Utility Terrain Vehicle Market to Reach $1.8 Billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research

The rising demand for utility terrain vehicles (UTVs) from various industries, such as agriculture, construction, etc. and the rising trend of consumers towards off-road recreational activities are the factors projected to drive the growth of the global utility terrain vehicle market during the forecast period from 2023 to 2032. The Asia-Pacific region to hold the major market share by 2032.

WILMINGTON, Del., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Utility Terrain Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report by Displacement (Less than 400 CC, between 400 CC and 800 CC, Greater than 800 CC), by Application (Sports UTV, Work UTV): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global utility terrain vehicle market generated $1 billion in 2022 and is anticipated to generate $1.8 billion by 2032, witnessing a CAGR of 5.5% from 2023 to 2032.

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Prime Determinants of Growth

The demand for off-road recreational activities is growing among people. Besides, various industries, such as construction, agriculture, and others are increasingly adopting utility terrain vehicles (UTVs) globally. These factors are anticipated to drive the utility terrain vehicle market growth during the forecast period. However, the high manufacturing costs due to regulatory compliance and stricter emission regulations related to off-road vehicles may hamper the utility terrain vehicle market growth in the coming period. On the contrary, the rising adoption of advanced technology features in UTVs, such as GPS navigation, smartphone integration, touchscreen displays, advanced suspension systems and telematics to offer growth opportunities for expansion of the utility terrain vehicle market in the 2023-2032 forecast period.

Leading Players in the Utility Terrain Vehicle Market:

• Yamaha Motor Co., Ltd.
• CFMOTO Powersports Inc.
• Textron Inc.
• Deere & Company
• KWANG YANG MOTOR CO., LTD.
• Suzuki Motor Corporation
• KUBOTA Corporation
• Hisun Motors Corp., Ltd.
• Honda Motor Co., Ltd.
• Polaris Industries Inc.
• Kawasaki Heavy Industries Ltd.
• BRP Inc.

The report provides a detailed analysis of the key players of the global utility terrain vehicle 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 their dominance 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.

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UTV Market Report Coverage & Details:

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the global utility terrain vehicle market. The epidemic led to disruptions in global supply chains, which affected the availability of raw materials and the delivery of finished products.
• Many UTV-related events, such as races, expos, and rallies, were likely canceled or postponed. In addition, manufacturers relying on parts and components experienced delays in production, which led to decreased product availability. All these factors have negatively impacted the utility terrain vehicle market growth during the pandemic crisis.

Displacement: Between 400 CC and 800 CC Sub-segment Projected to Hold Major Market Share by 2032

The between 400 cc and 800 cc sub-segment accounted for the highest market share of 45.9% in 2022 and is expected to continue to dominate during the forecast period. This is mainly because between 400 and 800 cc displacement are used in agriculture, hunting, construction, and recreational activities, making them attractive to a broad customer base. Besides, the growth in the purchase of UTVs by many consumers for recreational purposes, such as off-roading, dune bashing, and trail riding is driving the sub-segment's growth. Moreover, affordable pricing makes them accessible to a wider range of consumers, including those who are cost-conscious.

Application: Work UTV Sub-segment to Flourish Immensely by 2032

The work UTV sub-segment generated the highest utility terrain vehicle market share of 61.1% in 2022 and is predicted to continue to dominate in terms of market share by 2032. This is mainly because work UTVs are valued for their ability to handle a wide range of tasks across industries, such as agriculture, forestry, construction, landscaping, and more. Besides, work UTVs are built to withstand demanding environments. Moreover, many manufacturers offer a variety of customization options for work UTVs, which is boosting the sub-segment's growth.

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Region: Asia-Pacific Market to be the Most Dominant by 2032

The Asia-Pacific region witnessed significant growth in 2022 and is expected to grow at the highest CAGR of 7.0% during the forecast period. This is majorly due to the growing popularity of recreational activities, such as trail riding and off-roading. Adventure seekers and enthusiasts in the region are looking for UTVs that can handle tough terrains and provide an enjoyable experience. Besides, the growing usage of UTVs in various industrial and commercial applications, such as construction, mining, and forestry is another factor driving the regional market growth.

Similar Reports We Have on Automotive Industry:

ATV and UTV Market Research Report 2023-2032

All-Terrain Vehicle Market Research Report 2023-2032

Off-Road Vehicle Market Research Report 2023-2032

Utility Vehicle Market Research Report 2023-2032

Electric Utility Vehicle Market Research Report 2023-2032

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