in adventure tourism. The growing demand for adventure tourism contributes to the increased interest in ATV and UTV activities, and further drives the market growth.
Key Market Players
Some of the key players in the ATV and UTV market include:
• Polaris, Inc.
• BRP, Inc.
• Honda Motor Co., Inc.
• Kawasaki Heavy Industries Ltd.
• Yamaha Motor Co. Ltd.
• Textron, Inc.
• CF Moto
• Suzuki Motor Corporation
• KYMCO Group
• Kubota Corporation
Recent Developments
August 2022
Yamaha unveiled its new 2023 ATV and UTV range, offering customers an expanded lineup of off-road vehicles. The range includes several models with updated features and enhancements to cater to the diverse needs of adventure enthusiasts and professionals in the outdoor industry.
August 2022
Arctic Cat, a Textron, Inc. company, unveiled its off-road ATV/UTV lineup for 2023. The lineup features a range of new models and strengthened collaboration with Garmin. The introduction of innovative off-road vehicles and the integration of Garmin’s advanced navigation technology are set to enhance the off-roading experience for enthusiasts.
March 2023
Honda launched its popular ATVs and side-by-sides. It unveiled a new lineup of off-road vehicles that blend power, performance, and durability. The reintroduction of these vehicles aims to cater to the growing demand for recreational and utility vehicles in the power sports market.
March 2023
Polaris launched the RZR Pro R 4 Ultimate, a new model in its RZR lineup to cater to the off-road vehicle market. This four-seater UTV offers enhanced performance and advanced features to provide an exciting riding experience for adventure enthusiasts.
February 2023
BRP, Inc.’s brand Can-Am launched the next-generation mid-CC Outlander ATVs. The new models showcase cutting-edge technology, advanced features, and enhanced performance to cater to the demands of off-road enthusiasts.
KEY BENEFITS
• The ATV and UTV market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a detailed analysis of the ATV and UTV market trends, including the current and future trends to depict prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the ATV and UTV market is provided in the report.
• The competitive analysis of the players along with their market share in the ATV and UTV market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.
Read the full report: https://www.reportlinker.com/p06486774/?utm_source=GNW
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