All terrain vehicle (ATV) and utility terrain vehicle (UTV) are special kind of off-road vehicles which are used to perform numerous activities such as leisure activities, patrolling, agricultural usage & other activities. These vehicles are designed in such a way that they offer superior performance during usage and at the same time, they are cheaper in cost. Moreover, companies operating in the production of advanced ATVs & UTVs have been offering a wider range of superior quality ORVs to its customers across the globe which has proved to be a factor supplementing the growth of the market across the globe.
ATV and UTV market was valued at $9.4 billion in 2021, and is projected to reach $18.6 billion by 2031, registering a CAGR of 7.3% from 2022 to 2031.
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Prime determinants of growth
Increase in the trend of adventure sports & recreational activities, adoption of ATVs & UTVs in military activities, and government rules to support driving ATVs and UTVs on road, propel the growth of the ATV and UTV market across the globe. However, ban on ATV and UTV driving in wildlife area due to terrain damage and high maintenance cost of ATVs and UTVs hinder the growth of the market. Furthermore, production of safer ATVs & UTVs and development of electric vehicles provide lucrative opportunities for the growth of the global ATV and UTV market across the globe.
The UTV segment garnered the major share in 2021
Based on vehicle type, the UTV segment held the highest market share in 2021, accounting for more than half of the global ATV and UTV market revenue. Meanwhile, ATV is estimated to maintain its leadership status throughout the forecast period and would cite the fastest CAGR of 8.8% from 2022 to 2031, due to the growing popularity of outdoor recreational activities such as off-roading, hunting, and racing is driving the demand for ATVs. Also, the development of new and advanced technologies, such as electric ATVs and all-terrain tires, is expected to boost the demand for ATVs. These technologies enhance the performance, efficiency, and safety of ATVs, making them more appealing to consumers.
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The more than 800 CC segment to maintain its leadership status throughout the forecast period
Based on displacement, the more than 800 CC segment held the highest market share in 2021, accounting for more than two-fifths of the global ATV and UTV market revenue, owing to the fact that utility-focused UTVs with larger engine sizes above 800cc are becoming increasingly popular for commercial and industrial applications, such as farming, construction, and transportation. These vehicles are designed to handle heavy loads, rough terrains, and tough working conditions. However, the less than 400 CC segment is expected to portray the fastest CAGR of 8.7% during the forecast period.
The 50kW To 100 kW segment to maintain its lead position during the forecast period
Based on power output, the 50kW To 100 kW segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global ATV and UTV market revenue, as vin this power output range are popular among enthusiasts and consumers who require high-performance vehicles for off-road activities such as racing and extreme terrain riding. Manufacturers are investing in advanced technology and features to improve the performance and durability of these vehicles, such as high-performance suspension systems, advanced powertrains, and reinforced chassis. However, the above 100kW segment would display the fastest CAGR of 9.0% during the forecast timeframe.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global ATV and UTV market revenue, owing to increase in demand for more advanced & efficient off road vehicles to be present across the region. However, the Europe region is expected to witness the fastest CAGR of 8.6% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing to increased presence of numerous ORV manufacturing companies across the Europe.
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Leading Market Players: –
- BRP
- CFMOTO
- DEERE AND COMPANY
- HISUN
- HONDA MOTOR CO., LTD.
- KAWASAKI HEAVY INDUSTRIES
- KUBOTA CORPORATION.
- KWANG YANG MOTOR CO., LTD.
- POLARIS INDUSTRIES, INC.
- SUZUKI MOTOR CORPORATION
- TEXTRON INC.
- YAMAHA MOTOR CO LTD
The report provides a detailed analysis of these key players of the global ATV and UTV market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
COVID-19 Impact Analysis:
The rapid spread of the virus has had a major impact on the global automotive industry, and as demand for vehicles declines, it also impacts ATV and UTV industry. The impact of current global economic conditions and market sentiment has a direct impact on the businesses of key players. Perhaps the most pressing challenge for companies in this sector in 2021 will be assessing the impact of the recent pandemic. Some manufacturers experienced brief shutdowns in 2020 due to health emergencies. At the same time, demand for these leisure items surged, leading to sporadic stock shortages.
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