The global ATV and UTV market worth $11.71 billion by 2028, growing at a CAGR of 6.65%
An ATV or all-terrain vehicle is a type of vehicle which is fitted with four low-pressure tires and handle bars. ATVs only accommodate one rider and do not have built-in rollover protection. An UTV or utility task vehicle, also called a side-by-side or recreational off-road vehicle (ROV), is a off-road vehicle that accommodates a driver and a passenger sitting side-by-side. UTVs have bench or occasionally bucket seats and are controlled via a steering wheel rather than handlebars. Most UTVs have built-in rollover protection in the form of a cage on top of the vehicle. Typically used in military, sports, forestry, and agriculture, these vehicles posses superior off-road capabilities and maneuverability.
The global ATV and UTV market size is predicted to reach over USD 12 billion by 2028. This can be ascribed to the increasing intrest from sports enthusiasts around the world. Besides, the increasing use by militaries across the world is another factor driving the market growth for ATV and UTV.
.png "Global ATV and UTV Market 2019-2028 (USD Billion)")
However, the high maintenance costs of ATV & UTV is hampering the market growth. Furthermore, the their usage for transportation is likely to provide lucrative development opportunities for the ATV and UTV market in the forthcoming years.
Atv And Utv Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2028 |
| Study Period | 2018-2028 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2028 | $11.71 billion |
| Growth Rate | CAGR of 6.65% during 2018-2028 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | BRP Inc, CFmoto, 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. In addition |
Key Segments of the Global ATV and UTV Market
Type Overview, 2019-2028 (USD Billion)
- ATV
- UTV
Application Overview, 2019-2028 (USD Billion)
- Utility
- Sports
- Others
Regional Overview, 2019-2028 (USD Billion)
North America
- U.S.
- Canada
- Rest of North America
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Argentina
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global ATV and UTV market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global ATV and UTV market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the ATV and UTV industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on type, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global ATV and UTV market. The report will benefit Every stakeholder involved in the ATV and UTV market.
- Managers within the ATV and UTV industry looking to publish recent and forecasted statistics about the global ATV and UTV market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global ATV and UTV market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The market value of ATV and UTV market in 2028 was USD 12 billion.
The ATV and UTV market is growing at a CAGR of 6.7% over the forecast period.
The application of the ATV and UTV market Utility, Sports and other.
Asia Pacific dominated the market for ATV and UTV market and accounted for the largest revenue share.
The top companies that hold the market share in ATV and UTV market are BRP Inc, CFmoto, 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 & among others.
The increasing use of ATVs and UTVs by militaries around the globe is expected to provide substantial market growth. Their manueavability, and flexibility allows transporation of troops or goods even in the most remote locations amidst increasing military conflict around the world. There has been an inflow of funding for military use in many countries including the United States. These factors are helping the market grow. The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Type Segment
Based on the type segment, the market is bifurcated into ATV, and UTV. In 2020, the UTV segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. The said segment is also likely to emerge as rapidly expanding segment in the coming years owing to a number of recognized benefits such as better transporation abilities, and higher load carrying.
Application Segment
Based on the application, the market is segmented into utility, sports, and others. The sports segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. Sports segment owing to the increasing intrest from sports enthusiasts are likely going to drive the market growth.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand from extreme sports. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the ATV and UTV market in this region is mostly ascribed to the growing adoption of ATV and UTV by companies in countries such as India, Japan, and China to compete against other regional players.
_1.png "North American ATV and UTV Market, 2019-2028 (USD Billion)")
The major players of the global ATV and UTV market are BRP Inc, CFmoto, 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. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.