Global ATV and UTV market is envisioned to prosper at a CAGR of 6.85% over the projected period 2021-2028.
The growing popularity of adventure sports activities, rising use of ATV and UTV for military purposes, and supportive government regulations are likely to supplement the growth of the studied market over the forecasted period.
The primary reason behind the growing demand for these vehicles in the military segment is the superior mobility offered for tactical missions. Besides, the high flexibility and navigational features provide accurate directions to vehicle operators.
However, certain factors, such as driving bans in wildlife locations and elevated maintenance costs, impede the expansion of the ATV and UTV market globally.
Globally, North America holds the largest market for ATV and UTV. In the region, there is a high demand for UTVs in the defense sector due to their ability to patrol in combat operations quickly. These vehicles have also gained a population among farmers and hunters within the US. Other than this, older riders opt for UTVs where they cover more distance without needing to lean forward.
Furthermore, several leading companies are launching new utility vehicles within Canada, influencing the demand for ATVs and UTVs. For instance, Mahindra, an Indian car manufacturer, launched Roxer side-by-side UTV in Canada. Hence, all these factors play a major role in supplementing the growth of the ATV and UTV market across the region.
The renowned companies in the ATV and UTV market comprise Kubota Corporation, Kwang Yang Motor Co Ltd, Honda Motor Company, Textron Inc, Yamaha Motor Co Ltd, Polaris Industries Inc, Kawasaki Heavy Industries, Hisun, Suzuki Motors Corporation, CFmoto, Deere & Company, and BRP Inc.
Honda Motor Company is engaged in developing and manufacturing automobiles, motorcycles, and power products, among others. Its product portfolio includes fuel cell vehicles, passenger cars, ATV sports, ATV rec, and others. The company also offers financial services, including retail lending and leasing services. Honda Motor has production sites across various countries, with headquarters in Tokyo, Japan.
Key Topics Covered:
1. Global ATV and UTV Market - Summary
2. Industry Outlook
2.1. Key Insights
2.1.1. Growing Use of Atvs on Uneven Roads
2.1.2. Increase in ATV Experience Zones
2.1.3. Growing Penetration of Cvts in Atvs
2.2. Impact of COVID-19 on ATV and UTV Market
2.3. Porter's Five Forces Analysis
2.4. Key Buying Impact Analysis
2.4.1. Government Regulations
2.5. Market Attractiveness Matrix
2.6. Vendor Scorecard
2.7. Key Market Strategies
2.7.1. Contracts & Partnerships
2.7.2. Business Expansions & Divestitures
2.7.3. New Product Launches
2.8. Market Drivers
2.8.1. Growing Popularity of Adventure Sports
2.8.2. Increasing ATV and UTV Use in Military
2.8.3. Government Rules Supporting Atvs and Utvs
2.9. Market Challenges
2.9.1. Driving Ban in Wildlife Areas
2.9.2. High Maintenance Cost
2.10. Market Opportunities
2.10.1. Production of Safer Atvs and Utvs
3. Global ATV and UTV Market - by Vehicle Type
4. Global ATV and UTV Market - by Displacement
4.1. ? 400 (Cc)
4.3. ? 800 (Cc)
5. Global ATV and UTV Market - by Fuel Type
6. Global ATV and UTV Market - by Application
7. Global ATV and UTV Market - by End-User
Deere & Company
Honda Motor Company
Kawasaki Heavy Industries
Kwang Yang Motor Co Ltd
Polaris Industries Inc
Suzuki Motors Corporation
Textron Inc (Artic Cat)
Yamaha Motor Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/reh35l
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005736/en/
Laura Wood, Senior Press Manager
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