Date: Apr 2022
ATV and UTV Market worth USD 13,739.4 million by 2030
The Market Statsville Group (MSG) publishes the new report on the " ATV and UTV Market by Vehicle Type (ATV and UTV), by Displacement (Less than 400 cc, 400 - 800 cc, and More than 800 cc), by Fuel Type (Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered), by Application (Utility, Sports, and Others), by End-Users (Agriculture, Military, Mountaineering, and Others), by Region – Global Share and Forecast to 2030".
The global ATV and UTV market size is expected to grow from USD 8,178.1 million in 2021 to USD 13,739.4 million by 2030, at a CAGR of 6.7% during the forecast period. Driving ATV and UTV on roadways was not allowed for safety purposes. However, in recent days, new bills and ordinance have been passed by government authorities to allow driving ATVs and UTVs on the road. For instance, in October 2018, Sauk County Board repealed the ATV and UTV vehicle ordinance adopted in 2013 and updated it with a new version. Along with new rules for riders, it also includes procedures to open ATV and UTV routes along the county’s highway. In addition, the Board of Commissioners passed an ordinance to allow driving ATVs and UTVs on Shiawassee County roads with some restrictions. In addition, in October 2020, the Wisconsin Dells Common Council approved an ordinance opening all city streets to ATV/UTV access. Therefore, government support to allow ATVs and UTVs on roadways is anticipated to boost the growth of the ATV and UTV market.
Global ATV and UTV Market Segmentation
The ATV and UTV market has been segmented into the vehicle type, displacement, fuel type, application, end-users, and region.
- By Vehicle Type (ATV and UTV)
- By Displacement (Less than 400 cc, 400 - 800 cc, and More than 800 cc)
- By Fuel Type (Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered)
- By Application (Utility, Sports, and Others)
- By End-Users (Agriculture, Military, Mountaineering, and Others)
- By Region (North America, Asia Pacific, Europe, South America, and the Middle East & Africa)
400-800 cc, by displacement, is estimated to hold the largest market share during the forecast period
On the basis of displacement, the global ATV and UTV market is categorized into less than 400 cc, 400 - 800 cc, and more than 800 cc. In 2021, 400-800 cc had the largest market share, accounting for 43.1% of the global ATV and UTV market share. ATV and UTV with engine displacement in the 400-888 cc range are considered under this scope. The vehicles under this scope are majorly adopted for mountaineering, hunting, and others due to optimum fuel efficiency.
Increasing utility and search & rescue operations adoption escalates the demand for 400 - 800 cc ATVs and UTVs. In addition, the market players are also introducing related products to serve increasing customer demand, further propelling the growth of the 400 – 888 cc segment.
North America accounts for the largest market in 2021
Based on the regions, the global ATV and UTV market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 48.6% in the global ATV and UTV market and was anticipated to maintain its dominance throughout the forecast period. North America includes the U.S., Canada, and Mexico. High demand for ATVs, high disposable income of individuals, the scope for new & advanced technologies, developed economy, and government regulations regarding ATV designs are the primary factors anticipated to boost the demand for ATVs and UTVs in North America.
Racing championships organized by leading ATV & UTV clubs and the introduction of new models of these vehicles by key players drive the growth of the ATV and UTV market in the region. In addition, supportive government rules to allow driving these vehicles on roadways are anticipated to boost North America's market. For instance, the U.S. state and local governments have already passed a law allowing ATVs onto roadways with some regulations.
This research report includes an examination of the leading companies' development and marketing strategies, as well as an examination of their product portfolios and winning strategies in the ATV and UTV market. It also consists of the profiles of leading companies such as BRP Inc., CFmoto, Deere Company, Hisun Motors Corporation, Kubota Corporation, Kawasaki Heavy Industries Ltd., Honda Motor Company, Ltd., Kwang Yang Motor Co., Ltd., Suzuki Motor Corporation, Yamaha Motor Co., Ltd., Polaris Industries, Inc., and Textron Inc. These market players have focused on acquisitions and expansion to gain a larger market share in the ATV and UTV market.
Browse complete report: https://www.marketstatsville.com/atv-and-utv-market
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