Market Research

Utility Terrain Vehicles Market Forecasts to 2028 - Global Analysis By Product (Less Than 400 CC, 400 To 800 CC and More Than 800 CC), By Propulsion Type (Diesel, Gasoline and Electric), By Application (Sports, Military, Utility, Recreation, Commercial an

Best Price Guarantee Length Publisher Published Date SKU
from $4,150 175 Pages Stratistics Market Research Consulting February, 2023 SMR17743171
Best Price Guarantee
Price from $4,150
Length 175 Pages
Publisher Stratistics Market Research Consulting
Published Date February, 2023
SKU SMR17743171

Utility Terrain Vehicles Market Forecasts to 2028 - Global Analysis By Product (Less Than 400 CC, 400 To 800 CC and More Than 800 CC), By Propulsion Type (Diesel, Gasoline and Electric), By Application (Sports, Military, Utility, Recreation, Commercial and Personal) and Geography

According to Stratistics MRC, the Global Utility Terrain Vehicles Market is accounted for $8.0 billion in 2022 and is expected to reach $13.4 billion by 2028 growing at a CAGR of 9% during the forecast period. Compared to a general-purpose vehicle, a utility terrain vehicle (UTV) is made to carry out tasks more effectively. It is also referred to as a side-by-side, off-road vehicle with four wheels that can accommodate two to six persons. This vehicle is most probably used for agricultural and construction tasks, including easily moving equipment and smaller tools while transporting plants, shrubs, fertilisers, and compost. It can also cooperate with other modified vehicles.

According to the American National Standards Institute, an ATV is a vehicle that runs on low-pressure tires, with operator straddled seats and steering wheel handlebars. As the name suggests, it is designed to climb a broader range of terrain than most of the other vehicles available commercially.

Market Dynamics:

Driver:

Wide usage in defence and military operations

The ability of this vehicle to operate in difficult terrain, which is a crucial factor in defence and military operations, is anticipated to drive the global utility terrain vehicle market. Additionally, the market is growing because of its large cargo carrying capacity and quick mobility on hard surfaces in anti-terrorist operations and border security battles in coastal areas. Moreover, the increased use of UTVs by farmers and hunters as well as the expansion of infrastructure in terms of construction are anticipated to provide growth opportunities for the manufacturers.

Restraint:

High labour and infrastructure cost

Due to the high costs of labour and infrastructure, it is anticipated that the global market for utility terrain vehicles will experience slow growth. Utility terrain vehicle production requires a substantial facility and a highly skilled workforce. Furthermore, because utility vehicles are used in challenging environments, their construction should adhere to certain standards. The cost of manufacturing utility terrain vehicles is extremely high due to the use of various premium plastics and metal alloys.

Opportunity:

Positive outlook toward electric utility terrain vehicles

The positive outlook for electric utility vehicles is predicted to reveal the market for utility terrain vehicles with significant opportunities for growth in terms of sales revenue. The development and production of top-notch electric utility terrain vehicles (UTVs) is being undertaken by numerous significant players in the global UTV market. The main advantages of electric utility vehicles are their low fuel costs compared to alternatives like gasoline or diesel, as well as their environmentally friendly construction. The market will expand as a result of consumers preferring such a cost- and ecofriendly option.

Threat:

High investments

Huge investments are needed to build the necessary infrastructure to design, develop, and produce these vehicles, which is a significant factor that is anticipated to restrain market growth. Furthermore, the expansion of the global market for utility terrain vehicles is also anticipated to be hindered by strict governmental regulations, rising import-related tariffs and taxes, and their effects on overall vehicle costs.

Covid-19 Impact:

The COVID-19 pandemic has spread globally and disrupted many industries. The operation of many industries is continuously decreasing as the world continues to fight this crisis. The growth of the market in the near future is impacted by a sharp decline in demand from end-use industries. Various projects in emerging economies are also confronting obstacles. Numerous pre-automotive projects are being scrutinised more closely as concerns about their viability in the current economic climate grow.

The 400 To 800 CC segment is expected to be the largest during the forecast period

Due to its most extreme features and improved security, the 400-800 cc UTV product segment is anticipated to hold the largest market share of the global market during the forecast period. The section's growth will be driven by the expansion of rough-terrain desert titles in the United States. Additionally, vehicles provide a roll confinement structure that enhances vehicle security and reduces the risk of injuries and fatalities. Industry key players are focused on creating and promoting advanced vehicles that will increase demand for 400-800 cc UTVs.

