Authored By: Sarah
11 Jul 2024

 ATV and UTV Market Size to grow by USD 4.26 billion between 2023-2027

According to a research report “ ATV and UTV Market” by Application (Sports, Utility, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 4.26 billion, at a CAGR of  6.97% during the forecast period. The global ATV and UTV market is experiencing significant growth due to the increasing popularity of recreational and adventure sports activities in major regions, including North America, Europe, and APAC. These regions are witnessing a surge in mountain racing and dirt racing events, which is driving the demand for off-road vehicles. Notable organizations, such as the Canadian Council of Snowmobile Organizations and North America Snowmobile, are conducting annual sports events that boost sales of ATV and UTV tires. For instance, the Ontario Snowmobile Events held in February 2022 attracted a large number of adventure sports enthusiasts, resulting in increased demand for these vehicles.

Browse market data tables, figures, and in-depth TOC on “ATV and UTV Market” by Application (Sports, Utility, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample

 

By Application, the Sports segment is projected to dominate the market size in 2024

ai_market_segmentation_by

By Geography, North America  segment is expected to hold the largest market size for the year 2024

The gasoline-powered segment holds the largest market share in the global ATV and UTV industry in 2022, with a significant growth trajectory throughout the forecast period. This segment encompasses ATVs and UTVs that utilize gasoline as a fuel source, combined with oil in a precise ratio for engine protection and optimal performance. Gasoline engines are prevalent in the automotive sector due to their lower emissions, reduced vibration and noise, and lightweight construction. A key driver fueling demand for gasoline engines is engine downsizing, which enables the production of smaller, more efficient gasoline engines compared to their diesel counterparts.

North America is forecasted to hold the largest market size by region in 2024

The North American region dominates the global ATV and UTV market in 2022, accounting for a significant market share. The US and Canada are key contributors to this regional growth, driven by the high demand and popularity of off-road vehicles. The presence of a vast network of off-road trails and adventure activities in these countries fuels the sales of ATVs and UTVs, resulting in substantial revenue generation for market players in this region.

The ATV and UTV Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • BMS Motorsports Inc.
  • Bombardier Recreational Products Inc.
  • Deere and Co.
  • HISUN Motors Corp.
  • Honda Motor Co. Ltd
  • Kawasaki Heavy Industries Ltd.
  • Kayo USA
  • Kubota Corp.
  • KWANG YANG MOTOR Co. Ltd.
  • Mahindra and Mahindra Ltd.
  • Massimo Motor Sports LLC
  • Nebula Automotive Pvt. Ltd.
  • Polaris Inc.
  • Suzuki Motor Corp.
  • Tao Motor Inc.
  • Textron Inc.
  • TOMCAR
  • Yamaha Motor Co. Ltd.
  • Zhejiang CfMoto Power Co. Ltd.
  • Taiwan Golden Bee Co. Ltd.
.

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Research Analysis Overview

The ATV (All-Terrain Vehicle) and UTV (Utility Terrain Vehicle) market caters to various transportation needs in diverse environments. These Four-wheel drive vehicles, available in Side-by-Side designs, are ideal for carrying Passengers and supplies in rough terrain conditions. General-purpose UTVs and ATVs are widely used for Reconnaissance, Utility, and Sports applications. In Defense and Government sectors, vehicles like the Polaris MV850 and Sportsman are employed for Special operations, Animal patrol, and Equipment transportation in remote areas. UTVs and ATVs are also crucial in Forestry, Agriculture, and Military applications due to their high capabilities to traverse challenging conditions. Public applications include use on Public lands, Remote training sites, and Special roads. These vehicles offer versatility and reliability, making them essential tools for various industries and applications.

Market Research Overview

The ATV (All-Terrain Vehicle) and UTV (Utility Terrain Vehicle) market has seen significant growth in recent years due to their versatility and increased applications in various industries and recreational activities. However, the use of these vehicles in sensitive environments, such as forests and wildlife areas, has raised concerns over soil erosion, runoff, and increased damage to vegetation and wildlife habitat. In areas like Labrador and Newfoundland, local ordinances and bills have been introduced to regulate the use of ATVs and UTVs, with some even proposing a ban on certain types of vehicles in specific areas. These vehicles can produce noise pollution, contribute to fuel consumption and output, and require high maintenance costs. Despite these challenges, ATVs and UTVs continue to be popular for hunting, trapping, and other outdoor sports and adventure activities. They are also used for transportation in remote areas, reconnaissance, defense, forestry, agriculture, military applications, and commercial purposes. Polaris and other manufacturers have responded by producing electric vehicles, which have lower emissions and noise levels, as well as increased safety features. These vehicles also have higher carrying capacity and passenger drive capabilities, making them suitable for a wide range of applications. UTVs, also known as side-by-side vehicles, have become popular for their utility and terrain capabilities, making them ideal for challenging and rough terrain conditions. They are also used for low-pressure tire applications, handlebars, and commercial purposes. In conclusion, the ATV and UTV market continues to grow, with vehicles being used for a wide range of applications, from recreational activities to commercial purposes. However, it is essential to consider the impact of these vehicles on the environment and wildlife, and to follow safety rules and regulations to minimize damage and ensure the sustainability of the terrain and ecosystems.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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