According to a new market research report published by Acute Market Reports “Utility Task Vehicles (UTV) Market (by Vehicle Type: Sports UTVs, Load Carrier UTVs and Multipurpose UTVs; By Fuel Type: Conventional Fuel UTVs and Electric UTVs) - Growth, Future Prospects, and Competitive Landscape, 2020-2028”, the utility task vehicles market was valued US$ 4.63Bn in 2019 and estimated to grow with a CAGR of 6.1% during the forecast period from 2020 to 2028.
The complete report is available at https://www.acutemarketreports.com/report/utility-task-vehicles-utv-market
Market Insights
The utility task vehicles or utility terrain vehicle (UTV) market experienced a momentous growth in both the sports and utility sectors in past few years and especially in 2018 and 2019. This grabbed the attention of several leading off-road vehicle manufacturers to step into this segment. The step expected to reciprocate with the introduction of a new breed of UTVs in the coming years. UTVs are agiler than traditional sports utility vehicles (SUV) and are packed with the capability of carrying more payload than all-terrain vehicles (ATV). UTVs are finding their applications across several end-use verticals besides off-road adventure and recreational activities. Incorporation of UTVs for defense, rescue, surveillance, farming, and mining among others is stimulating the sales of UTVs across the globe.
North America and especially the U.S. holds the major share in the overall UTV market. Since the introduction of UTVs in 1970, a substantial uptick in the popularity of off-road recreational vehicles allowed the region to dominate over the UTV market. Organization of off-road activities such as rallies and races encouraged both millennials and generation Z to form communities and participate in such events. Perpetually increasing use of off-road UTVs for farming and recreational activates in Asia Pacific countries and predominantly in China, Australia and New-Zealand projected to promote the region’s market value with the fastest growth rate throughout the forecast period 2020 to 2028. However, a number of accidental deaths and injuries caused by rough and unsafe driving of these vehicles influence the consumers’ discretion and poses a challenge for the market to grow.
Competitive Insights:
The UTV market is dominated by some of the biggest automotive and utility vehicle manufacturing companies. Major automotive manufacturers identified the market potential and hence are facing fierce competition among each other to claim their market share. Companies are also eyeing to grab defense and military contracts to provide UTV for surveillance and rescue operations. Some of the major UTV manufacturers include Polaris Industries, Kawasaki Heavy Industries Motorcycle & Engine Company, Suzuki Motor Corporation, Yamaha Motor Company, Limited, Honda Motor Co., Ltd., Deere & Company, Husqvarna AB, Kubota Corporation, Case IH, Bobcat Company, Mahindra & Mahindra Limited, and Caterpillar Inc. among others.
Key Analysis Covered:
