Trusted Business Insights presents the Latest Study on Utility Terrain Vehicles (UTV) Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Utility Terrain Vehicles (UTV) Market
Industry / Sector Trends
Utility Terrain Vehicles Market size was over USD 6 billion in 2018 and is estimated to exhibit around 6% CAGR from 2019 to 2025.
U.S. Utility Terrain Vehicles Market, By Application, 2018 & 2025, (USD Million)
Rising prominence of enhanced mobility vehicles in construction and agricultural activities for superior traction and stability is driving the utility terrain vehicles market share over the projected timeframe. Shifting preferences for replacement of heavy commercial vehicles such as trucks with UTVs is credited to lower cost of ownership. Moreover, factors including reduced fuel consumption, maintenance and insurance cost are supporting the product demand.
Rapid urbanization in emerging nations is enhancing the market size. Construction agencies are deploying utility ORVs for improving productivity and work output. Industry players are augmenting product capabilities to improve ORV performance. For instance, in November 2017, Caterpillar introduced CUV82 and CUV102D offering 1,000-pound rear cargo capacity and 2,000-pound towing capacity.
Increasing number of adventure trails and parks is propelling the utility terrain vehicles market growth. Presence of multiple camping destinations are providing potential opportunities for adventure enthusiasts to engage in recreational activities thereby escalating vehicle demand. Off-road racing series and championships are continuously attracting UTV riders further providing a positive outlook for industry growth in next six years. For instance, in October 2018, Best in Dessert Series arranged Laughlin Desert Classic night race for UTVs in Nevada promoting racing and touring activities.
Growing population coupled with proliferating tourism industry is augmenting the participation in leisure activities. For instance, in March 2016, Off-Road Expo conducted events for quad biking attracting large number of participants. Further, healthy economic conditions in conjunction with increasing camping activities will expand the utility terrain vehicles market share over study timeframe.
Vast presence of adventure clubs across the globe are promoting participation and fund-raising activities. For instance, in September 2017, Palmer Brook sportsman club organized 3rd annual Poker Run event with over 20 miles trail rides and camping activities. An upswing in off-road trips and rallies are providing a positive outlook for the market size over the forecast timeline.
Increasing fatalities arising from off-roading activities will pose a major barrier restricting the utility terrain vehicles market size. Avoidance of safety gears during UTV operation in leading to injuries and fatalities. According to Consumer Federation of America, in 2018, UTV drivers not wearing seat belts accounted for 33% fatalities. Regulatory bodies such as the U.S. Department of Agriculture (USDA) are providing training courses for forest service employees including safe operating practices and requirements.
Market Segmentation, Outlook & Regional Insights: Utility Terrain Vehicles (UTV) Market
Utility Terrain Vehicles (UTV) Market, By Displacement
Japan Utility Terrain Vehicles (UTV) Market, By Displacement, 2018, (Units)
Above 800 cc leads the utility terrain vehicles market size owing to higher torque values resulting in superior volumetric efficiencies. Increasing utilization of higher displacement engines for sports ORVs to deliver greater horsepower will drive segment growth till 2025. For instance, in July 2017, Polaris introduced RANGER XP 1000 equipped with ProStar 1000 cc engine generating 48 HP power output.
In 2018, 400-800 cc accounted for over 35% volume share with its use for utility and recreational activities. Growing popularity of crossover UTV among consumers including farmers and ranchers is driving the market size. Additionally, increasing inclination towards hunting and camping adventures will escalate industry size over study timeframe.
Utility Terrain Vehicles Market, By Application
Sports application will witness growth at over 6% with increasing racing and trailing adventure events. Rising demand for higher efficiency and ORVs offering superior performance is propelling the segment growth. For instance, in November 2018, Honda unveiled Talon X and Talon R sports UTV with high performance and linear power delivery.
Military segment will foresee significant growth owing to high mobility coupled with increased payload carrying capacities. Increasing deployment of steering controlled ORVs for tactical and combat operations will boost the utility terrain vehicles market size over the projected timeframe. For instance, in November 2016, U.S. Marine Corps incorporated 144 MRZR-D4 UTV from Polaris Defense for strengthening mobility solutions of infantry regiments.
UTV Market, By Region
Europe UTV Market Size, By Country, 2025, (USD Million)
In 2018, North America accounted for over 65% share in utility terrain vehicles market with vast presence of adventure trails and clubs across the region. Increasing consumer spending coupled with strong economic conditions will ensure its dominance over the study timeframe. For instance, in 2017, disposable income in the U.S. rose by USD 14.7 million with an increase of over 4% as compared to 2013.
Asia Pacific market will witness strong growth owing to proliferating agriculture and construction industry. Ongoing initiatives by organizations such as Food & Agricultural Organization (FAO) to enhance farming sector and boost agricultural production is supporting the product demand. Further, rapid infrastructure development and increasing urban population will provide positive outlook for industry expansion in next six years.
Key Players, Recent Developments & Sector Viewpoints: Utility Terrain Vehicles (UTV) Market
Major participants in utility terrain vehicles market include Polaris Industries Inc, Arctic Cat Inc, Kubota Corporation, Deere & Company, Kawasaki Motors Corp, Honda Motor. Co. Ltd, Bombardier Recreational Products, Yamaha Motor Co., Ltd, Tomcar Australia, KTM, Massimo Motors, KAssbohrer GelAndefahrzeug, Wildcat and Caterpillar.
Industry players are expanding the product portfolio to strengthen their foothold in the market. Improved suspensions coupled with multi drive mode functions providing enhanced performance are supporting the product adaption. Manufactures and aftermarket companies are developing products to enable easy customization of UTVs resulting in advanced capabilities. Incorporation of innovative technologies such as hydrostatic transmissions along with four-wheel disc brakes is scaling up UTV demand. For instance, in May 2015, Bobcat introduced 3600 and 3650 utility models utilizing hydrostatic system for ensuring dynamic braking capabilities.
The UTV market size is showcasing a lucrative growth across the globe owing to diversified applications including recreational, off-roading events, towing and agricultural activities. Regulatory bodies including U.S. Consumer Product Safety Commission (CPSC) and Society of Automotive Engineers (SAE) provide safety standards and technical requirements related to side by side ORVs. Increased spending and engagement in off-road activities will further support the industry growth over the forecast timeframe
Key Insights Covered: Exhaustive Utility Terrain Vehicles (UTV) Market
1. Market size (sales, revenue and growth rate) of Utility Terrain Vehicles (UTV) industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Utility Terrain Vehicles (UTV) industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Utility Terrain Vehicles (UTV) industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Utility Terrain Vehicles (UTV) industry.
Research Methodology: Utility Terrain Vehicles (UTV) Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Utility Terrain Vehicles (UTV) Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025