Utility Terrain Vehicle (UTV) Market Size By Displacement (Below 400 cc, 400-800 cc, Above 800 cc), By Application (Utility, Sports, Recreation, Military), By Propulsion Type (Gasoline, Diesel, Electric) & Forecast, 2023-2032

Market Trends

Utility Terrain Vehicle Market size valued at USD 8 Billion in 2022 and is projected to expand at over 7% CAGR from 2023 to 2032. The robust landscape of the tourism sector across regions such as Latin America and Middle East & Africa will propel the demand for utility terrain vehicles. Middle eastern economies such as the UAE and Saudi Arabia have garnered significant tourist traction over the years, on account of the presence of vast stretches of barren lands and deserts, offering suitable terrains for off-road activities.
 

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Furthermore, the local governments have also been taking necessary initiatives and implementing strategies to boost their tourism industry. As per a report published by the World Travel and Tourism Council, despite the slow vaccination rate in some countries and restrictions on international travel, the Middle Eastern Travel & Tourism sector is set to experience a 27.1% uptick in 2022.
 

ATVs and UTVs cause a severe environmental impact as they churn up the soil and thus damage root systems and accelerate soil erosion. This further leads to increased sedimentation in waterways, minimizes soil fertility, and affects vegetation growth and future development. These limitations, in tandem with security concerns associated with these vehicles, may impede product demand.
 

Consistent design improvements to bolster the demand for below 400cc UTVs

Based on displacement, the utility terrain vehicles market from below 400cc segment is expected to showcase more than 7.5% growth rate between 2023 and 2032. UTVs below 400cc displacement are extensively utilized for light-duty applications such as traveling across sites and agriculture. Vehicle manufacturers globally have been integrating hydraulic steering systems, enhanced suspensions, and longer frames to improve their functionality. Besides, the low cost associated with these vehicles has helped them gain a competitive edge over their counterparts.
 

Rising investments across the construction sector to increase product demand

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In terms of application, the utility terrain vehicle market value from utility segment is anticipated to reach nearly  USD 8.9 billion by 2032. A noticeable rise in infrastructural investments and the increasing utilization of UTVs across the construction sector will proliferate segment growth. Across utility applications, such as construction, UTVs depict exceptional cargo capabilities, increased mobility, enhanced safety, and affordability compared to other transportation alternatives, fostering their adoption during the forecast period.
 

Growing environmental consciousness to spur the adoption of electric UTVs

In terms of propulsion type, the electric utility terrain vehicle market is predicted to exhibit around 15% gains through 2032. An increasing number of electric UTVs making their foray into the market will stimulate the business revenue streams over the next ten years. UTVs with electric propulsion systems offer instant power and torque to the vehicle engine and cause no vehicular emissions. Rising environmental concerns and stringent emission norms implemented across several economies will increase the demand for electric utility terrain vehicles.
 

Novel innovations to drive business growth across North America

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North America UTV market size accounted for more than USD 5.3 billion in 2022. The increasing popularity of recreational sports driven by the rising leisure expenditure and robust economic outlook will foster industry growth across the region. Moreover, a strong competitive landscape and escalating new product launches will help the UTV industry record appreciable gains during the forecast timeframe.
 

Footprint expansion to remain the key growth strategy

Notable companies in the utility terrain vehicle market include Polaris Industries, Honda Motors, Yamaha Motor Corporation, Kawasaki Motors Corporation, and BRP. These leaders are expanding their global presence to escalate their revenue growth and augment their existing customer base. For instance, in February 2022, Polaris Inc. extended its distribution facility in Wilmington, Ohio, by 165,000 sq ft. The enterprise will offer all types of products with their aftersales spare parts through this recently constructed distribution center. The move will help the company reduce delivery downtime and increase its customer base in the region.
 

Impact of COVID-19 on the industry trends

The utility terrain vehicle market suffered a significant setback owing to the COVID-19 virus outbreak. A noticeable decline in recreational and road transport activities impelled by the then-implemented movement restrictions and regulatory mandates hampered the market growth. Halted operations across industries dealing in non-essential commodities severely disrupted the industry supply chain. Additionally, stagnancy across the travel and tourism sector further worsened the crisis.
 

However, governments across numerous economies made hefty investments and extended policy support, which helped industry revival. In addition, the gradual recovery of the tourism industry and the easing of lockdown restrictions are slated to offer a much-needed boost to the industry demand. 
 

The utility terrain vehicle (UTV) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2032, for the following segments:

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UTV Market, By Displacement

• Below 400cc
• 400cc-800cc
• Above 800cc

Market Insights, By Application:

• Utility
• Sports
• Recreation
• Military

Market Insights, By Propulsion Type

• Gasoline
• Diesel
• Electric

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa