DUBLIN, Aug. 31, 2023 /PRNewswire/ — The “All-Terrain Vehicle and Utility Task Vehicle Market By Type, By Fuel Types, By End-Use, By Region, Segments & Forecast, 2023- 2032” report has been added to ResearchAndMarkets.com’s offering.
The global All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) market is projected to reach a substantial value of USD 22,320.48 million by 2032.
These versatile vehicles offer exciting recreational experiences and practical utility, catering to a diverse range of needs and industries. The market report delves into the current dynamics and anticipates future growth trends in this segment.
ATVs and UTVs: Differentiated Utility and Functionality:
- ATVs (All-Terrain Vehicles): ATVs, commonly referred to as quads or four-wheelers, are designed primarily for recreational use, offering thrilling riding experiences. These vehicles are characterized by their agility, small size, and a single-axle drive system. With a straddle seat and handlebars for steering, ATVs are adept at maneuvering through rough terrains and are ideal for trail riding, racing, and exploration. Their powerful gasoline engines provide a high power-to-weight ratio, enabling quick acceleration and nimble handling.
- UTVs (Utility Task Vehicles): UTVs, also known as side-by-sides, are larger off-road vehicles intended for utilitarian tasks. Unlike ATVs, UTVs offer greater seating capacity, accommodating two to six occupants. They feature a seating configuration similar to cars, including bucket or bench seats and a steering wheel. UTVs excel in hauling equipment, materials, and have widespread applications in agriculture, construction, and industrial settings. Their versatile design makes them well-suited for various tasks, offering ample cargo space and accommodating larger groups of passengers.
Market Insights:
- The electric segment is anticipated to witness substantial growth during the forecast period due to its sustainable and environmentally-friendly nature.
- North America is expected to experience significant growth in demand, driven by high disposable income, a preference for ATVs, and a stable economy.
- Notable global players in the market include Yamaha Motors, Honda Motors Co Ltd, Deere & Company, Polaris Industries, Kubota Corporation, Caterpillar Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Bobcat Company, Hisun Motors, and Bombardier Recreational Products.
Market Dynamics:
Drivers and Opportunities:
- Growing need for connectivity and seamless integration with smart devices
- Rising environmental consciousness and demand for sustainable products are propelling the growth of eco-friendly ATVs and UTVs.
Restraints and Challenges:
- The high cost of ATVs and UTVs is a limiting factor for market expansion.
Segmentation and Companies Mentioned:
The market report is segmented based on type, fuel types, end-use, and region. Notable companies mentioned in the report include Yamaha Motors, Honda Motors Co Ltd, Deere & Company, Polaris Industries, Kubota Corporation, Caterpillar Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Bobcat Company, and Hisun Motors.
Type Outlook:
- All-Terrain Vehicle
- Utility Task Vehicle (UTV)
Fuel Types Outlook:
- Gasoline
- Diesel
- Electric
- Solar
End-Use Outlook:
- Sports
- Agriculture and Utility
- Military and Defence
- Others
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
114 |
|
Forecast Period |
2023 – 2032 |
|
Estimated Market Value (USD) in 2023 |
$10720.08 million |
|
Forecasted Market Value (USD) by 2032 |
$22320.48 million |
|
Compound Annual Growth Rate |
8.5 % |
|
Regions Covered |
Global |
For more information about this report visit https://www.researchandmarkets.com/r/16g42
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SOURCE Research and Markets
