The global Utility Terrain Vehicles (UTV) market is anticipated to grow at a CAGR of around 9.5% during the forecast period 2021 to 2028 and to reach around US$ 13.2 Bn by 2028.
Report coverage
| Market |
Utility Terrain Vehicles (UTV) Market |
| Analysis Period |
2017 - 2028 |
| Base Year |
2020 |
| Forecast Data |
2021 - 2028 |
| Segments Covered |
By Displacement, By Propulsion Type, By Application and By Region |
| Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled |
John Deere, Bombardier Aerospace, Kawasaki, Yamaha Motor, Suzuki, Tomcar, Kubota, Arctic Cat, Honda, and Polaris Industries |
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope |
10 hrs of free customization and expert consultation |
Market Dynamics
Rapid technological advancements in vehicle design, flourishing sports industry, and increasing demand utility form military industry are major factors expected to drive the growth of global utility terrain vehicle market. According to Consumer Product Safety Commission there were approximately 205,000 ATVs were sold in the United States in 2018 out of which 177,000 were adult models and 77,000 youth models. In addition, increasing consumer spending and rise in attraction for off-raiding recreation activities is expected to support the growth of target market. In 2016, around 144.4 million Americans, or 48.8% of the US population, participated in an outdoor activity at least once. Noticeable increase in maintenance activities in various end use industries is increasing demand for utility vehicles for providing components on the off terrain sites. Increasing product development activities by major players and introduction of new solutions is expected to support the utility terrain vehicle market growth.
In 2021, Volcon Inc., a global vehicle manufacturing company launched lineup of two and four-wheeled electric, off-road adventure and utility vehicles. The delivered vehicles are all electrical providing company a competitive edge against competitors. This product launch is expected to help company enhance the business and increase the revenue.
In 2021, Polaris Inc., a off-road vehicle manufacturing company is expected to launch its first ever electric RANGER utility side-by-side. This full-size RANGER is the first electric vehicle Polaris developed and is expected to help company enhance the customer base and increase the revenue share.
ARGO, a global utility vehicle manufacturer in 2020 announced new lineup of Side-by-Side vehicles for the off-road. The product launch is expected to help company enhance its product offering and increase the revenue share in the market.
Players are inclining towards enhancing their business in developing region due to high consumer spending capacity on sports and availability of large untapped market is expected to support the growth of target market. Factors such as high cost associated to maintenance, economic slowdown and design complexity during production are factors expected to hamper the growth of global global utility terrain vehicle market. In addition, stringent government regulation by the government on us of UTV is expected to challenge the growth of target market. However, flourishing sport sector, increasing R&D activities for development of light weight and reliable UTV are factors expected to create new opportunities for players operating in the global utility terrain vehicle market. In addition, increasing demand from emergency department for UTV at challenging geographical surface is expected to support the revenue growth of target market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share in the global utility terrain vehicle market due to high demand from sport industry. Increased consumer spending on vehicles, presence of large number of players operating in the country and introduction of new products are factors expected to support the growth of regional market. In addition, rise in acquisition activities by major players in order to enhance the business is expected to support the growth of global utility terrain vehicle market.
The market in Asia Pacific is expected to witness faster growth in the target market due to rising awareness among consumers related to UTV sports. High demand from military industry due to its better mobility provided for tactical missions is expected to impact the growth of target market.
Competitive Landscape
The global utility terrain vehicles (UTV) market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Utility Terrain Vehicles (UTV) Market Segment Analysis, 2020
The global utility terrain vehicle market is segmented into displacement, propulsion type, and application. The propulsion type segment is divided into below gasoline, diesel, and electric. Among propulsion type the electric segment is expected to witness faster growth in the global utility terrain vehicle market due to increasing government inclination towards eco-friendly approach in automotive sector.
The application segment is bifurcated into utility, sports, recreation, and military. Among application the sports segment is expected to account for significant revenue share in target market. Players operating in the global utility terrain vehicle market are John Deere, Bombardier Aerospace, Kawasaki, Yamaha Motor, Suzuki, Tomcar, Kubota, Arctic Cat, Honda, and Polaris Industries.
