The global ATV and UTV market is anticipated to register a CAGR of 5.54% during the forecast period, 2022-2030. The rising popularity of adventure sports and recreational activities, government rules supporting UTVs and ATVs, and growing demand for UTV and ATV in military vehicles propel market growth.
ATVs (all-terrain vehicles) are suitable for off-road capabilities, and find application in agriculture, forestry, military, and survey. UTVs (utility terrain vehicles) are designed with four or more wheels, and by definition, are used for transporting cargo and persons. There is a growing demand for UTVs and ATVs for military activities like driving on difficult terrain and troop transportation. These vehicles are estimated to be in huge demand in the military segment, given their superior mobility in tactical missions. Also, other factors like superior navigational aids, flexibility, and maneuverability, help with instant directions. Such factors drive market growth. Thus, the increasing demand for these vehicles in the defense sector is a significant growth driver. The market growth restraining factors include high maintenance costs and a ban on ATV and UTV in wildlife areas.
The global ATV and UTV market growth assessment includes the evaluation of North America, Europe, Asia-Pacific, and Rest of World. North America dominated the global market in 2020, and is expected to be the major region by 2028. The government regulations, high disposable income, and increasing demand for ATV, add to the region’s market prospects.
With many companies going for global expansion to extend their distribution network for delivering cost-effective and quality standard vehicles, the competitive rivalry is set to be intense. Kubota Corporation, Hisun, Kawasaki Heavy Industries Ltd, Honda Motor Company Ltd, Kwang Yang Motor Co. Ltd, Deere & Company, etc., are among the market’s leading players.
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