Global UTV Market Size to exceed $9bn by 2025
Published Date: February 25, 2019 Authors: Ankita Bhutani
(UTV) Utility Terrain Vehicle Market size is set to surpass USD 9 billion by 2025; according to a new research report by Global Market Insights, Inc.
Increasing preferences of steering controlled off-road vehicles in multiple utility activities including construction, agriculture, and forestry will propel the UTV market growth during the projected timeline. Rising UTV demand for search and rescue operations in uneven terrains is positively influencing the industry proliferation. For instance, in December 2016, Coquitlam Search and Rescue (SAR) equipped the forces with Honda Pioneer 1000-5 for operations in Pitt River Valley.
Growing youth indulgence in recreational activities such as hunting, and fishing is driving the UTV market size. Customers are emphasizing on deployment of comfortable side by side vehicles aiming for improving productivity and output. The product offers larger space and facilitates multiple passengers. Further, superior safety features including bucket seats and roll-cage-like enclosures will support the market growth in next six years.
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Above 800 cc segment leads the UTV market size owing to its utilization in sports activities. Rising off-road racing events across the globe is driving the product demand. The events deploy higher displacement engines to deliver greater torque. Shifting trend from short-course trails to desert race events will positively influence the utility terrain vehicle market size over study timeframe. Industry players are improving the product portfolio to provide high power to weight ratio, superior endurance and reliability. For instance, in June 2018, Yamaha Motor Corp, USA introduced YXZ1000R / SS, Wolverine X2 and Wolverine X4 models with improved capability and enhanced comfort.
Stringent regulations and norms established by government bodies are promoting enhanced safety and protection of consumers and environment. Specific requirements for operating UTV over permitted areas are minimizing the environmental impacts pertaining to soil erosion and fuel emissions. Further, EPA and California Air Resources Board (CARB) have proposed emissions standards, test and procedures for reducing air pollution arising from ORVs.
Browse key industry insights spread across 250 pages with 311 market data tables & 10 figures & charts from the report, “Utility Terrain Vehicle (UTV) Market Size By Displacement (Below 400 cc, 400 – 800 cc, Above 800 cc) By Application (Utility, Sports, Recreation, Military) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Utility segment will register around 6% CAGR in the UTV market size owing to its adaption in agriculture and landscaping activities. UTVs offer large cargo space and high towing capacity. Moreover, growing demand for transporting supplies, plowing fields, mowing grass and managing livestock will ensure its dominance over the forecast period. Military segment will register substantial growth with its use for carrying troops in uneven terrains.
Europe holds significant share in the UTV market size owing to shifting preferences towards recreational activities including camping and forest adventures. Presence of organization such as Trans Euro Trail offering off road park facilities will positively influence the industry share over the study timeframe. Further, increasing off-road race competitions arranged by the regional organization is enhancing the product demand. Asia Pacific utility terrain vehicle market will register strong growth owing to the rising agricultural activities and proliferating tourism industry.
Key industry players of the UTV market include Polaris Industries, Kawasaki Heavy Industries, Bombardier Recreational Products (BRP), Yamaha Motors, Suzuki Motors, Honda Motors, Kubota Corporation, Husqvarna AB, and Bobcat Company. Industry participants are expanding the product portfolio to serve larger consumer base and strengthen their regional presence. For instance, in April 2018, BRP introduced Can-Am Maverick Sport UTV under side by side vehicles off-road trail sports.
The global utility terrain vehicle (UTV) market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2025, for the following segments:
UTV Market, By Displacement
- Below 400 cc
- 400 - 800 cc
- Above 800 cc
UTV Market, By Application
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa