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ATV and UTV Market Trends, Growth, Industry & Revenue [2031]
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ATV and UTV Market Trends, Growth, Industry & Revenue [2031]

Segments - Global ATV and UTV Market by Types (ATV and UTV), by Displacement (Less than 400CC, 400CC-800CC, and More than 800CC), by Fuel Types (Gasoline, Diesel, Electric, and Solar), by Applications (Utility and Sports), by End-users (Agriculture, Military, Mountaineering, and Recreational), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

https://growthmarketreports.com/akash
Author : Akash Vedpathak
https://growthmarketreports.com/Vaibhav
Fact-checked by : V. Chandola
https://growthmarketreports.com/Shruti
Editor : Shruti Bhat

Upcoming | Report ID :AL-4639 | 4.1 Rating | 62 Reviews | 192 Pages | Format : PDF Excel PPT

Report Description


The global ATV and UTV market was valued at USD 9.53 Billion in 2022 and is projected to reach USD 14.32 Billion by 2031, expanding at a CAGR of 4.63% during the forecast period, between 2023 and 2031. Growing demand for ATVs and UTVs from adventure sports and recreational sector is expected to drive the market. Increasing demand for ATVs and UTVs in military activities propels the market. Additionally, high demand for UTVs in farming applications is anticipated to fuel the market.

ATV and UTV Market Outlook

Introduction to ATV and UTV

An ATV is an all-terrain vehicle, which is also known as quad or four-wheeler and is meant for single riders, usually for recreation purposes. An UTV is a utility task vehicle used for work and recreation, which contains a cabin for two or four riders, and is often called as SxS or side-by-side. Both vehicles are used for off-road riding and are known for their maneuverability. Proper training is required to handle such vehicles. They have gained popularity from the last few years, as they carry materials and equipment. For solo riding and racing purposes, ATV is preferred more than UTV, as it provides tight spaces and quick turns. In terms of safety, UTV gains an edge over ATV, as it is built, taking into consideration, safety precautions.

  • Introduction of rules by governments to support the use of ATVs and UTVs is expected to propel the ATV and UTV market.

  • Increasing number of racing championship tournaments is raising the demand for ATVs and UTVs, which is boosting the market.

  • Rising awareness about the beneficial features of such vehicles, including safety measures and the carrying capacity of UTVs, is anticipated to drive the ATV and UTV market.

  • High accident rates, due to less training and improper handling of the vehicle, is estimated to hamper the growth of the market.

  • Ban on use of ATVs and UTVs in ecosystems with wildlife and high maintenance cost of the vehicles hinder the market growth.

  • Ability to provide safe terrain vehicles for riding and additional features of these vehicles provide growth opportunities for players in the market. Rising inclusion of technology in the manufacture of vehicles and production of electric vehicles creates opportunities for the market players.

Scope of ATV and UTV Market Report

The report on the global ATV and UTV market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

ATV and UTV Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016-2021

Forecast Period

2023–2031

Segmentation

Types (ATV and UTV), Displacement (Less than 400CC, 400CC-800CC, and More than 800CC), Fuel Types (Gasoline, Diesel, Electric, and Solar), Applications (Utility and Sports), and End-users (Agriculture, Military, Mountaineering, and Recreational)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

BRP Inc, CF moto, Deere Company, Hisun Motors Corporation, Honda Motor Company, Ltd., Kawasaki Heavy Industries Ltd, Kwang Yang Motor Co., Ltd., Kubota Corporation, Polaris Industries, Inc., Suzuki Motor Corporation, Textron Inc, and Yamaha Motor Co., Ltd

ATV and UTV Market Segment Insights

UTV segment held the largest share of the market

On the basis of types, the ATV and UTV market is bifurcated into ATV and UTV. In 2021, the UTV segment accounted for 66.3% of the global market. With rising demand for utility vehicles for sports and recreational purposes, the UTV segment is expected to dominate the market during the forecast period. Increasing adoption of UTVs for different applications such as forestry, agriculture, and transport of goods is driving the market. The key features of UTV, including compact size, remote spaces, enhanced vehicle capacity, and low cost, is boosting the demand for UTV.

ATV and UTV Market Types

400CC-800CC segment to expand at a rapid pace

In terms of displacement, the ATV and UTV market is segmented into less than 400CC, 400CC-800CC, and more than 800CC. The 400CC-800CC segment dominated the global ATV and UTV market in 2021 and is anticipated to expand at a rapid pace. The growth of the market is majorly attributed to rising popularity of these vehicles for utility activities. ATVs and UTVs of 400CC-800CC are affordable. Many government organizations are adopting utility vehicles of this range for rescue operations and for monitoring wild and forest areas. Increasing off-trailing events and activities is projected to drive the demand for 800CC vehicles.

