Utility Terrain Vehicle (UTV) Industry Synopsis
The vehicle’s capability of carrying equipment and working as off-road vehicles is anticipated to drive the growth of the Utility Terrain Vehicle (UTV) Industry over the next couple of years. Industry players are focusing on UTV’s strength and capability in working across rough terrains. This, in turn, is prognosticated to accelerate revenue creation for the market players.
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Some of the major players participating in the global Utility Terrain Vehicle (UTV) Industry are Kawasaki Heavy Industries Ltd. (Japan), Polaris Industries, Inc. (U.S.), John Deere
By product type, the global Utility Terrain Vehicle (UTV) Industry has been segmented into Displacement (CC): ≤ 400CC, Displacement (CC): 400-800 CC and Displacement (CC): ≥ 800 CC.
By application, the Utility Terrain Vehicle (UTV) Industry has been segmented into Work UTV, Sports UTV, Others
The global Utility Terrain Vehicle (UTV) Industry, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is anticipated to hold a maximum share of the global market. The consolidation of major players in the U.S. and Canada are likely to propel the expansion of the Utility Terrain Vehicle (UTV) Industry in the upcoming years. The focus is on product development and product line innovations which are anticipated to favor the expansion of the market across the next few years. The annual motorsport competition held in the U.S. every year is one of the major drivers of the country-level market. It is expected to drive the demand in the region throughout the forecast period.
In February 2019, Spain's Hispano Suiza and British-based Lagonda have announced their participation in the annual Geneva International Motor Show with its retro all-terrain vehicles revived as electric cars.
In January 2019, TRACKER, part of the Tantalum Corporation, has partnered with Textron Inc., an American industrial conglomerate, for the introduction of TRACKER OFF ROAD, a bold new line of high-performance all-terrain vehicles (ATVs).
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