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Utility Terrain Vehicle (UTV) Market Size

Report ID: GMI3142
Published Date: Feb 2024
Report Format: PDF

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Utility Terrain Vehicle Market Size

Utility Terrain Vehicle (UTV) Market size was valued at USD 7.3 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The burgeoning travel & tourism sector is driving the market growth. As more people engage in recreational activities and outdoor adventures facilitated by the travel industry, there is a rising demand for UTVs.

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According to the India Brand Equity Foundation, in 2022, the travel & tourism sector contributed USD 190 billion to the Indian economy. As tourism flourishes, there is an increasing demand for UTVs among adventure seekers and tourists looking to explore diverse landscapes and engage in outdoor recreational activities. UTVs offer versatility, durability, and off-road capabilities, making them an ideal choice for navigating various terrains and enhancing the overall travel experience.

Utility Terrain Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2023
Utility Terrain Vehicle Market Size in 2023:	USD 7.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.5%
2032 Value Projection:	USD 11.9 Billion
Historical Data for:	2018 -2023
No. of Pages:	220
Tables, Charts & Figures:	260
Segments covered:	Displacement, propulsion type, and application
Growth Drivers:	Increasing participation and spending in off-road recreational Proliferating off-road sports events Positive outlook of tourism industry in MEA and Latin America Introduction of electric UTV in European countries High R&D investments and product innovation
Pitfalls & Challenges:	Environmental impacts and safety concerns

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Versatility and off-road capabilities are the key factors boosting the utility terrain vehicle market. UTVs are designed to navigate various terrains including rugged trails, steep slopes, and uneven surfaces with ease and reliability. This versatility enables users to utilize UTVs across a wide range of applications, from recreational off-roading and hunting to agricultural tasks and industrial operations. The robust off-road capabilities of UTVs ensure optimal performance and safety, making them a preferred choice for outdoor enthusiasts and professionals.

Regulatory compliance presents significant challenges for the utility terrain vehicle market. As governments enact stricter emissions standards and safety regulations, UTV manufacturers must invest in research & development to ensure that their vehicles meet these requirements. Compliance with the evolving standards often entails redesigning vehicle components and implementing advanced technologies, which increases production costs and development timelines. Additionally, navigating complex regulatory frameworks across different regions and countries adds further complexity, posing challenges for manufacturers seeking to expand their market reach while adhering to compliance mandates.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of utility terrain vehicle (UTV) reached USD 7.3 billion in 2023 and is set to witness 5.5% CAGR from 2024 to 2032, propelled by the burgeoning travel & tourism sector.

The gasoline propulsion UTV segment accounted for 65% of the market share in 2023, owing to the superior horsepower and torque offered by gasoline based engine.

North America is the fastest-growing region in the market with a major share of over 85 % in 2023, favored by the increasing demand for performance, safety, comfort, and technology features in powersports.

Arctic Cat Inc., BMS Motorsports, Inc., BRP, CFMOTO USA, DRR USA, HISUN, Honda Motor Co., Ltd., Kawasaki Motors Corp., U.S.A., Polaris Inc., and Yamaha Motor Co., Ltd.