The Canada ATV and UTV market is estimated to record a CAGR of 8.21% during the forecast period, 2021-2026. One of the significant factors propelling the market growth is the increasing number of leading multinational manufacturing corporations introducing new utility vehicles.
ATVs (all-terrain vehicles) are open, small, single-seated motor vehicles that can operate on forests, mountains, snow, etc. UTVs (utility terrain vehicles) can be driven on rocky, muddy, and other rough terrains, since they have deep-threaded tires.
The growing trend of recreational activities & adventure sports, favorable government initiatives, and adoption of ATV & UTV in military activities, drive market growth. With regard to the military, there is rising demand for ATV & UTV for troop mobilization and driving on difficult terrain. These vehicles aid in activities like nature exploration, hiking, etc. At times, these are risky and dangerous. Moreover, with the increasing availability of such vehicles, related incidents are on the rise. As a result, the production of safer vehicles with safety measures offers ample market growth opportunities. Such factors are projected to influence market growth in Canada.
Some of the eminent companies in the market are Hisun, Deere & Company, CFMoto, BRP Inc, Honda Motor Co Ltd, etc.
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