ATV and UTV Market Set to Surge to $18.6 Billion by 2031, Expanding at a 7.3% CAGR
ATV and UTV market
The ATV and UTV market is segmented on the basis of vehicle type, displacement, power output, fuel type, end use, and region.
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, April 17, 2024 /EINPresswire.com/ -- 𝐀𝐓𝐕 𝐚𝐧𝐝 𝐔𝐓𝐕 𝐌𝐚𝐫𝐤𝐞𝐭 by Vehicle Type (ATV, UTV), by Displacement (Less Than 400 CC, 400 CC To 800 CC, More Than 800 CC), by Power Output (Less Than 50kW, 50kW To 100 kW, Above 100 kW), by Fuel Type (Gasoline Powered, Diesel Powered, Electric Powered, Solar Powered), by End Use (Agriculture, Military, Mountaineering, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global ATV and UTV market was valued at $9.4 billion in 2021, and is projected to reach $18.6 billion by 2031, registering a CAGR of 7.3% from 2022 to 2031.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/5154
All terrain vehicle (ATV) and utility terrain vehicle (UTV) are special kind of off-road vehicles which are used to perform numerous activities such as leisure activities, patrolling, agricultural usage & other activities. These vehicles are designed in such a way that they offer superior performance during usage and at the same time, they are cheaper in cost. Moreover, companies operating in the production of advanced ATVs & UTVs have been offering a wider range of superior quality ORVs to its customers across the globe which has proved to be a factor supplementing the growth of the market across the globe.
𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
𝐃𝐞𝐞𝐫𝐞 & 𝐂𝐨𝐦𝐩𝐚𝐧𝐲, 𝐇𝐨𝐧𝐝𝐚 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨., 𝐋𝐭𝐝., 𝐓𝐞𝐱𝐭𝐫𝐨𝐧 𝐈𝐧𝐜., 𝐊𝐚𝐰𝐚𝐬𝐚𝐤𝐢 𝐇𝐞𝐚𝐯𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬, 𝐂𝐅𝐌𝐎𝐓𝐎, 𝐁𝐑𝐏, 𝐒𝐔𝐙𝐔𝐊𝐈 𝐌𝐎𝐓𝐎𝐑 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍, 𝐏𝐎𝐋𝐀𝐑𝐈𝐒 𝐈𝐍𝐃𝐔𝐒𝐓𝐑𝐈𝐄𝐒, 𝐈𝐍𝐂., 𝐊𝐔𝐁𝐎𝐓𝐀 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧., 𝐇𝐈𝐒𝐔𝐍, 𝐘𝐚𝐦𝐚𝐡𝐚 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨 𝐋𝐭𝐝, 𝐊𝐖𝐀𝐍𝐆 𝐘𝐀𝐍𝐆 𝐌𝐎𝐓𝐎𝐑 𝐂𝐎., 𝐋𝐓𝐃.
Prime determinants of growth
Increase in the trend of adventure sports & recreational activities, adoption of ATVs & UTVs in military activities, and government rules to support driving ATVs and UTVs on road, propel the growth of the ATV and UTV market across the globe. However, ban on ATV and UTV driving in wildlife area due to terrain damage and high maintenance cost of ATVs and UTVs hinder the growth of the market. Furthermore, production of safer ATVs & UTVs and development of electric vehicles provide lucrative opportunities for the growth of the global ATV and UTV market across the globe.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/atv-and-utv-market/purchase-options
Based on displacement, the more than 800 CC segment held the highest market share in 2021, accounting for more than two-fifths of the global ATV and UTV market revenue, owing to the fact that utility-focused UTVs with larger engine sizes above 800cc are becoming increasingly popular for commercial and industrial applications, such as farming, construction, and transportation. These vehicles are designed to handle heavy loads, rough terrains, and tough working conditions. However, the less than 400 CC segment is expected to portray the fastest CAGR of 8.7% during the forecast period.
The ATV and UTV market is segmented on the basis of vehicle type, displacement, power output, fuel type, end use, and region. By vehicle type, the market is bifurcated into ATV and UTV. By displacement, it is categorized into less than 400 cc, 400-800 cc, and more than 800 cc. By power output, it is classified into less than 50KW, 50kW to 100 KW, and above 100 KW. By fuel type, it is divided into gasoline powered, diesel powered, electric powered, and solar powered. By end use, it is segregated into agriculture, military, mountaineering, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global ATV and UTV market revenue, owing to increase in demand for more advanced & efficient off road vehicles to be present across the region. However, the Europe region is expected to witness the fastest CAGR of 8.6% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing to increased presence of numerous ORV manufacturing companies across the Europe.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/5154
The report provides a detailed analysis of these key players of the global ATV and UTV market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Moreover, numerous tradeshows & exhibitions are being carried out across the globe which involves numerous associations having registered numerous ATV and UTV users which strengthens the growth of the market. For instance, Annual International Off Road & UTV Expo held on December 02, 2022 - December 04, 2022 bought together off-road enthusiasts, industry professionals, and exhibitors from around the world to showcase the latest products, vehicles, and technology related to off-roading and UTVs (utility terrain vehicles). The event typically included exhibitions of off-road vehicles, accessories, equipment, and services from various manufacturers and vendors, as well as seminars, workshops, and demonstrations related to off-road driving and UTVs. Similar associations such as Wisconsin ATV / UTV Association, Inc., IDAHO State ATV Association, Inc., South Dakota ATV/UTV Association and others have been inclined towards keeping a track of ATV & UTV users which boosts the growth of the market across the globe.
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David Correa
Allied Market Research
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