The sports segment is expected to have the highest CAGR during the forecast period

During the forecast period, the sports segment is anticipated to have the lucrative growth in the global market. A sports utility vehicle is a vehicle comparable to a station waggon or bequest vehicle that is usually equipped with four-wheel drive for capability on or in rough terrain. Some SUVs combine the towing capacity of a pickup truck with the passenger capacity of a minivan or large vehicle. Moreover, the sports utility terrain vehicle is used in a variety of competitive sporting events, including the Baja 1000, King of the Hammers, FIA Cross-Country Rally World Cup, and Australasian Safari. Besides this, some of these utility vehicles participated in the Trophee Andros ice racing series.

Region with largest share:

Due to factors including the popularity of ATVs, upcoming electric vehicle projects, high discretionary economic levels, the potential for new and trend-setting innovations, the developed economy, and unofficial laws regarding ATV plans, North America is predicted to hold the largest market revenue share during the projection period. According to industry reports, the US accounts for the largest share of the global market for off-road vehicles due to their use in the military, agriculture, sports, entertainment, hunting, ranger services, mining, and development activities.

Region with highest CAGR:

Because of the increasing demand for ATVs and UTVs over time due to expanding tourism activities, Europe is anticipated to witness the highest growth rate in the global utility terrain vehicle market. The demand for these vehicles has increased because of the increasing popularity of adventure and sports in nations like France, Spain, and Germany. Additionally, the rise of the European market is also fueled by rising consumer disposable income and rising living standards. However, innovations in technology, an increase in applications in the agriculture and defence sectors, and supportive government initiatives are additional factors boosting market growth.

Key players in the market

Some of the key players in Utility Terrain Vehicles market include John Deere (U.S.), Bombardier Aerospace (U.S.), Honda (Japan), Polaris Industries (U.S.), Arctic Cat (U.S.), Yamaha Motor (Japan), Suzuki (Japan), Kubota (Japan), Kawasaki (Japan), BMS Motorsports, Daymak Inc., Tomcar (U.S.), Caterpillar, HISUN Motors, Hisun Motors and Massimo Motor.

Key Developments:

In October 2018, Kawasaki Motor Corp. becomes exclusive Curtis steel cab distrubitor in U.S. This cab provides more comfort and also protection to the occupants.

Products Covered:
• Less Than 400 CC
• 400 To 800 CC
• More Than 800 CC

Propulsion Types Covered:
• Diesel
• Gasoline
• Electric

Applications Covered:
• Sports
• Military
• Utility
• Recreation
• Commercial
• Personal

