According to TMR, the Global Utility Terrain Vehicles Market is accounted for $5.32 billion in 2017 and is expected to reach $9.98 billion by 2026 growing at a CAGR of 7.2% during the forecast period. Increasing importance of enhanced mobility vehicles in construction and agricultural activities, Rapid urbanization in emerging nations and rising youth indulgence in recreational activities such as hunting, and fishing are some of the factors driving the market growth. However, high cost of these vehicles is restraining the market growth.
A utility terrain vehicle (UTV) is a vehicle designed to complete tasks in a more efficient manner than a general-purpose vehicle. It is also known as a side-by-side, four-wheel drive off-road vehicle, with a capacity of two to six person. Recreational off-highway (ROV) or multi-purpose off-highway utility vehicles (MOHUV) are other terms used for this vehicle.
Depending on application, Sport Utility Terrain Vehicles (UTV) segment has witnessed the considerable growth during the forecast period due to rising racing and trailing adventure events. In addition, increasing demand for higher efficiency and ORVs present greater performance is fueling the segment growth.
Based on geography, Asia Pacific holds the largest market share during the forecast period owing to rapid infrastructure development, increasing urban population and proliferating agriculture and construction industry are some of the factors driving the market growth in this region.
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Some of the key players profiled in the Utility Terrain Vehicles Market include Arctic Cat, KTM AG, Caterpillar, Massimo Motor, Suzuki Motor Corporation, Yamaha Motor Corporation, Polaris Industries, Honda Motors, John Deere, Tomcar, Kubota, Husqvarna AB and Kwang Yang Motor Co, Ltd.
• More than 800 cc
• 400 – 800 cc
• Less Than 400 cc
• Sport Utility Terrain Vehicles (UTV)
• Work Utility Terrain Vehicles (UTV)
• Other Applications
• North America
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o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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