Utility Terrain Vehicles (UTV) Market (By Displacement: Below 400cc, 400 – 800cc, Above 800cc; By Propulsion Type: Gasoline, Diesel, Electric; By Application: Utility, Sports, Recreation, Military) - Global Industry Analysis, Market Size, Opportunities and Forecast 2021 - 2028

The global Utility Terrain Vehicles (UTV) market is anticipated to grow at a CAGR of around 9.5% during the forecast period 2021 to 2028 and to reach around US$ 13.2 Bn by 2028.

Report coverage

Market Dynamics

Rapid technological advancements in vehicle design, flourishing sports industry, and increasing demand utility form military industry are major factors expected to drive the growth of global utility terrain vehicle market. According to Consumer Product Safety Commission there were approximately 205,000 ATVs were sold in the United States in 2018 out of which 177,000 were adult models and 77,000 youth models. In addition, increasing consumer spending and rise in attraction for off-raiding recreation activities is expected to support the growth of target market. In 2016, around 144.4 million Americans, or 48.8% of the US population, participated in an outdoor activity at least once. Noticeable increase in maintenance activities in various end use industries is increasing demand for utility vehicles for providing components on the off terrain sites.  Increasing product development activities by major players and introduction of new solutions is expected to support the utility terrain vehicle market growth.

In 2021, Volcon Inc., a global vehicle manufacturing company launched lineup of two and four-wheeled electric, off-road adventure and utility vehicles. The delivered vehicles are all electrical providing company a competitive edge against competitors. This product launch is expected to help company enhance the business and increase the revenue.

In 2021, Polaris Inc., a off-road vehicle manufacturing company is expected to launch its first ever electric RANGER utility side-by-side. This full-size RANGER is the first electric vehicle Polaris developed and is expected to help company enhance the customer base and increase the revenue share.

ARGO, a global utility vehicle manufacturer in 2020 announced new lineup of Side-by-Side vehicles for the off-road. The product launch is expected to help company enhance its product offering and increase the revenue share in the market.

Players are inclining towards enhancing their business in developing region due to high consumer spending capacity on sports and availability of large untapped market is expected to support the growth of target market. Factors such as high cost associated to maintenance, economic slowdown and design complexity during production are factors expected to hamper the growth of global global utility terrain vehicle market. In addition, stringent government regulation by the government on us of UTV is expected to challenge the growth of target market. However, flourishing sport sector, increasing R&D activities for development of light weight and reliable UTV are factors expected to create new opportunities for players operating in the global utility terrain vehicle market. In addition, increasing demand from emergency department for UTV at challenging geographical surface is expected to support the revenue growth of target market.

Segment Analysis by Region

The market in North America is expected to account for major revenue share in the global utility terrain vehicle market due to high demand from sport industry. Increased consumer spending on vehicles, presence of large number of players operating in the country and introduction of new products are factors expected to support the growth of regional market. In addition, rise in acquisition activities by major players in order to enhance the business is expected to support the growth of global utility terrain vehicle market.

The market in Asia Pacific is expected to witness faster growth in the target market due to rising awareness among consumers related to UTV sports. High demand from military industry due to its better mobility provided for tactical missions is expected to impact the growth of target market.

Competitive Landscape                                                                                                                   

The global utility terrain vehicles (UTV) market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Utility Terrain Vehicles (UTV) Market Segment Analysis, 2020

The global utility terrain vehicle market is segmented into displacement, propulsion type, and application. The propulsion type segment is divided into below gasoline, diesel, and electric. Among propulsion type the electric segment is expected to witness faster growth in the global utility terrain vehicle market due to increasing government inclination towards eco-friendly approach in automotive sector.

The application segment is bifurcated into utility, sports, recreation, and military. Among application the sports segment is expected to account for significant revenue share in target market. Players operating in the global utility terrain vehicle market are John Deere, Bombardier Aerospace, Kawasaki, Yamaha Motor, Suzuki, Tomcar, Kubota, Arctic Cat, Honda, and Polaris Industries. 

Market Segmentation

Market By Displacement

Below 400cc
400 – 800cc
Above 800cc

Market By Propulsion Type

Gasoline
Diesel
Electric

Market By Application

Utility
Sports
Recreation
Military

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa