Utility Terrain Vehicle (UTV) Market Size By Displacement (Below 400 cc, 400 - 800 cc, Above 800 cc), By Application (Utility, Sports, Recreation, Military), By Propulsion Type (Gasoline, Diesel, Electric), COVID-19 Impact Analysis, Growth Potential, Regi

Utility Terrain Vehicle (UTV) Market Size By Displacement (Below 400 cc, 400 - 800 cc, Above 800 cc), By Application (Utility, Sports, Recreation, Military), By Propulsion Type (Gasoline, Diesel, Electric), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 - 2032

The global utility terrain vehicles (UTV) market is estimated to propel significantly through 2032 owing to the rising investment and participation in off-road recreational projects.

High off-road leisure activities and strong demand for advanced off-road vehicles among the nation's youth and adult populations are set to boost the UTV market over the projection period. The popularity of motorcycle riding, adventure sports, and trail sports among young people has increased the demand for power sports vehicles.

For instance, in March 2021, Kubota introduced the RRTV 520 utility vehicle. It is an improved version of the RTV500 and has a 17.4 hp (13 kW) gasoline-powered engine. It includes a 440-pound capacity cargo bed and a five-link rear suspension system (200kg). The company's UTV segment will be strengthened, and its client base will grow as a result of the sophisticated UTV launch.

The utility terrain vehicles market has been divided in terms of displacement, application, propulsion, and region.

Based on displacement, the 400-800 cc segment is anticipated to expand considerably through the forecast period as a large increase in sales is being seen in the 400-800cc UTV displacement sector because of improved features and great safety. Demand for 400-800cc UTVs will be driven by an increase in off-road desert championships in the United States over the projection period.

With respect to application, the recreation segment is speculated to garner around $1756 million market valuation by 2032 credited to the consumers spending more on leisure and adventure activities. The growing popularity of outdoor leisure activities among young adults in the US is driving up demand for off-road UTVs.

In terms of propulsion, the diesel segment is slated to perform positively over the review years attributed to the numerous benefits provided by these vehicles, like high torque, and power. Diesel utility terrain vehicles are equipped with powerful, long-lasting engines that can provide the vehicle with more power.

From the regional perspective, the Europe utility terrain vehicles market is projected to witness more than 7.5% CAGR from 2023 to 2032 ascribed to the growing popularity of leisure activities brought on by the availability of so many adventurous trails, adventure parks, and diverse landscapes.

In the meantime, the Latin America UTVs industry is set to showcase steady growth throughout the research timeline fueled by the introduction of numerous off-roading service providers. The area offers a variety of sceneries for outdoor recreation and off-road sports that draw both domestic and foreign tourists.