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Utility Terrain Vehicle (UTV) Market Trends

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

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Utility Terrain Vehicle Market Trends

The integration of camera technology into utility terrain vehicles (UTVs) is fostering lucrative market growth. These advanced camera systems enhance safety and ease of navigation by providing drivers with real-time visibility of their surroundings including blind spots and obstacles. For instance, in August 2023, QuadBoss introduced the QuadBoss 360° camera system for UTVs, a pioneering accessory that offers a comprehensive view of the vehicle's surroundings. This innovative technology enhances safety and ease of navigation across diverse terrains, marking a significant first-to-market advancement for side-by-side owners. The enhanced safety and convenience offered by camera technology are attracting more consumers to invest in UTVs, contributing to the lucrative market growth.

Autonomous UTVs comprising cutting-edge technology are transforming the UTV market. These vehicles are equipped with advanced sensors, GPS systems, cameras, and Artificial Intelligence (AI) technology, allowing them to operate without human intervention. In the market, autonomous technology is revolutionizing various industries including agriculture, construction, and mining. Autonomous UTVs are used for tasks, such as crop monitoring, precision spraying, mapping, and material transport, as they augment efficiency and reduce labor costs. In agriculture, autonomous UTVs can navigate fields, analyze crop health, and perform targeted treatments, thereby optimizing agricultural practices. In the construction and mining sectors, they can transport materials within sites, thereby improving logistics and productivity.

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.