The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 11, 2023 /PRNewswire/ — As per The Business Research Company’s All-Terrain Vehicle (ATV) And Utility Task Vehicle (UTV) Global Market Report 2023, the market size is expected to grow from $8.7 billion in 2022 to $9.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The all-terrain vehicle (ATV) and utility task vehicle (UTV) market size is then expected to grow to $13.2 billion in 2027 at a CAGR of mor than 8%. Going forward, government support, the rising urbanization, the increasing number of high-net-worth individuals and the increasing global awareness to reduce greenhouse gas emissions will drive the growth.
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ATV and UTV market companies are focusing on product innovations and developing new product solutions to strengthen their position in the market. Electric ATVs and UTVs are amongst the focus areas for major companies. For example, in February 2022, Barrus, a UK-based custom-engine builder, introduced the all-new HiSun lithium-ion powered electric UTV range into the UK, comprising four innovative models. The four power options are the HiSun 5 kW, 7.5 kW, 15 kW and a 4-seater 15 kW. All are designed to work just as hard, if not harder, than traditional fuel-powered machines. The 4-seater version of the 15 kW UTV can transport up to four passengers, carry machinery and equipment and tow heavy loads with ease. The lithium-ion technology batteries are designed for longer run times and a single charge will keep the UTV working for a full day.
Companies in the all-terrain vehicle (ATV) and utility task vehicle (UTV) market are seeking collaborations and acquisitions to develop innovative products, improve their financial strength, and expand their geographical presence. For example, in March 2023, L1fe Outdoors, a Canadian ATV dealer, partnered with FINNTRAIL, a Canadian company involved in manufacturing and designing specialized off-road wading gear, to introduce technologically advanced ATV/UTV riding gear to Canadian off-road enthusiasts and promote the riding experience with high safety, performance, and comfort.
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North America was the largest region in the all-terrain vehicle (ATV) and utility task vehicle (UTV) market and was worth $5.3 billion in 2022. The market accounted for 0.021% of the region’s GDP.
The ATV and UTV market in North America is supported by the large number of adventure parks and trails, high disposable income, large youth population and strategic partnership and collaborations in the region. For example, in March 2023, L1fe Outdoors, a Canadian ATV dealer, partnered with FINNTRAIL, a Canadian company involved in manufacturing and designing specialized off-road wading gear, to introduce technologically advanced ATV/UTV riding gear to Canadian off-road enthusiasts and promote the riding experience with high safety, performance, and comfort.
View More Similar Market Reports:
All Terrain Vehicle Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/all-terrain-vehicle-atv-global-market-report
Power Sports Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/power-sports-global-market-report
Electric Utility Vehicle Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/electric-utility-vehicle-global-market-report
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