ATV and UTV Market

Introduction of the ATV and UTV Market Report

All-terrain and utility terrain vehicles are single seated motor vehicles that are equipped with three or four tires. As it suggests from the name, these vehicles can operate on a wide variety of terrains and forests, snow, mountains, etc. These vehicles have deep-threaded mud and racing tires and allows the vehicle to run on all terrains. Utility task vehicles are electric motors powered vehicles driven through the steering wheel and are used in various applications such as farming, rescue, and mining. Rising tourism activities across the globe have driven the growth of the global ATV and UTV market.

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Market Dynamic

Key Drivers and Emerging Trends

The rise in enthusiasm for sports and physical activities across the globe has surged the adoption of ATVs and UTVs, which is driving the growth of the global market. For instance, there are many championship series like “Extreme Dirt Track National Championship Series”, “Motocross National Championship Series” and others that attract the crowd and act as a entry gate for sports enthusiasts to take part in the series. In addition, sponsors across the globe are driving the growth of global ATV and UTV market. For example, GBC tires open gate for 2021 sponsorship for supporting the athletes in ATV racing.  Furthermore, improving living standards and rising disposable incomes are two other major factors that have substantially contributed for the growth of the global ATV and UTV market. For instance, according to Eurostat, in Europe, households’ disposable income increased by 8% between 2013-2018 respectively, which have raised the standard of living across the European countries, thus driving the growth of the global ATV and UTV market. Moreover, off-road terrain parks and trails have become tourist attractions, which has certainly impacted the local communities’ economic growth. According to the” United Nations World Tourism Organization”, 1.5 billion international tourists were recorded in the year 2019 across the globe, which has shown an increase in 4% from the historical year 2018. Hence, the tourism industry will induce significant growth potential in the sector.

Strategic initiatives by the governmental bodies that have significantly boosted the demand for ATV’s. For example, U.S. has various national parks which have emerged as major geographical terrains. The increasing interest in riding ATVs among the consumers resulted in the introduction more ATV riding parks in the country during 2014-2017. In addition, in June 2018, New Brunswick, Canada, allocated an investment of USD 15.78 million for the development of motorized trails for ATV. Furthermore, the U.S. Forest Service launched Travel Management & Off-Highway Vehicle (OHV) Program to increase awareness regarding trails’ availability, which has significantly driven the global ATV and UTV market.

Restraint in the ATV and UTV Market

As per the ATV and UTV market analysis, the increasing fatalities arising from off-road vehicles is a major factor that is hampering the market’s overall growth.

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Vehicle – Segment Analysis

Based on the vehicle, the ATV segment is anticipated to grow at a higher CAGR in the global ATV and UTV market over the forecast period. ATV’s are mostly associated with recreational and sports activities. However, over time, these vehicles’ applications have diversified, and they are now being used in the agricultural sector, gardening, hunting, patrolling, etc. ATV can run in all terrains like snow, rocks, mud, etc., which has led to more adoption of ATV.

Fuel – Segment Analysis

Based on the fuel, electric powered segment is expected to dominate the global ATV and UTV market over the forecast period. Electric powered ATV and UTV instantly offer 100% torque, with no pollution generated, which makes it environment friendly with almost negligible carbon footprints. As a result, new product launches in this category will further increase the adoption and drive segment’s growth. For instance, in 2019, Rissala Electric Motor Pvt Ltd. launched electric ATV, known as “Evolet Warrior”.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to capture a significant market share in the global ATV and UTV market over the forecast period. This is due to the presence of key players in the region. For example, Arctic Cat, BRC, Polaris, and other players have a strong presence in the region, which is significantly driving the ATV and UTV market growth in this region. Additionally, the military of the United States uses ATVs for various applications, including ammunitions across long distances, transporting armed forces etc. In addition, in April 2017, the Georgia Department of Natural Resources announced a federal recreational trail grant of USD 1 million for the Bush Head Shoals State ATV Park, which has significantly driven the regional market growth.

Top Market Players

Various notable ATV and UTV market manufacturers include BRP, Polaris Inc., American Honda Motor Co., KYMCO, Yamaha Motor Co., Ltd., Arctic Cat Inc., SUZUKI MOTOR CORPORATION, Kawasaki Heavy Industries, Ltd., DRR USA, and Rissala Electric Motor Pvt Ltd, among others. 

Key Developments:

• • In 2019, Rissala Electric Motor Pvt Ltd officially launched volet Warrior, an electric ATV. This launch helped in expansion of the product portfolio of the company which led to more revenue generation from the product.

Segments covered in the Report:

The global ATV and UTV market has been segmented on the basis of vehicle, application, fuel, and regions. Based on vehicle, the market is segmented into ATV and UTV. Based on application, the market is segmented into sports, agriculture, and others. Based on fuel, the market is segmented into gasoline powered and electric powered. 

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Key questions answered in this research report:

• • At what pace is global ATV and UTV market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in ATV and UTV market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global ATV and UTV market?
  • Which vehicle generated maximum revenues in 2019 and identify the most promising vehicle during the forecast period?
  • What are the various application areas of global ATV and UTV market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Vehicle, By Application, By Fuel, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	BRP, Polaris Inc., American Honda Motor Co., KYMCO, Yamaha Motor Co., Ltd., Arctic Cat Inc., SUZUKI MOTOR CORPORATION, Kawasaki Heavy Industries, Ltd., DRR USA, and Rissala Electric Motor Pvt Ltd, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global ATV and UTV Market by Vehicle

• • ATV
  • UTV

Global ATV and UTV Market by Application

• • Sports
  • Agriculture
  • Others

Global ATV and UTV Market by Fuel

• • Gasoline Powered
  • Electric Powered

Global ATV and UTV Market by Region

• • North America ATV and UTV Market (Option 1: As a part of the free 25% customization)
    • North America Market by Vehicle
    • North America Market by Application
    • North America Market by Fuel
    • US Market All-Up
    • Canada Market All-Up
  • Europe ATV and UTV Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Vehicle
    • Europe Market by Application
    • Europe Market by Fuel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific ATV and UTV Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Vehicle
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by Fuel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW ATV and UTV Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Vehicle
    • RoW Market by Application
    • RoW Market by Fuel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the ATV and UTV (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BRP
  • Polaris Inc.
  • American Honda Motor Co
  • KYMCO
  • Yamaha Motor Co. Ltd.
  • Arctic Cat Inc.,
  • SUZUKI MOTOR CORPORATION
  • Kawasaki Heavy Industries, Ltd.
  • DRR USA
  • Rissala Electric Motor Pvt Ltd