Global ATV and UTV Market 2022-2028
The global ATV and UTV market was valued at $8.4 billion in 2021 and is projected to reach around $10.9 billion in 2028, growing at a CAGR of 4.6% during the forecast period. The market is expected to fall by 3.9% and generate around $8.0 billion in 2021. The decline is primarily due to the second/third wave of the COVID-19 pandemic. The primary factors (pre-COVID-19 pandemic) includes the increasing trend for adventure sports and entertainment, the use of ATV and UTV in military operations, and the cohesive government regulations that boost the development of the ATV and UTV industries. ATV and UTVs are gaining momentum owing to the rising recreational activities. Global Travel and Tourism councils integrated trekking and hiking activities that are focused on ATV and UTV by building tracks to attract and hold tourists for a longer period of time in their countries.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook