ATV and UTV Market Growing Geriatric Population to Boost Growth 2030

According to the Market Statsville Group (MSG), theglobal 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, registering a CAGR of 6.7% from 2022 to 2030. Factors such as an increase in the trend of adventure sports & recreational activities, adoption of ATVs and UTVs in military activities, and government rules to support driving ATVs and UTVs on the road propel the ATV and UTV market growth. However, the ban on ATV and UTV driving in the wildlife area due to terrain damage and the high maintenance cost of ATVs and UTVs hinder the market's growth. Furthermore, the production of safer ATVs and UTVs is a remarkable future growth opportunity for the global ATV and UTV market.

ATVs and UTVs are used for exploring nature, camping, and others, but these vehicles are also very risky and dangerous. There is an increase in the rate of accidents related to ATVs and UTVs, owing to the rise in the number of such vehicles in the market. For instance, the highest number of deaths due to ATV and UTV accidents occurred in the U.S., a country with the highest number of ATVs and UTVs. Nearly all the accidents related to these vehicles are caused due to the driver’s failure to act safely and reasonably. Moreover, the market players are introducing more safe and secure ATVs and UTVs with advanced features such as GPS.

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The rapid spread of the coronavirus had a significant impact on the global automotive industry, which, in turn, affects the ATV and UTV industry, with a downturn in demand for vehicles. The current global economic conditions and market sentiment directly affect key players' businesses.

Definition of Global ATV and UTV Market

An all-terrain vehicle is fitted with four low-pressure tires and handle bars. ATVs are known for their maneuverability & off-road capabilities and are applicable in the military, survey, forestry, agriculture, sports, and others.

A utility terrain vehicle is designed to perform tasks more efficiently than a general-purpose vehicle. It is also known as a side-by-side, four-wheel drive off-road vehicle with a capacity of two to six people.

Global ATV and UTV Market Dynamics

Drivers: Rise in demand for ATV and UTV in military activities

There is an increase in demand for ATVs and UTVs for military activities such as driving on difficult terrain, transporting of troops, and others. In addition, ATVs and UTVs are expected to witness substantial growth in the military segment, owing to superior mobility provided for tactical missions. Additionally, factors such as high maneuverability, flexibility, and superior navigational aids to provide instant directions for vehicle operators further foster the market growth. For instance, in May 2020, the U.S. Special Operations Command awarded $109 million seven-year contract to Polaris Government and Defense for the Polaris MRZR Alpha, a new Lightweight Tactical All-Terrain Vehicle. Therefore, rise in demand for ATVs and UTVs from military troop drives the growth of the ATV and UTV market.

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Restraints: Ban on ATV and UTV driving in wildlife area due to terrain damage

Driving ATV and UTV in wildlife areas has many negative effects on the terrain, such as noise disturbance, damage to vegetation, increased runoff, soil erosion, and water quality degradation. In several countries, driving ATV and UTV in wildlife areas is banned due to terrain damage to protect wildlife habitat and others. In addition, when ATVs leave trails, plants and young saplings are damaged, reducing coverage for the forest floor. As soil is eroded, roots are often exposed and damaged, thereby harming nearby trees. Some regulations are incorporated to support wildlife recovery management strategies and to control unmanaged ATV and UTV use in the area. Therefore, ATVs and UTVs are banned in wildlife area as they affect the wildlife habitat and grassland health, which is anticipated to hamper the growth of the ATV and UTV market.

Global ATV and UTV Market Segmentation

The study categorizes the ATV and UTV market based on vehicle type, displacement, fuel type, application, and end-users at the regional and global levels.

By Vehicle Type Outlook (Sales, USD Million, 2017-2030)

• ATV
• UTV

By Displacement Outlook (Sales, USD Million, 2017-2030)

• Less than 400 cc
• 400 - 800 cc
• More than 800 cc

By Fuel Type Outlook (Sales, USD Million, 2017-2030)

• Gasoline Powered
• Diesel Powered
• Electric Powered
• Solar Powered

By Application Outlook (Sales, USD Million, 2017-2030)

• Utility
• Sports
• Others

By End-Users Outlook (Sales, USD Million, 2017-2030)

• Agriculture
• Military
• Mountaineering
• Others

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • the Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The UTV segment is projected to account for the largest market share, by vehicle type

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Based on vehicle type, the global ATV and UTV market is divided into ATV and UTV. In 2021, the UTV accounted for the largest market share of 66.3% in the global ATV and UTV market. Utility vehicles are off-road vehicles designed to perform a specific task with more efficiency than passenger vehicles. They are primarily used to move supplies and equipment between locations inaccessible to trucks.

Increasing adoption of UTVs for utility applications, including forestry, agriculture, and goods transport, is the primary factor driving the market's growth. In addition, these vehicles offer several benefits such as compact size to work in small & remote spaces, enhanced vehicle capacity, lower market price, and less maintenance, thereby boosting the adoption of UTVs. Furthermore, the demand for UTV is increasing significantly in sports applications, owing to an increasing number of sports racing events, further fueling the market growth. For instance, in January 2020, TEXPLEX Park announced a price of $110,000 for its UTV racing series 2020, which is going to be held in Dallas, Texas.

Asia Pacific accounts for the highest CAGR during the forecast period

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. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.7% in the global ATV and UTV market during the forecast period. Asia-Pacific includes China, Japan, India, and the rest of Asia-Pacific. The rest of Asia-Pacific includes countries such as South Korea, the Philippines, Singapore, Vietnam, Indonesia, and others. The growth of the ATV and UTV market in Asia-Pacific is primarily driven by increased demand for power sports recreational activities in many countries, including China, Australia, and India.

The introduction of ATV and UTV in line with defense applications and the launch of the new range of ATV and UTV models boosted the market's growth in Asia-Pacific. In addition, the incorporation of circuits for riding ATVs and UTVs is anticipated to propel the ATV and UTV market in this region. Moreover, rising spending on recreational activities, especially in emerging economies, such as China and India, is further anticipated to boost the market growth in Asia-Pacific.

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Key Market Players in the Global ATV and UTV

The major player of ATV and UTV market are:

• 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.

Top winning strategies are analyzed by thoroughly studying the leading players in the global ATV and UTV market. Comprehensive analysis of recent developments and growth curves of various companies has helped us to understand their growth strategies and their potential effect on the market. The companies are evaluated based on annual reports, SEC filings, and press releases.

Article source: https://article-realm.com/article/Finance/21198-ATV-and-UTV-Market-Growing-Geriatric-Population-to-Boost-Growth-2030.html