PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490227
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490227
ATV and UTV Market size was valued at USD 10,201.92 Million in 2023, expanding at a CAGR of 7.90% from 2024 to 2032.
When it comes to maneuverability, an ATV outperforms a UTV since it can easily navigate tight curves and through thick brush or wood. The workhorses of ATVs are UTVs; they are more powerful, have stronger bodies, and have greater capacity than typical four-wheelers.
ATV and UTV Market- Market Dynamics
Increasing number of adventure sports activities, off-road hiking is expected to propel market demand
The ATV and UTV are growing in demand due to several factors, including the growing acceptance of adventure sports and leisure activities, the military's use of ATVs and UTVs, and laws allowing their usage on public highways. Moreover, the worldwide ATV and UTV business has a substantial potential growth opportunity due to the development of safer ATVs and UTVs. Utility terrain vehicles (UTVs) and all-terrain vehicles (ATVs) are unique types of off-road vehicles used for a variety of tasks like recreational pursuits, law enforcement, farming, and other uses. These cars are built to provide better performance when driving while also being less expensive.
Furthermore, car ownership is on the rise due to rapid urbanization and population expansion. This is driving up demand for automobile manufacturing equipment by forcing the automotive sector to greatly expand its production capacity. Another important aspect that is anticipated to drive the growth of the ATV and UTV market is also increasing demand for electric vehicles. Specialized machinery is required for these vehicles' sensor systems, battery manufacture, and charging infrastructure.
ATV and UTV Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.90% over the forecast period (2024-2032)
Based on Fuel Type segmentation, the gasoline-powered segment was predicted to show maximum market share in the year 2023, owing to the high adoption of gasoline-powered vehicles.
Based on Displacement segmentation, 400-800 cc segment was the leading Displacement in 2023, mainly due to increased demand from mid-sized ATV & UTVs.
Based on Application segmentation, the military segment was the leading Application in 2023, mainly due to the high demand for military vehicles & equipment.
On the basis of region, North America was the leading revenue generator in 2023, owing to high demand military, agriculture industries.
The Global ATV and UTV Market is segmented on the basis of Fuel Type, Displacement, Application, and Region.
The market is divided into three categories based on Fuel Type: gasoline-powered, diesel-powered, and electric. The gasoline-powered segment dominates the market. The increasing demand for gasoline-powered vehicles is likely to contribute to segment growth.
The market is divided into three categories based on Displacement: less than 400 cc, 400-800 cc, and more than 800 cc. The 400-800 cc segment dominates the market and is likely to maintain its dominance during the forecast period. Growing demand for high-quality ATV & UTV is likely to advance the market growth.
The market is divided into four categories based on Application: military, agriculture, recreational, and others. The military segment dominates the market and is likely to maintain its dominance during the forecast period. Increasing demand for military devices and patrolling equipment is expected to contribute to segment growth.
ATV and UTV Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds a majority share in the global market owing to the presence of top manufacturers in the region. These regions are further divided as per the nations bringing business for the companies.
ATV and UTV Market is highly fragmented in nature with market player mainly focus on developing advanced manufacturing equipment. Key players in the market include BRP Inc., Deere Company, CFMOTO, Inc., Honda Motor Company Ltd., Hisun Motors Corporation, Kawasaki Heavy Industries Ltd, etc. Further, the market participants focus on strategic developments, partnerships and acquisitions to increase their market reach across the globe.
In March 2023, Honda introduced its new ATVs unveiling new off-road vehicles.
In November 2022, Rohnel Motors and Speed Force partnered to introduce new electric ATV & UTVs in Indian market.