Market Segmentation
Market By Displacement
Below 400cc
400 – 800cc
Above 800cc
Market By Propulsion Type
Gasoline
Diesel
Electric
Market By Application
Utility
Sports
Recreation
Military
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Utility Terrain Vehicles (UTV)
1.1. Definition and Scope
1.1.1. Definition of Utility Terrain Vehicles (UTV)
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Utility Terrain Vehicles (UTV) Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Utility Terrain Vehicles (UTV) Market By Displacement
1.2.3. Utility Terrain Vehicles (UTV) Market By Propulsion Type
1.2.4. Utility Terrain Vehicles (UTV) Market By Application
1.2.5. Utility Terrain Vehicles (UTV) Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Utility Terrain Vehicles (UTV) Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Utility Terrain Vehicles (UTV) Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.8.3. Proportion of Manufacturing Cost Structure
3.8.3.1. Raw Material
3.8.3.2. Labor Cost
3.8.3.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2020
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2020
4.2. R&D Status and Application Source of Utility Terrain Vehicles (UTV) Major Manufacturers in 2020
CHAPTER 5. Utility Terrain Vehicles (UTV) Market By Displacement
5.1. Introduction
5.2. Utility Terrain Vehicles (UTV) Revenue By Displacement
5.2.1. Utility Terrain Vehicles (UTV) Revenue (US$ Mn) and Forecast, By Displacement, 2017-2028
5.2.2. Below 400cc
5.2.2.1. Below 400cc Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
5.2.3. 400 – 800cc
5.2.3.1. 400 – 800cc Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
5.2.4. Above 800cc
5.2.4.1. Above 800cc Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 6. Utility Terrain Vehicles (UTV) Market Revenue By Propulsion Type
6.1. Introduction
6.2. Utility Terrain Vehicles (UTV) Revenue (US$ Mn) By Propulsion Type
6.2.1. Utility Terrain Vehicles (UTV) Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
6.2.2. Gasoline
6.2.2.1. Gasoline Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.3. Diesel
6.2.3.1. Diesel Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.4. Electric
6.2.4.1. Electric Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 7. Utility Terrain Vehicles (UTV) Market By Application
7.1. Introduction
7.2. Utility Terrain Vehicles (UTV) Revenue (US$ Mn) By Application
7.2.1. Utility Terrain Vehicles (UTV) Revenue (US$ Mn) and Forecast By Application, 2017-2028
7.2.2. Utility
7.2.2.1. Utility Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.2.3. Sports
7.2.3.1. Sports Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.2.4. Recreation
7.2.4.1. Recreation Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.2.5. Military
7.2.5.1. Military Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 8. North America Utility Terrain Vehicles (UTV) Market By Country
8.1. North America Utility Terrain Vehicles (UTV) Overview
8.2. U.S.
8.2.1. U.S. Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
8.2.2. U.S. Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
8.2.3. U.S. Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
8.3. Canada
8.3.1. Canada Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
8.3.2. Canada Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
8.3.3. Canada Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
8.4. North America PEST Analysis
CHAPTER 9. Europe Utility Terrain Vehicles (UTV) Market By Country
9.1. Europe Utility Terrain Vehicles (UTV) Market Overview
9.2. U.K.
9.2.1. U.K. Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
9.2.2. U.K. Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
9.2.3. U.K. Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.3. Germany
9.3.1. Germany Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
9.3.2. Germany Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
9.3.3. Germany Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.4. France
9.4.1. France Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
9.4.2. France Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
9.4.3. France Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.5. Spain
9.5.1. Spain Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
9.5.2. Spain Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
9.5.3. Spain Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.6. Rest of Europe
9.6.1. Rest of Europe Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
9.6.2. Rest of Europe Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
9.6.3. Rest of Europe Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Utility Terrain Vehicles (UTV) Market By Country
10.1. Asia Pacific Utility Terrain Vehicles (UTV) Market Overview
10.2. China
10.2.1. China Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
10.2.2. China Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
10.2.3. China Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
10.3. Japan
10.3.1. Japan Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
10.3.2. Japan Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
10.3.3. Japan Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
10.4. India
10.4.1. India Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
10.4.2. India Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
10.4.3. India Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
10.5. Australia
10.5.1. Australia Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
10.5.2. Australia Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
10.5.3. Australia Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
10.6. South Korea
10.6.1. South Korea Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
10.6.2. South Korea Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
10.6.3. South Korea Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
10.7.2. Rest of Asia-Pacific Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
10.7.3. Rest of Asia-Pacific Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Utility Terrain Vehicles (UTV) Market By Country
11.1. Latin America Utility Terrain Vehicles (UTV) Market Overview
11.2. Brazil
11.2.1. Brazil Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
11.2.2. Brazil Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
11.2.3. Brazil Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
11.3. Mexico
11.3.1. Mexico Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
11.3.2. Mexico Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
11.3.3. Mexico Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
11.4. Rest of Latin America
11.4.1. Rest of Latin America Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
11.4.2. Rest of Latin America Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
CHAPTER 12. Middle East & Africa Utility Terrain Vehicles (UTV) Market By Country
12.1. Middle East & Africa Utility Terrain Vehicles (UTV) Market Overview
12.2. GCC
12.2.1. GCC Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
12.2.2. GCC Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
12.2.3. GCC Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
12.3. SOUTH AFRICA
12.3.1. SOUTH AFRICA Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
12.3.2. SOUTH AFRICA Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
12.3.3. SOUTH AFRICA Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Displacement, 2017-2028
12.4.2. Rest of Middle East & Africa Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Propulsion Type, 2017-2028
12.4.3. Rest of Middle East & Africa Utility Terrain Vehicles (UTV) Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
CHAPTER 13. Player Analysis Of Utility Terrain Vehicles (UTV)
13.1. Utility Terrain Vehicles (UTV) Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Utility Terrain Vehicles (UTV) Market
CHAPTER 14. Company Profile
14.1. John Deere
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (US$ Mn), 2020
14.1.3.2. John Deere 2020 Utility Terrain Vehicles (UTV) Business Regional Distribution
14.1.4. Product/ Service and Specification
14.2. Bombardier Aerospace
14.3. Kawasaki
14.4. Yamaha Motor
14.5. Suzuki
14.6. Tomcar
14.7. Kubota
14.8. Arctic Cat
14.9. Honda
14.10. Polaris Industries
14.11. Others
