Industry Outlook

The utility task vehicles (UTV) market witnessed a high uptick in the recent few years and registered US$ 4.63Bn in 2019 that is projected to reach US$ 7.88Bn in 2028 growing at a steady CAGR of 6.1% throughout the forecast period from 2020 to 2028. UTV is also known as side-by-sides are vehicles capable of commuting over rough terrains and are powered by IC engines or electric motors. Unlike all-terrain vehicles (ATVs) UTVs are driven with the help of steerings and can accommodate two or more people and additional loads. Furthermore, UTVs can also tow small to medium size loads and hence are gaining popularity for several end-use applications such as farming, mining, and search and rescue operations. UTVs are packed with the best of features from sports utility vehicles and all-terrain vehicles and cost considerably less than bulky SUVs. In addition, UTVs are greatly admired by adventure lovers and off-road racers. All these factors are pushing the overall UTV market to new heights in terms of market value.

Electric UTVs segment have to Hang-on for Few Years to Overcome Conventional Fuel Utility Task Vehicles

In 2019, conventional fuel UTVs are racing away with a considerable margin compared to electric UTVs. The popularity of UTVs with IC engines, especially diesel engines allowed conventional fuel UTV to dominate the overall market. UTVs powered by IC engines produce more power and are associated with the thrill of riding and racing. Consequently, the segment expected the reign supreme over its electric counterpart during the forecast period from 2020 to 2028. Electric UTVs are still under-developed and going through a lot of technological innovations. With major manufacturing paying keen attention to its development, electric UTVs projected to claim considerable market share beyond the forecast period.

Sports UTV on Top of the Podium in Vehicle Type Segment

Sports utility task vehicles claimed the highest market share in the overall UTV market in terms of market value. The perpetually growing popularity of off-road recreational activities created a sense of excitement and enthusiasm among the youths for the sports and thus, stimulated the growth of sports UTVs. Various off-road races and rallies including Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert, and Grand National Cross Country allow UTVs to participate and famous off-road rally racing, Dakar Rally, 2017 organize separate events for utility task vehicles. Load-carrying UTV trail sports UTV in 2017. Load-carrying UTV is extensively used for agricultural applications and farmers across the globe are identifying the potential of UTV for carrying loads, tools, and tow agricultural equipment. Consequently, the demand for load-carrying UTVs anticipated growing even further in the coming years.

North America to Steer the Way to the Top among Other Regions in Global UTV Market

The U.S. and other North American countries are the largest consumers of utility task vehicles. These vehicles are highly appreciated for off-road adventure and recreational activities as several off-road rallies and races are organized frequently in this region.  Consequently, the region is crowned as the leader in the overall UTV market in terms of market value. Asia Pacific proposes high prospects for the UTV market to grow in this region as UTVs are extensively used in countries such as Australia, New-Zealand, and China for agricultural applications. With the rise in disposable income and the growing popularity of UTVs in China and India, the UTV market in the Asia Pacific expected to reach new heights throughout the forecast period from 2020 to 2028. 

Rapidly Growing UTV Market Raised a War for Top Contention among UTV Manufacturers

Fierce competition among some of the world’s major automotive and utility manufacturers is evident in the utility task vehicles (UTV) market. As the market is growing firmly, these manufacturers are running that extra mile to launch new variants and attract consumers from different end-use applications. Dedicated vehicles for agriculture, sports, and military applications are introduced by these companies with advanced safety features, performance, and utility and installing confidence in the minds of customers about their products. Companies are facing tough price fights with each other and non-branded companies from developing regions to claim their share and the competition projected to expedite even further throughout the forecast period from 2020 to 2028. Some of the major UTV manufacturing companies mentioned in this research study 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Utility Task Vehicles (UTV) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Utility Task Vehicles (UTV) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Utility Task Vehicles (UTV) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Utility Task Vehicles (UTV) market?
• Which is the largest regional market for Utility Task Vehicles (UTV) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Utility Task Vehicles (UTV) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Utility Task Vehicles (UTV) market worldwide?