Global Utility Vehicles (UTV) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Utility Vehicles (UTV) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A utility vehicle is a vehicle, generally motorized, that is designed to carry out a specific task with more efficacy than a passenger vehicle. It sometimes refers to a truck with low sides.

Market Overview:

The latest research study on the global Utility Vehicles (UTV) market finds that the global Utility Vehicles (UTV) market reached a value of USD 17682.03 million in 2022. It’s expected that the market will achieve USD 32289.92 million by 2028, exhibiting a CAGR of 10.56% during the forecast period.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Polaris, Kubota, Kawasaki, Yamaha Motor and Honda are the five key players in the global Utility Vehicles (UTV) market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Utility Vehicles (UTV) market in the past 5 years.

Founded in 1954, the spirit of Polaris can be traced back to co-founder Edgar Hetteen, his brother Allan and his good friend David Johnson. The hard working trio started the pioneer of Polaris-Hetteen Hoist & Derrick in Little Rosso, Minnesota in 1945. With the ravages of the Second World War and the scarcity of metals, their skills in repairing agricultural machinery quickly earned them loyal customers.

But it was they who wanted a better way to go to the remote hunting shed in the deep snow, which gave them a place in history: their cofounder developed an early snowmobile in 1955. To prove that the new car is more than just a frivolous toy, Edgar's three friends embarked on a 1200-mile journey through the Alaskan wilderness, demonstrating the durability of the car. They towed 900 pounds of food on a toboggan and withstood a temperature of minus 40 degrees to complete the journey in 12 days.

Their determination has paid off. This machine has become so popular that Polaris began to specialize in the production of snowmobiles.

Kubota began its business by manufacturing and selling cast metal products. Since then, They have offered various products contributing to improving human lives and society. They will endeavor to improve our technical capabilities acquired over the course of their history in a wider and deeper

Segmentation Overview:

Among different product types, Multi Utility Vehicles segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Commercial Use segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Utility Vehicles (UTV) market covered in Chapter 3:

Polaris
Alke
Bobcat (Doosan)
KIOTI
BRP
Linhai Group
Honda
HSUN Motor
Mahindra
Motrec
Kawasaki
KYMCO
(Daedong Industrial Company)
JLG Industries
CFMOTO
Arctic Cat
John Deere
Yamaha Motor
Kubota

In Chapter 4 and Chapter 14.2, on the basis of types, the Utility Vehicles (UTV) market from 2018 to 2029 is primarily split into:

Armored Utility Vehicles
Sport Utility Vehicles
Multi Utility Vehicles
Utility Terrain Vehicles
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Utility Vehicles (UTV) market from 2018 to 2029 covers:

Commercial Use
Industrial Use
Private Use
Agricultural Use
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)