GLOBAL ATV AND UTV MARKET 2022-2028
MARKET OUTLOOK
Triton’s report estimates that the global ATV and UTV market is expected to display a growth rate of 6.65% during the estimated phase 2022-2028.
Factors such as the rising prominence of adventure sports, supportive governmental rules, and growing use of ATVs and UTVs for military activities augment the market’s progress. The demand for these quad bikes in the military sector is growing due to their superior mobility for tactical operations. Moreover, the high flexibility and navigational capabilities offer proper directions to operators.
Conversely, driving bans in wildlife locations and high maintenance costs negatively impact the ATV and UTV market’s robust growth.
REGIONAL OUTLOOK
The global ATV and UTV market comprise North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa regions.
North America dominates the market for ATV and UTV globally and is expected to continue its stronghold till 2028. Numerous prominent companies are introducing new utility vehicles across Canada, influencing the adoption of ATVs and UTVs. For example, Mahindra launched Roxer side-by-side UTV in Canada. Furthermore, there is a great demand for UTVs in the defense industry due to their efficient patrol in combat tactics. Moreover, these quad bikes have gained traction among farmers in the United States. All these factors are augmenting the ATV and UTV market’s growth within the North American nations.
COMPETITIVE OUTLOOK
The major companies in the ATV and UTV market include Yamaha Motor Co Ltd, Honda Motor Company, Deere and Company, Polaris Industries Inc, Suzuki Motors Corporation, and BRP Inc, Kawasaki Heavy Industries, Kubota Corporation, Textron Inc, Kwang Yang Motor Co Ltd, Hisun, and CFmoto.
Honda Motor Company manufactures motorcycles, automobiles, power products, and others. Its product line consists of fuel cell vehicles, ATV sports, ATV rec, and passenger cars, among others. The firm also offers financial services, including leasing services and retail lending. Honda Motor has operations spread across numerous countries, with headquarters based in Tokyo, Japan.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook