BANGALORE, India, Aug. 20, 2020 /PRNewswire/ -- Factors such as growing trends in adventure sports & leisure activities, the use of ATV and UTV in military operations, and government rules to allow driving ATVs and UTVs on-road is expected to increase the growth of the ATV and UTV markets size.
The global ATV & UTV market size was USD 7,628.0 Million in 2017 and is projected to reach USD 14,109.2 Million by 2025, registering a CAGR of 7.8% from 2018 to 2025.
This study includes an analytical representation of the ATV and UTV market analysis along with the current trends and future estimates to depict the imminent pockets of investment.
Tourism councils have begun to incorporate ATV and UTV based activities by building tracks to attract and keep visitors in their country for a longer period of time. Several countries organize annual championships, and this is gaining considerable popularity as anyone able to drive UTV can take part in the race. This rise in adventure sports trends entices tourists, thereby increasing the ATV and UTV market size over the forecast period.
The increasing preference of UTV and ATV by military forces around the world is expected to increase the ATV and UTV market size. The military uses more ATVs to diversify their applications, including long-distance transport of armed forces and munitions. The need for vehicles to run in rough terrain is providing an impetus for the growth of ATV and UTV market. For instance, the United States Army has shown interest in acquiring ATVs with features such as rapid transportation capabilities and the ability to carry nine fully armed soldiers, agility, and a minimum of 55 mph.
ATVs and UTVs are very useful in activities such as hunting, nature exploration, hiking, and other outdoor exploration, but these vehicles are often very risky and dangerous. The number of ATVs and UTVs available on the market is growing. This, in turn, raises the number of ATV and UTV-related incidents increasing. Production of ATVs and UTVs with additional safety measures to avoid injuries and death will give the key players operating on the ATV and UTV market the opportunity to dominate the space.
Nevertheless, the ban on ATV & UTV driving in wildlife areas due to terrain damage and high maintenance costs of ATVs and UTVs can impede market growth.
Based on the end-user segment, mountaineering held the largest ATV and UTV Market share in 2018. The segment is expected to hold on to its share during the forecast period.
Based on the region, North America is expected to hold the largest market share during the forecast period. This dominance is attributed to the increase in the use of ATV for military purposes.
The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Developing countries such as India and China are projected to become one of the largest consumers of ATV and UTV vehicles.
The global ATV-UTV tire market size was USD 385.8 Million in 2018 and is projected to reach USD 698.1 Million by 2026, registering a CAGR of 7.5%.
North America was the largest contributor to revenue in 2018, generating USD 196.6 million and is expected to hit USD 327.8 million by 2026, with a CAGR to 6.4%. On the other hand, Asia-Pacific is estimated to reach USD 258.6 million by 2026, at a significant CAGR of 9.0%.
Collectively, North America and Asia-Pacific accounted for about 84.1 percent of the share in 2018, with North America accounting for around 51.0 percent.
Over the projected period, Asia-Pacific and Europe are expected to see substantial CAGRs of 9.0 percent and 8.2 percent, respectively. The combined share of these two segments in 2018 was 44.2 percent, and by 2026 it is projected to hit 48.7 percent.
The global demand for utility terrain vehicles is driven by this vehicle's ability to operate on rugged terrains, which is a significant factor in defense & military operations. Furthermore, its high cargo carrying capacity and rapid hard surface mobility are essential for anti-terrorist operations and border security fights in coastal areas, which further propels the market growth.
Top companies in the Utility Terrain Vehicle Market are Polaris Industries (U.S.), John Deere (U.S.), Kawasaki (Japan), Yamaha Motor (Japan), Kubota (Japan), Arctic Cat (U.S.), Honda (Japan), Bombardier Aerospace (U.S.), Suzuki (Japan), and Tomcar (U.S.)
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