New York, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Utility Terrain Vehicle (UTV) Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Utility Terrain Vehicle Market Research Report, Product Type, Application and Region - Forecast till 2027” the market is projected to be worth USD 8.65 billion by 2027, registering a CAGR of 6.32% during the forecast period (2021 - 2027), The market was valued at USD 5.25 billion in 2020.
The utility terrain vehicle market outlook appears quite promising. Among several factors responsible for the market growth include the significant durability and sturdiness of these utility terrain vehicles and the economic development speeding motor racing events. The importance and awareness of fitness have led people to pursue endurance sports. This, along with the increasing popularity of utility terrain vehicles in sports, boosts the market size. With significant investments poured into developing advanced UTVs, the market is projected to escalate further during the forecast period.
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List of the Key Companies Profiled in the Utility Terrain Vehicle (UTV) Market Research Report are:
Kawasaki Heavy Industries Ltd. (Japan)
Polaris Industries Inc. (US)
John Deere (US)
Kubota Corporation (Japan)
Yamaha Motor Company Limited (Japan)
Hisun Motors Corp (US)
Arctic Cat (US)
Honda Motor Company Ltd. (Japan)
Kwang Yang Motor Co Ltd (Taiwan)
The utility terrain vehicle market is experiencing several strategic approaches, such as mergers & acquisitions, expansion, collaboration, and product launches. Key market players make strategic investments in research and development activities and fostering their expansion plans. Various manufacturers are working on developing EV variants of UTV models.
For instance, recently, on May 24, 2021, Kandi Technologies Group, Inc. unveiled five prototypes of its newly launched K32 Utility Terrain Vehicle (UTV). The K32 is a premium 4WD UTV, featuring pure electric four-wheel-drive propulsion and a fully enclosed cockpit with air conditioning. The company intends to begin selling K32 in the US in 2021. The Kandi K32 UTV offers excellent off-road performance with its dual-motor four-wheel drive design.
Browse In-depth Market Research Report (132 pages) on Utility Terrain Vehicle
UTVs with a Built-in Intelligent Interactive System and Integrated Infotainment are Trending
The well-established utility terrain vehicle market is growing pervasively. UTV operators to take various approved safety education classes available online. These safety courses help operate safely and deter utility terrain vehicles. Additionally, implementations of certain regulations to follow UTV safety precautions and use care on uneven terrain, and control the hazardous emissions from conventional vehicles boost the UTV market shares.
UTVs are very similar to ATVs, having similar kinds of drivetrain and engines. Therefore, UTVs are also used for rough terrains and sports. Additionally, factors bolstering the market growth include the increasing Adventure tourism and cross-country competitions worldwide. Adventure tourism is the fastest-growing segment of the tourism industry across the globe.
Several countries are focusing on new utility terrain vehicle strategies aiming for an economic boost. Countries with great potential for UTVs are especially hoping for new ambitious strategies leading to business opportunities for them.
COVID 19 Impacts on the UTV market
The onset of coronavirus affected the utility terrain vehicle industry severely. Supply chain bottlenecks influenced factory decisions of UTV Makers. Manufacturers struggled with wobbly supply chains and decided to produce based on what parts it has on hand. This led to changing their manufacturing processes which involved adapting to parts shortages.
2020 was expected to be a robust year for cross-country, with the Olympic Games scheduled. However, the widespread global pandemic put most of the industries on the back foot. Many competitions got canceled, and the utility terrain vehicle industry too had to face severe consequences.
However, the utility terrain vehicle market is rapidly returning to normal, with the lockdown mandates getting relaxed gradually. Many parts are now back in order, and the market sees an uptick in demand as more vehicles return to the road after pandemic restrictions ease. The utility terrain vehicle industry has reported astonishing growth for the last few months.
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The utility terrain vehicle market is segmented into product types, applications, and regions. The product type segment is sub-segmented into displacement (CC): ≤ 400CC, displacement (CC): 400-800 CC and displacement (CC): ≥ 800 CC. The application segment is sub-segmented into work UTV, sport UTV, and others. The region segment is sub-segmented into North America, Asia-Pacific, Europe, and Rest-of-the-World.
North America dominates the global utility terrain vehicle market. The presence of major utility terrain vehicle manufacturers and well-established utilities in the region propels the utility terrain vehicle market growth. Additionally, factors such as rapid research and development activities and the introduction of lightweight UTVs offer significant opportunities for the market players. With a large base of utilities, the US and Canada account for considerable utility terrain vehicle market share.
Increasing application areas for UTVs and increasing safety regulations, demand for better driving experience, and the low maintenance cost of UTVs are major trends boosting the utility terrain vehicle market size. Moreover, huge investments and infrastructure development by governments and federal agencies are further propelling the growth of the utility terrain vehicle market.
Segmentation of Market covered in the research:
Information by by Product Type (Displacement (CC): ≤ 400CC, Displacement (CC): 400-800 CC and Displacement (CC): ≥ 800 CC), Application (Work UTV, Sport UTV, Others) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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