PORTLAND, Oregon, Feb. 19, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "ATV and UTV Market by Vehicle Type (ATV and UTV), Displacement (< 400 (CC), 400-800 (CC), and > 800 (CC)), Engine Type (Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered), Application (Utility, Sports, and Others), and End-user Vertical (Agriculture, Military, Mountaineering, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025." The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape. According to the report, the global ATV and UTV market garnered $7.62 billion in 2017 and is expected to reach $14.10 billion by 2025, registering a CAGR of 7.8% from 2018 to 2025.
Increase in trend of power sports and outdoor recreational activities, extensive use of ATV and UTV in military activities, and government rules in favor of driving ATVs and UTVs on roads drive the market growth. However, ban on ATV and UTV driving in wildlife areas due to terrain damage and high maintenance cost of ATVs and UTVs restrain the growth of the market. Conversely, production of safer ATVs and UTVs is expected to provide opportunities for the growth of the market.
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UTV segment to lead in terms of revenue, ATV to grow the fastest through 2025
Among vehicle types, the UTV segment accounted for more than two-thirds of the total market share in 2017 and would maintain its revenue lead through 2025. This is due to the high adoption of UTVs by military forces and its wide range of applications such as material handling, wildlife management, hunting, and others. However, the ATV segment would register the fastest CAGR of 9.0% from 2018 to 2025. ATV will exhibit a remarkable growth during the forecast period due to the growing trend of power sports and recreational activities worldwide.
400-800 (CC) segment to dominate, ≥ 800 (CC) segment to show the fastest growth
Among displacements, the 400-800 (CC) segment grabbed more than two-fifths of the market share in 2017 and is likely to remain dominant through the study period. ATVs and UTVs with this range of displacement are ideal for sports and recreational activities. However, the ≥ 800 (CC) segment would grow at the fastest CAGR of 8.6% from 2018 to 2025. This is due to the increased demand for ATVs and UTVs with features such as high power, greater torque capacity, and others. The ≤ 400 (CC) segment would grow at a steady rate during the forecast period.
Gasoline-powered engine segment to be dominant, electric powered engine segment to exhibit the fastest growth through 2025
Among engine types, the gasoline-powered segment accounted for the share of 85% in 2017 and would remain the lead revenue contributor through 2025. Introduction of new range of gasoline-powered ATV with better power, high torque, and better hill climbing ability makes the gasoline powered ATVs and UTVs the largest segment. However, the electric powered segment is likely to achieve the fastest growth of 14.6% from 2018 to 2025, owing to stringent government rules for emission of harmful gases and added advantages such as less charging, silent operation, and others. The research also discusses engine types such as diesel powered and solar powered ATVs and UTVs.
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Sports segment to remain dominant through 2025
Among applications, the sports segment was the largest in 2017, capturing 59.5% of the overall market share. It would also remain dominant through 2025. This is because leading ATV and UTV companies are organizing ATV & UTV racing championships and offering championship bonuses. Nonetheless, the others segment would grow at the fastest CAGR of 10.5% through the study period due to the supportive government regulations to allow driving these vehicles on roadways. The utility segment would exhibit a steady growth during the forecast period.
Mountaineering segment to lead in terms of revenue, military to grow the fastest
The mountaineering segment accounted for the largest market share of 59.2% in 2017 and would dominate the market through 2025. Growing trend of adventure sports & recreational activities and tourist attraction towards ATV and UTV trails for mountaineering make it the largest segment in the end-user vertical. However, the military segment would achieve the fastest CAGR of 12.1% during the forecast period, owing to the launch of ATVs and UTVs with added weapons which are ideal for battlefield. The report also discusses end-users such as agriculture and others.
North America to remain dominant, LAMEA to grow the fastest
The market in North America contributed more than half of the market share in 2017 and is anticipated to continue its dominance during the forecast period. This is due to the increasing demand from U.S army for ATVs and UTVs with specifications such as fast transportation ability, better agility, more passenger carrying capacity, and others. However, LAMEA (Latin America, Middle East, and Africa) would grow at the fastest CAGR of 13.7% from 2018 to 2025, owing to supportive government to allow driving ATVs and UTVs on roadways with some restrictions. The other regions analyzed for the market study include Asia-Pacific and Europe.
Torchbearers of the industry
The key market players analyzed in the report include Polaris Industries, Inc., Deere & Company., Kawasaki Motors Corp., U.S.A., Yamaha Motor Co., Ltd., ARCTIC CAT INC., Honda Motor Company, BRP, HISUN, KYMCO, and Suzuki. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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