Inkwood Research estimates that the Global ATV and UTV Market is evaluated to project a CAGR of 6.15% in terms of revenue during the forecasting years of 2021-2028.
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ATV (all-terrain vehicle) is a vehicle capable of
off-roading, with applications in the military and agriculture. It travels on
low-pressure tires, with handlebars for steering control. There has been a growing
demand for these vehicles, since they allow access to remote areas, enabling
convenience in carrying equipment and supplies.
UTV (utility terrain vehicle), also known as a utility task
vehicle, is a four-wheel drive off-road vehicle. They are steered using a steering
wheel. They have a lot of storage space, and they are becoming increasingly
popular within non-agricultural communities.
Government
Rules Supporting ATVs and UTVs Drive Market Growth
ATVs & UTVs were earlier banned on roadways citing
safety purposes. In recent times, governments are passing new ordinances and
bills for allowing these vehicles on the road. Sauk Country Board repealed the
ATV and UTV vehicle ordinance in October 2018, updating it with a new version,
which was earlier adopted in 2013.it entails procedures to open these vehicle routes
in the county’s highways.
Additionally, the Board of Commissioners passed an ordinance
to allow these vehicles on the roads of Shiawassee County with some
restrictions. Furthermore, the Wisconsin Dells Common Council, approved an
ordinance in October 2020 to open all city streets for UTV/ATV access. Such
initiatives are projected to propel market growth.
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Gasoline-Powered:
Major Fuel Type
Several UTVs and ATVs use gasoline as fuel, with a major
share of them using the mixture of gasoline and oil in specific proportion for
fast acceleration and engine protection. The launch of a new range of
gasoline-powered UTV and ATV with improved performance and added safety
measures drives the growth of these gasoline-powered vehicles.
Moreover, many manufacturers are launching new
gasoline-powered engines with enhancements for better performance. For example,
Caterpillar, a machinery manufacturer and developer, launched CUV85, a
gasoline-powered UTV, in November 2018. It has a 0.8L three-cylinder gasoline
engine.
Asia-Pacific:
Major and Fastest-Growing Region
There is an increasing demand for power sports recreational
activities in several countries of the region, like India, Australia, and
China. Also, ATVs & UTVs are being introduced in the military. Many UTV AND
ATV circuits are being incorporated in the region and increasing expenditure on
recreational economies. This is seen especially in emerging economies like India
and China. Such factors, and the launch of the new range of vehicles, drive the
Asia-Pacific market growth.
The high competitive rivalry in the market is evaluated to
be sustained throughout the forecast period, with expansions and leading
manufacturers offering class products in the off-road high-performance vehicle
segment. Some eminent market players include Yamaha Motor Co Ltd, Kawasaki
Heavy Industries Ltd, BRP Inc, Honda Motor Company Ltd, Polaris Industries Inc,
etc.
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geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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