Utility Terrain Vehicle Market Size and Growth Rate:
Utility Terrain Vehicle Market was valued at USD 5 billion in 2018 and is expected to reach USD 8 billion by 2025 growing at a good CAGR during 2018 to 2025.
Utility Terrain Vehicle Market – Growth Drivers, Challenges and Opportunities:
The global utility terrain vehicle market is driven by the ability of this vehicle to operate in rough terrains, which is an important factor in the defense & military operations. In addition, its high cargo carrying capacity and quick mobility on a hard surface are essential for anti-terrorist operations and border security combats in coastal areas, further propels the market growth.
However, the high cost of these vehicles, owing to the use of advanced technological features such as display monitors and integrated communication systems, hinders the growth. Furthermore, the rise in usage of UTV by hunters and farmers and an increase in infrastructure development, in terms of construction, are expected to create growth opportunities for the manufacturers.
Growing youth indulgence in recreational activities such as hunting and fishing is driving the utility terrain vehicle market size. Customers are emphasizing on the deployment of comfortable vehicles, aiming for improving productivity and output. The product offers larger space and facilitates multiple passengers. Further, superior safety features including bucket seats and roll-cage-like enclosures will support the market growth in the next six years.
Utility Terrain Vehicle Market – Regional Analysis:
Europe holds a significant share in the utility terrain vehicle market size, owing to shifting preferences towards recreational activities including camping and forest adventures. Presence of organization such as Trans Euro Trail offering off road park facilities will positively influence the industry share over the study timeframe. Further, increasing off-road race competitions arranged by the regional organization is enhancing the product demand. The Asia Pacific will register strong growth due to the rising agricultural activities and proliferating tourism industry.
Some of the promising companies leading the Utility Terrain Vehicle Market are:
- Polaris Industries
- John Deere
- Yamaha Motor
- Arctic Cat
- Bombardier Aerospace
This research report includes following segmentation for the Utility Terrain Vehicle Market size and forecast until 2025:
Utility Terrain Vehicle Market – By Product:
- Displacement (CC) <400
- Displacement (CC) between 400-800
- Displacement (CC) >800
Utility Terrain Vehicle Market – By Application:
Utility Terrain Vehicle Market – By Region:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa