Utility Terrain Vehicle Market Projected to Reach USD 8634.35 million, at a 6.4% CAGR by 2030 – Report by Market Research Future (MRFR)
Utility Terrain Vehicle Market Growth Boost by Rising Demand for Utility Vehicles Across Various Sectors and Future Technology
New York, US, June 13, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Utility Terrain Vehicle Market Information by Displacement, Propulsion, Application, and Region – Forecast till 2030″, Between 2022 and 2030, the Utility Terrain Vehicle Market can expect to attain a CAGR of 6.4%, touching the projected value of USD 8634.35 million by 2030.
Utility Terrain Vehicle Market Overview
The utility terrain vehicle is in high demand worldwide as a result of its capacity to traverse difficult terrain, which is valued highly in the military and defense industry. In comparison to all-terrain vehicles, the UTV market will gain from its large load-carrying capacity and ease of movement on tough terrain. The utility terrain vehicle can be altered in numerous ways depending on the use. Because of this, using UTVs to transport equipment is becoming more and more common in various industries. The demand for utility terrain vehicles in the construction, agriculture, and hunting industries will favor the market during the next few years. The growing popularity of off-road recreational activities among customers will also fuel the market’s expansion.
Utility Terrain Vehicle Market Competitive Landscape:
The affluent vendors in the utility terrain vehicle industry are
- Polaris (US)
- Kawasaki Heavy Industries (Japan)
- John Deere (US)
- Yamaha (Japan)
- Kubota (Japan)
- Hisun (US)
- Arctic Cat (US)
- Honda (Japan)
- BRP (Canada)
- Among others.
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Utility Terrain Vehicle Market competition between the biggest players in the sector is fierce. Companies that produce utility terrain vehicles can be found all over the world. Numerous local players are also becoming more prominent in the sector. Many businesses are advancing and taking the lead as a result of the most recent technological advancements in the industry. The major players in the global utility vehicle market are concentrating on new security features like off-road airless tyres, covered roofs for rollover situations, effective shifting between 2WD and 4WD, free suspensions for better strength, and supportability in variable weather conditions.
Market USP Covered:
Utility Terrain Vehicle Market Drivers:
The expansion of the industry as a whole will be fueled by increasing R&D expenditures and methodologies aimed at utilising cutting-edge technologies and creating novel products with little environmental impact. Traditional fuel-based vehicles emit damaging carbon and GHG emissions, generate excessive noise, and have a negative influence on the environment.
The increasing ecological concerns have prompted automakers worldwide to take the required steps and hasten the transition to electrically propelled mobility. For instance, in an effort to hasten the adoption of EVs, Volcon and GM announced in August 2022 that all of their next off-road UTVs will be powered by GM propulsion systems. In order to provide remarkable speed recovery and acceleration in a variety of terrain, the business also mentioned that its recently released Stag UTV would include battery cell modules and several supporting components from GM.
|Market Size 2030||2030: USD 8634.35 million|
|CAGR during 2022-2030||6.4% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Displacement, Propulsion, Application and Region|
|Key Market Opportunities||Positive outlook toward electric utility terrain vehicles|
|Key Market Drivers||Rising demand of utility terrain vehicles across various sectors Capacity to work in specialized environment|
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Utility Terrain Vehicle Market Opportunities
Because of the optimistic outlook for electric utility vehicles, the global market for terrain-utility vehicles can experience considerable growth opportunities in terms of sales revenue. The effort to develop and manufacture top-notch electric UTVs is being joined by several major competitors in the worldwide utility terrain vehicle (UTV) industry. The main advantages of electric utility cars are their environmentally friendly design and lower fuel costs when compared to alternative options like petrol or diesel. As a result of consumers choosing such a cost- and environmentally-conscious option, the market will continue to expand.
Utility Terrain Vehicle Market Restraints:
Over the course of the study period, the market’s expansion rate might be constrained by the utility terrain vehicle’s high price. Inadequate occupant protection, rollover crashes, and steering characteristics are among the issues that are anticipated to limit the market for utility terrain vehicles. The market for utility terrain vehicles is anticipated to see significant growth challenges because of the rise in off-road accidents.
Utility Terrain Vehicle Market COVID-19 Analysis
The COVID-19 pandemic had an impact on the economies and enterprises of numerous areas and countries because of lockdowns, travel restrictions, and business closures. Among these disruptions include a breakdown in the supply chain, a drop in output and employee numbers, the stoppage of technology events, product distribution, and advertising, office closures due to curfews and lockdowns, and a drop in product sales.
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Utility Terrain Vehicle Market Segmentation
The categories of the utility terrain vehicle market, depending on the displacement, include up to 400 CC, 400-800 CC, and over 800 CC. During the projection period, the 400-800 CC category is anticipated to grow at the fastest rate and hold the largest market share. By 2027, the 400-800 cc UTV displacement segment is anticipated to have the greatest market share worldwide. due to increased security and the most intense highlights. The section’s growth will be driven by the expansion of tough terrain desert titles in the United States. Vehicles provide a roll confinement framework that enhances vehicle security and reduces the likelihood of injuries and fatalities. Industry key players are focused on creating and promoting advanced vehicles that will increase demand for 400-800 cc UTVs.
The Utility Terrain Vehicle Market is divided into three sectors, with respect to propulsion: gasoline, diesel, and electric. During the projection period, the petrol sector is anticipated to grow at the fastest rate and have the most market share. According to the predicted market size, the market for off-road vehicles would use the most petrol. It attracts many producers and suppliers for commercial operations. With increased interest in gas ATVs in uses like games and the military, fuel is expected to rule the industry for a very long time. Additionally, because electric ATVs produce less force than fuel-powered ones, they are less well-known globally.
The top applications of utility terrain vehicle market are sports, military, recreational activities, and others. Over the course of the forecast period, the Sports sector is anticipated to grow at the fastest rate and hold the largest market share. A sports utility vehicle is a vehicle similar to a station wagon or cargo vehicle that is usually equipped with four-wheel drive for capability on or in difficult terrain. Some SUVs combine the towing capacity of a pickup truck with the passenger-carrying capacity of a minivan or large vehicle. The sports utility terrain vehicle is utilized in a variety of competitive sporting events, including the Baja 1000, King of the Hammers, FIA Cross-Country Rally World Cup, and Australasian Safari.
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Utility Terrain Vehicle Market Regional Insights
In terms of revenue market share over the projection period, North America is anticipated to dominate. The largest share of the market as a whole is anticipated to be held by North America during the projected time period. Off-road vehicle interest has been sparked in the region by factors including the popularity of ATVs, upcoming electric vehicle projects, high discretionary income levels of people, potential for new and trend-setting technologies, the creation of an economy, and informal laws around ATV plans. According to industry data, the US accounts for the largest share of the global market for off-road vehicles, as evidenced by their appeal in fields including mining, development projects, agribusiness, sports, diversion, and hunting. The US will continue to lead the world in off-road vehicle sales as consumer demand for ATVs grows.
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