PUBLISHER: Inkwood Research | PRODUCT CODE: 1181633
PUBLISHER: Inkwood Research | PRODUCT CODE: 1181633
The global ATV and UTV market is set to project a CAGR of 4.64% during the forecast period, 2023-2032. Surging demand for ATV & UTV in military vehicles and the rising popularity of adventure recreational and sports activities propel market growth.
ATVs (all-terrain vehicles) find applications in military, forestry, agriculture, and survey and are ideal for off-road capabilities. UTVs (utility terrain vehicles), on the other hand, have four or more wheels and are used for transporting persons as well as cargo. Also, there is a growing demand for ATVs & UTVs for military activities like troop transportation and driving on difficult terrain.
Additionally, these vehicles are anticipated to have a huge demand in tactical missions, given their superior mobility. Besides, maneuverability, flexibility, superior navigational aids, and instant direction technology in ATVs and UTVs drive market growth.
The global ATV and UTV market growth evaluation includes the assessment of Asia-Pacific, North America, Europe, and Rest of World. Asia-Pacific is expected to capture the highest revenue in the global market by 2032. Increasing demand for ATVs, tech-friendly government regulations, and high disposable income contribute to the region's market growth opportunities.
With many companies going for global expansion to extend their distribution network to deliver quality standards and cost-effective vehicles, the competitive rivalry is set to be high. Also, the threat of new entrants as huge investments are required to set up the manufacturing facilities & distribution network and hire skilled staff.
Some market-leading companies include: Kawasaki Heavy Industries Ltd, Kwang Yang Motor Co Ltd, Kubota Corporation, Deere & Company, Honda Motor Company Ltd, etc.