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Utility Terrain Vehicles Market, By Product
5.1 Introduction
5.2 Less Than 400 CC
5.3 400 To 800 CC
5.4 More Than 800 CC
6 Global Utility Terrain Vehicles Market, By Propulsion Type
6.1 Introduction
6.2 Diesel
6.3 Gasoline
6.4 Electric
7 Global Utility Terrain Vehicles Market, By Application
7.1 Introduction
7.2 Sports
7.3 Military
7.4 Utility
7.5 Recreation
7.6 Commercial
7.7 Personal
8 Global Utility Terrain Vehicles Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 John Deere
10.2 Bombardier Aerospace
10.3 Honda
10.4 Polaris Industries
10.5 Arctic Cat
10.6 Yamaha Motor
10.7 Suzuki
10.8 Kubota
10.9 Kawasaki
10.10 BMS Motorsports
10.11 Daymak Inc.
10.12 Tomcar
10.13 Caterpillar
10.14 HISUN Motors
10.15 Hisun Motors
10.16 Massimo Motor
List of Tables
Table 1 Global Utility Terrain Vehicles Market Outlook, By Region (2020-2028) ($MN)
Table 2 Global Utility Terrain Vehicles Market Outlook, By Product (2020-2028) ($MN)
Table 3 Global Utility Terrain Vehicles Market Outlook, By Less Than 400 CC (2020-2028) ($MN)
Table 4 Global Utility Terrain Vehicles Market Outlook, By 400 To 800 CC (2020-2028) ($MN)
Table 5 Global Utility Terrain Vehicles Market Outlook, By More Than 800 CC (2020-2028) ($MN)
Table 6 Global Utility Terrain Vehicles Market Outlook, By Propulsion Type (2020-2028) ($MN)
Table 7 Global Utility Terrain Vehicles Market Outlook, By Diesel (2020-2028) ($MN)
Table 8 Global Utility Terrain Vehicles Market Outlook, By Gasoline (2020-2028) ($MN)
Table 9 Global Utility Terrain Vehicles Market Outlook, By Electric (2020-2028) ($MN)
Table 10 Global Utility Terrain Vehicles Market Outlook, By Application (2020-2028) ($MN)
Table 11 Global Utility Terrain Vehicles Market Outlook, By Sports (2020-2028) ($MN)
Table 12 Global Utility Terrain Vehicles Market Outlook, By Military (2020-2028) ($MN)
Table 13 Global Utility Terrain Vehicles Market Outlook, By Utility (2020-2028) ($MN)
Table 14 Global Utility Terrain Vehicles Market Outlook, By Recreation (2020-2028) ($MN)
Table 15 Global Utility Terrain Vehicles Market Outlook, By Commercial (2020-2028) ($MN)
Table 16 Global Utility Terrain Vehicles Market Outlook, By Personal (2020-2028) ($MN)
Table 17 North America Utility Terrain Vehicles Market Outlook, By Country (2020-2028) ($MN)
Table 18 North America Utility Terrain Vehicles Market Outlook, By Product (2020-2028) ($MN)
Table 19 North America Utility Terrain Vehicles Market Outlook, By Less Than 400 CC (2020-2028) ($MN)
Table 20 North America Utility Terrain Vehicles Market Outlook, By 400 To 800 CC (2020-2028) ($MN)
Table 21 North America Utility Terrain Vehicles Market Outlook, By More Than 800 CC (2020-2028) ($MN)
Table 22 North America Utility Terrain Vehicles Market Outlook, By Propulsion Type (2020-2028) ($MN)
Table 23 North America Utility Terrain Vehicles Market Outlook, By Diesel (2020-2028) ($MN)
Table 24 North America Utility Terrain Vehicles Market Outlook, By Gasoline (2020-2028) ($MN)
Table 25 North America Utility Terrain Vehicles Market Outlook, By Electric (2020-2028) ($MN)
Table 26 North America Utility Terrain Vehicles Market Outlook, By Application (2020-2028) ($MN)
Table 27 North America Utility Terrain Vehicles Market Outlook, By Sports (2020-2028) ($MN)
Table 28 North America Utility Terrain Vehicles Market Outlook, By Military (2020-2028) ($MN)
Table 29 North America Utility Terrain Vehicles Market Outlook, By Utility (2020-2028) ($MN)
Table 30 North America Utility Terrain Vehicles Market Outlook, By Recreation (2020-2028) ($MN)
Table 31 North America Utility Terrain Vehicles Market Outlook, By Commercial (2020-2028) ($MN)
Table 32 North America Utility Terrain Vehicles Market Outlook, By Personal (2020-2028) ($MN)
Table 33 Europe Utility Terrain Vehicles Market Outlook, By Country (2020-2028) ($MN)
Table 34 Europe Utility Terrain Vehicles Market Outlook, By Product (2020-2028) ($MN)
Table 35 Europe Utility Terrain Vehicles Market Outlook, By Less Than 400 CC (2020-2028) ($MN)
Table 36 Europe Utility Terrain Vehicles Market Outlook, By 400 To 800 CC (2020-2028) ($MN)
Table 37 Europe Utility Terrain Vehicles Market Outlook, By More Than 800 CC (2020-2028) ($MN)
Table 38 Europe Utility Terrain Vehicles Market Outlook, By Propulsion Type (2020-2028) ($MN)
Table 39 Europe Utility Terrain Vehicles Market Outlook, By Diesel (2020-2028) ($MN)
Table 40 Europe Utility Terrain Vehicles Market Outlook, By Gasoline (2020-2028) ($MN)
Table 41 Europe Utility Terrain Vehicles Market Outlook, By Electric (2020-2028) ($MN)
Table 42 Europe Utility Terrain Vehicles Market Outlook, By Application (2020-2028) ($MN)
Table 43 Europe Utility Terrain Vehicles Market Outlook, By Sports (2020-2028) ($MN)
Table 44 Europe Utility Terrain Vehicles Market Outlook, By Military (2020-2028) ($MN)
Table 45 Europe Utility Terrain Vehicles Market Outlook, By Utility (2020-2028) ($MN)
