Our comprehensive research on the Global ATV and UTV Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global ATV and UTV market size was US$ 8,161.1 million in 2021. The global ATV and UTV market is forecast to grow to US$ 13,621.4 million by 2030 by registering a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The growing interest in adventure sports & recreational activities is primarily driving the growth of the ATV and UTV market. In addition, increasing deployment of ATVs and UTVs for military activities are expected to benefit the overall market during the study period.
The global ATV and UTV market is also driven by the growing government support to strengthen the military sector. For instance, the U.S. Special Operations Command granted a $109 million contract to Polaris Government and Defense in 2020 for a new Lightweight Tactical All-Terrain Vehicle. Thus, such investments are likely to amplify the growth of the ATV and UTV market.
On the contrary, the high cost of ATV and UTV may limit the market growth during the forecast period.
Growing disposable income and the rising tours and travel industry will also contribute to the growth of the global ATV and UTV market during the forecast period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic hampered the campaigning activities. The entire tourism sector witnessed a severe downfall due to the pandemic. As a result, it halted the growth of the global ATV and UTV market. The global ATV and UTV market witnessed a significant drop also due to restrictions on manufacturing activities. The shortage of labor, raw material, and import-export activities limited the growth of the global ATV and UTV market. However, the demand from the military segment remained the same. As a result, it has been beneficial for the global ATV and UTV market.
Regional Analysis
The Asia-Pacific ATV and UTV market is forecast to emerge as the largest market in terms of revenue. It is majorly due to the rapidly rising tourism sector in the region. Furthermore, growing initiatives to strengthen the military sector will also benefit the ATV and UTV market. The Asia-Pacific ATV and UTV market will also witness various growth opportunities due to the launch of the new range of ATV and UTV models. Furthermore, growing disposable income and rising spending on recreational activities, especially in developing nations like China and India, will further accelerate the growth of the ATV and UTV market during the forecast period.
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Competitors in the Market
- BRP Inc.
- Hisun Motors Corporation
- CFmoto
- Deere Company
- Honda Motor Company, Ltd.
- Kubota Corporation
- Kawasaki Heavy Industries Ltd
- Kwang Yang Motor Co., Ltd.
- Polaris Industries, Inc.
- Suzuki Motor Corporation
- Yamaha Motor Co., Ltd.
- Textron Inc.
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the ATV and UTV industry experienced notable growth in its workforce. Starting in January, employment within the ATV and UTV sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global ATV and UTV output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global ATV and UTV output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global ATV and UTV market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the ATV and UTV market.
Market Segmentation
The global ATV and UTV market segmentation focus on Vehicle, Displacement, Fuel, Application, End-Users, and Region.
By Vehicle Type Outlook
- ATV
- UTV
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By Displacement Outlook
- Less than 400 cc
- 400 – 800 cc
- More than 800 cc
By Fuel Type Outlook
- Gasoline Powered
- Diesel Powered
- Electric Powered
- Solar Powered
By Application Outlook
- Utility
- Sports
- Others
By End-Users Outlook
- Agriculture
- Military
- Mountaineering
- Others
By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global ATV and UTV Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global ATV and UTV Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global ATV and UTV Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global ATV and UTV Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level ATV and UTV market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the ATV and UTV market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of ATV and UTV business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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