The global utility terrain vehicle (UTV) market could expect remarkable growth at the rate of 6% during the forecast period (2017-2023), suggests Market Research Future (MRFR).
Growth Drivers and Top Barriers
A utility terrain vehicle refers to a vehicle that is designed to conduct tasks efficiently compared to a general-purpose vehicle. It is also called a four-wheel drive off-road vehicle that can seat up to two to six persons. Multi-purpose off-highway utility vehicle (MOHUV) or recreational off-highway (ROV) are other terms used for the vehicle.
The worldwide utility terrain vehicle market gets a boost from the vehicle’s ability to operate in rough terrains. This factor has augmented its used in defense & military operations. Moreover, utility terrain vehicle’s high cargo carrying capacity along with swift mobility on the hard surface play a stellar role in anti-terrorist operations as well as border security combats in coastal areas. These appealing qualities have accelerated its demand for various purposes in the defense and military sector.
With that said, high cost of utility terrain vehicles could downplay its demand in the market during the review period. But the future market growth is expected to be smooth as a result of the increasing use of UTV by farmers and hunters. Also, surge in infrastructure development with respect to construction is expected to provide further growth opportunities to the manufacturers, which could profit the market to a great extent.
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The worldwide utility terrain vehicle market has been categorized on the basis of product type and application.
Product types covered by the report include displacement (CC): ≤ 400, displacement (CC): 400-800 and displacement (CC): ≥ 800.
Depending on application, the market consists of sport UTV, work UTV, and others. Out of these, the sport UTV segment could seize the largest share in the market. These types of UTVs are made for uneven and rough terrains that are usually off-road, which are used in light to heavy-duty trails. Generally, John Deere manufactures the majority of the sport utility vehicles.
The global utility terrain vehicle market is concentrated in the key regions of North America, Asia Pacific, Europe, along with the Rest of the World (RoW).
North America is expected to control the largest share of the global utility terrain vehicle market, with its highest production and sales. Countries like the United States (U.S.) and Canada house a huge number of utility terrain vehicle manufacturers that are well-known for developing highly efficient utility terrain vehicle that come with sophisticated features. These utility terrain vehicle manufacturers introduce different vehicles that can be used in different landscapes and scenarios. The U.S. has emerged as the most attractive market in the region, mainly due to the annual motorsport competition held every year as it involves diverse formats including rocky terrain and mountain terrain. These types of competitions have given significant push to the tourism industry, benefiting the utility terrain vehicle market in the process.
Europe is deemed to be a critical growth-pocket in the worldwide market, backed by rising application of UTVs in industrial and agricultural sectors, technological advancements in UTVs, and surge in off-roading sports activities. On top of this, it is estimated that new models and brands could enter the market in ensuing years, which could boost market demand for UTVs in the region.
Some of the well-known companies in the worldwide utility terrain vehicle market are BRP (Canada), John Deere (U.S.), Yamaha Motor Company Limited (Japan), Hisun Motors Corp (U.S.), Arctic Cat (U.S.), Kubota Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), Honda Motor Company, Ltd. (Japan), Kwang Yang Motor Co, Ltd (Taiwan), Polaris Industries, Inc. (U.S.), to name a few.
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List Of Tables
Table 1 Global Utility Terrain Vehicle Market: By Region, 2017-2023
Table 2 North America Utility Terrain Vehicle Market: By Country, 2017-2023
Table 3 Europe Utility Terrain Vehicle Market: By Country, 2017-2023
Table 4 Asia-Pacific Utility Terrain Vehicle Market: By Country, 2017-2023
Table 5 RoW Utility Terrain Vehicle Market: By Country, 2017-2023
List Of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
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