Major utility terrain vehicle (UTV) market participants include Honda Motors, Yamaha Motor Corporation, Kawasaki Motors Corporation, and BRP, among others.
Selbyville, Delaware, Nov. 29, 2022 (GLOBE NEWSWIRE) —
The utility terrain vehicle market is expected to record a valuation of USD 15 billion by 2032, according to a new research report by Global Market Insights Inc. Rising R&D investments and practices focused on leveraging cutting-edge technologies and developing innovative products with minimal environmental impact will propel the overall industry growth. Traditional fuel-based vehicles produce excessive sound and cause harmful carbon and GHG emissions, resulting in detrimental environmental impact.
The growing ecological concerns have encouraged vehicle manufacturers globally to undertake necessary initiatives and accelerate their shift toward electrically propelled mobility. For instance, in August 2022, Volcon collaborated with GM and announced that all of its upcoming off-road UTVs would be powered by GM propulsion systems to accelerate EV adoption. The company also noted that its recently launched Stag UTV would be using battery cell modules and several supporting components from GM to offer exceptional speed recovery and acceleration in a variety of terrain.
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The above 800cc displacement segment accounted for 53% of the utility terrain vehicle market share in 2022. Utility Terrain Vehicles with above 800cc displacement engines have a high load-bearing capacity and involve lower operating costs while transporting goods over short distances. Besides, their capability to work efficiently under extreme environments will foster the adoption of above 800cc utility terrain Vehicles.
The military applications segment in the utility terrain vehicle market is estimated to attain nearly 5.5% gains through 2032. Across the military sector, UTVs are utilized for a number of applications carrying staff, troops, supplies, (mounted) weapons, evacuating wounded soldiers, and many more. They can operate in harsh environments and rough terrains and are known for their high payload capability, enhanced safety, and performance. An increasing number of forces focusing on boosting their military capabilities will augment the demand for UTVs in the military & defense sector.
Asia Pacific region recorded for 12% of the global utility terrain vehicle market share in 2022. The regional expansion is backed by the consistent rise in income levels and the increasing consumer inclination toward outdoor leisure activities. The region is recognized by a robust competitive landscape comprising players such as Yamaha, Suzuki, Honda, etc., and the prominence of recreational parks and off-road trails.
Gasoline based utility terrain vehicle market size is projected to cross USD 111 billion by 2032. Gasoline-propelled UTV models often involve high maintenance costs, which may hamper their sales during the forecast period. However, on the flip side, the low initial purchase costs associated with these vehicles make them a preferred alternative to their diesel counterparts, which may increase the segment share in the forthcoming years.
Top manufacturers operating in the UTV market are Polaris Industries, Honda Motors, Yamaha Motor Corporation, Kawasaki Motors Corporation, and BRP. These leaders have been focusing on developing advanced products with unmatched capabilities in the market as part of their growth strategy. For instance, in March 2021, Polaris unveiled an electric UTV Ranger EV with an autonomous front suspension system, which significantly enhanced the cornering capabilities, ride quality, stability, and minimized body roll.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Utility Terrain Vehicle Market Insights
3.2 Impact of COVID-19
3.3 Russia- Ukraine war impact on UTV industry
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key initiative and news
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
22.214.171.124 Increasing participation and spending in off-road recreational activities
126.96.36.199 Proliferating off-road sports events
188.8.131.52 Positive outlook of tourism industry in MEA and Latin America
184.108.40.206 Introduction of electric UTV in European countries
220.127.116.11 High R&D investments and product innovation
3.9.2 Industry pitfalls & challenges
18.104.22.168 Environmental impact and safety concerns
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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