Table 46 Europe Utility Terrain Vehicles Market Outlook, By Recreation (2020-2028) ($MN)
Table 47 Europe Utility Terrain Vehicles Market Outlook, By Commercial (2020-2028) ($MN)
Table 48 Europe Utility Terrain Vehicles Market Outlook, By Personal (2020-2028) ($MN)
Table 49 Asia Pacific Utility Terrain Vehicles Market Outlook, By Country (2020-2028) ($MN)
Table 50 Asia Pacific Utility Terrain Vehicles Market Outlook, By Product (2020-2028) ($MN)
Table 51 Asia Pacific Utility Terrain Vehicles Market Outlook, By Less Than 400 CC (2020-2028) ($MN)
Table 52 Asia Pacific Utility Terrain Vehicles Market Outlook, By 400 To 800 CC (2020-2028) ($MN)
Table 53 Asia Pacific Utility Terrain Vehicles Market Outlook, By More Than 800 CC (2020-2028) ($MN)
Table 54 Asia Pacific Utility Terrain Vehicles Market Outlook, By Propulsion Type (2020-2028) ($MN)
Table 55 Asia Pacific Utility Terrain Vehicles Market Outlook, By Diesel (2020-2028) ($MN)
Table 56 Asia Pacific Utility Terrain Vehicles Market Outlook, By Gasoline (2020-2028) ($MN)
Table 57 Asia Pacific Utility Terrain Vehicles Market Outlook, By Electric (2020-2028) ($MN)
Table 58 Asia Pacific Utility Terrain Vehicles Market Outlook, By Application (2020-2028) ($MN)
Table 59 Asia Pacific Utility Terrain Vehicles Market Outlook, By Sports (2020-2028) ($MN)
Table 60 Asia Pacific Utility Terrain Vehicles Market Outlook, By Military (2020-2028) ($MN)
Table 61 Asia Pacific Utility Terrain Vehicles Market Outlook, By Utility (2020-2028) ($MN)
Table 62 Asia Pacific Utility Terrain Vehicles Market Outlook, By Recreation (2020-2028) ($MN)
Table 63 Asia Pacific Utility Terrain Vehicles Market Outlook, By Commercial (2020-2028) ($MN)
Table 64 Asia Pacific Utility Terrain Vehicles Market Outlook, By Personal (2020-2028) ($MN)
Table 65 South America Utility Terrain Vehicles Market Outlook, By Country (2020-2028) ($MN)
Table 66 South America Utility Terrain Vehicles Market Outlook, By Product (2020-2028) ($MN)
Table 67 South America Utility Terrain Vehicles Market Outlook, By Less Than 400 CC (2020-2028) ($MN)
Table 68 South America Utility Terrain Vehicles Market Outlook, By 400 To 800 CC (2020-2028) ($MN)
Table 69 South America Utility Terrain Vehicles Market Outlook, By More Than 800 CC (2020-2028) ($MN)
Table 70 South America Utility Terrain Vehicles Market Outlook, By Propulsion Type (2020-2028) ($MN)
Table 71 South America Utility Terrain Vehicles Market Outlook, By Diesel (2020-2028) ($MN)
Table 72 South America Utility Terrain Vehicles Market Outlook, By Gasoline (2020-2028) ($MN)
Table 73 South America Utility Terrain Vehicles Market Outlook, By Electric (2020-2028) ($MN)
Table 74 South America Utility Terrain Vehicles Market Outlook, By Application (2020-2028) ($MN)
Table 75 South America Utility Terrain Vehicles Market Outlook, By Sports (2020-2028) ($MN)
Table 76 South America Utility Terrain Vehicles Market Outlook, By Military (2020-2028) ($MN)
Table 77 South America Utility Terrain Vehicles Market Outlook, By Utility (2020-2028) ($MN)
Table 78 South America Utility Terrain Vehicles Market Outlook, By Recreation (2020-2028) ($MN)
Table 79 South America Utility Terrain Vehicles Market Outlook, By Commercial (2020-2028) ($MN)
Table 80 South America Utility Terrain Vehicles Market Outlook, By Personal (2020-2028) ($MN)
Table 81 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Country (2020-2028) ($MN)
Table 82 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Product (2020-2028) ($MN)
Table 83 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Less Than 400 CC (2020-2028) ($MN)
Table 84 Middle East & Africa Utility Terrain Vehicles Market Outlook, By 400 To 800 CC (2020-2028) ($MN)
Table 85 Middle East & Africa Utility Terrain Vehicles Market Outlook, By More Than 800 CC (2020-2028) ($MN)
Table 86 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Propulsion Type (2020-2028) ($MN)
Table 87 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Diesel (2020-2028) ($MN)
Table 88 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Gasoline (2020-2028) ($MN)
Table 89 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Electric (2020-2028) ($MN)
Table 90 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Application (2020-2028) ($MN)
Table 91 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Sports (2020-2028) ($MN)
Table 92 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Military (2020-2028) ($MN)
Table 93 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Utility (2020-2028) ($MN)
Table 94 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Recreation (2020-2028) ($MN)
Table 95 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Commercial (2020-2028) ($MN)
Table 96 Middle East & Africa Utility Terrain Vehicles Market Outlook, By Personal (2020-2028) ($MN)

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