Electric segment to drive the market

Based on fuel types, the ATV and UTV market is classified into gasoline, diesel, electric, and solar. Among these segments, the electric segment is anticipated to dominate the ATV and UTV market. Technological developments, majorly in the electric sector, are expected to fuel the utility vehicles market. Government support for adoption of electric vehicles to meet the depletion problem of diesel boosts the electric segment.

Utility segment to register significant growth

On the basis of applications, the ATV and UTV market is bifurcated into utility and sports. The utility segment registered high growth in 2021 and is projected to dominate the market in the future. Growing use of ATV and UTV for utility purposes is expected to drive the market. ATVs and UTVs have applications in sports for adventure racing and championships. Inclusion of these vehicles for sports activities boosts the ATV and UTV market.

Rising demand for ATV and UTV in military activities

In terms of end-users, the ATV and UTV market is segmented into agriculture, military, mountaineering, and recreational. High demand for utility vehicles in military applications, such as the transportation of troops and on difficult driving terrain, is registered. The military is focusing on the adoption of utility vehicles to carry soldiers, equipment, and materials to the battlefield along with fully armed troops, which is anticipated to drive the ATV and UTV market. ATVs and UTVs are helpful in exploring nature, for hiking, and other outdoor experiences.

ATV and UTV Market End Users

Asia Pacific to dominate the global market

Based on regions, the ATV and UTV market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is estimated to account for the highest CAGR of 7.7% during the forecast period. The growth of the market in this region is mainly attributed to the increasing demand for utility vehicles for power sports and recreational activities in countries such as India, Australia, and China. Inclusion of these vehicles in military applications and the launch of products in the market are expected to drive the ATV and UTV market.

ATV and UTV Market Region

Segments

The global ATV and UTV market has been segmented on the basis of

Types

  • ATV
  • UTV

Displacement

  • Less than 400CC
  • 400CC-800CC
  • More than 800CC

Fuel Types

  • Gasoline
  • Diesel
  • Electric
  • Solar

Applications

  • Utility
  • Sports

End-users

  • Agriculture
  • Military
  • Mountaineering
  • Recreational

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Key players in the global ATV and UTV market are BRP Inc, CF moto, Deere Company, Hisun Motors Corporation, Honda Motor Company, Ltd., Kawasaki Heavy Industries Ltd, Kwang Yang Motor Co., Ltd., Kubota Corporation, Polaris Industries, Inc., Suzuki Motor Corporation, Textron Inc, and Yamaha Motor Co., Ltd.

ATV and UTV Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. ATV and UTV Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. ATV and UTV Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. ATV and UTV Market - Supply Chain
  4.5. Global ATV and UTV Market Forecast
     4.5.1. ATV and UTV Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. ATV and UTV Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. ATV and UTV Market Absolute $ Opportunity
5. Global ATV and UTV Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. ATV and UTV Market Size and Volume Forecast by Types
     5.3.1. ATV
     5.3.2. UTV
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global ATV and UTV Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. ATV and UTV Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global ATV and UTV Demand Share Forecast, 2019-2026
7. North America ATV and UTV Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America ATV and UTV Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America ATV and UTV Market Size and Volume Forecast by Types
     7.4.1. ATV
     7.4.2. UTV
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America ATV and UTV Demand Share Forecast, 2019-2026
8. Latin America ATV and UTV Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America ATV and UTV Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America ATV and UTV Market Size and Volume Forecast by Types
     8.4.1. ATV
     8.4.2. UTV
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America ATV and UTV Demand Share Forecast, 2019-2026
9. Europe ATV and UTV Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe ATV and UTV Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe ATV and UTV Market Size and Volume Forecast by Types
     9.4.1. ATV
     9.4.2. UTV
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe ATV and UTV Demand Share Forecast, 2019-2026
10. Asia Pacific ATV and UTV Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific ATV and UTV Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific ATV and UTV Market Size and Volume Forecast by Types
     10.4.1. ATV
     10.4.2. UTV
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific ATV and UTV Demand Share Forecast, 2019-2026
11. Middle East & Africa ATV and UTV Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa ATV and UTV Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa ATV and UTV Market Size and Volume Forecast by Types
     11.4.1. ATV
     11.4.2. UTV
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa ATV and UTV Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global ATV and UTV Market: Market Share Analysis
  12.2. ATV and UTV Distributors and Customers
  12.3. ATV and UTV Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. BRP Inc
     12.4.2. CF moto
     12.4.3. Deere Company
     12.4.4. Hisun Motors Corporation
     12.4.5. Honda Motor Company, Ltd.
     12.4.6. Kawasaki Heavy Industries Ltd
     12.4.7. Kwang Yang Motor Co., Ltd.

Methodology

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