DUBLIN, Aug. 1, 2023 /PRNewswire/ — The “Global ATV and UTV Market Size, Share & Industry Trends Analysis Report By Vehicle Type, By Fuel Type, By End Use (Mountaineering, Military, Agriculture, and Others), By Displacement, By Power Output, By Regional Outlook and Forecast, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
According to this report, the global ATV and UTV market is projected to reach $17.6 billion by 2030, with a CAGR of 7.6% during the forecast period.
Growing Popularity in Military and Adventure Sports:
ATVs and UTVs are witnessing increasing popularity in various applications, including military operations, troop transportation, and driving across challenging terrains. The military segment accounted for $2,626.5 million in revenue in 2022 and is expected to experience significant growth due to improved mobility and maneuverability, offering enhanced navigational aids for vehicle operators.
Notably, the market is driven by products like the Polaris MRZR Alpha, a Lightweight Tactical All-Terrain Vehicle, which received a $109 million seven-year contract from the U.S. Special Operations Command in May 2020.
Key Strategies by Market Players:
The major market players are adopting strategies like product launches to keep pace with the changing demands of end-users. For instance, in February 2023, BRP introduced all-new mid-cc Can-Am Outlander ATV recreational and utility models. KUBOTA also announced the launch of new models of its utility vehicles for 2023, including limited-edition Stone Gray color for the Sidekick.
Market Growth Factors:
The report highlights that government regulations supporting the use of ATVs and UTVs on roads are expected to boost the market growth. Additionally, the increasing popularity of adventure sports and recreational activities is attracting more tourists, driving the demand for ATVs and UTVs.
Market Restraining Factors:
Restrictions on driving ATVs and UTVs in wildlife areas due to terrain damage pose challenges to the market. Maintenance expenses and driving bans in such areas are likely to impede overall market growth.
Segments Covered:
The market is segmented based on vehicle type (ATV and UTV), fuel type (gasoline powered, diesel powered, electric powered, and solar powered), end use (agriculture, military, mountaineering, and others), displacement (less than 400 CC, 400 CC to 800 CC, and more than 800 CC), and power output (less than 50kW, 50kW to 100 kW, and above 100 kW).
Regional Outlook:
The report provides analysis for North America, Europe, Asia-Pacific, and LAMEA regions. In 2022, North America led the market with the highest revenue share due to the presence of leading ATV manufacturers like Polaris, Textron, BRP, and American Honda Motors.
Key Companies:
The report profiles key companies operating in the market, including Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Deere & Company, Honda Motor Co. Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Textron, Inc., and Yamaha Motor Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/72gdsn
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SOURCE Research and Markets
