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Global ATV and UTV market deals in various segments depending as per the customer demand for the recreational use of the vehicle in sports, farming, mountaineering, military, etc. The outdoor explorers and adventure seekers are the extensive users of these vehicles and capturing the widest share of the total market in 2018. The global ATV and UTV Market are anticipated to grow from $7,679 million in 2018, and is projected to reach $14,560 million by 2027, registering a CAGR of 7.15% from 2019 to 2027. The base year considered for the study is 2018 & the estimated period is between 2019 & 2027.
The growth in sports enthusiasm, the worldwide deployment in military services and the agriculture and farming industries implementations are the major proliferating factors for the ATV and UTV market. The most important driver for the market development has been the growth in sports enthusiasm, since the inception of the all-terrain vehicle and respective utility task vehicle always have attracted the youth and enthusiast from the globe. ATV and UTV demand have increased over the years because of high inclination toward sports, recreation and tourism activities. The increasing trend of adventure sports and sports activities has increased the demand for these vehicles. The growing consumer income and improving the standard of living have boosted market growth. Other market factors supporting the growth include technological advancements in various fields, increasing applications in sports, mountaineering, defense and agriculture, and supportive government initiatives.
Geographically, the global ATV and UTV market has been segmented on the basis of four major regions, namely, North America, Asia Pacific, Europe and the Rest of World regional segment. Market in the Asia Pacific is showing great potential because of the introduction of ATV and UTV in line with the defense application and launch of new range of ATV and UTV models.
Honda Motor Company Ltd., Deere & Company, Textron Inc. (Artic Cat), BRP Inc., Hisun Motors Corporation, Kwang Yang Motor Co. Ltd., Polaris Industries Inc., Suzuki Motors Corportion, Kawasaki Heavy Industries Ltd., and Yamaha Motor Co. Ltd. are the major companies which are profiled in the report.