The Global ATV and UTV Market size is expected to reach $17.6 billion by 2030, rising at a market growth of 7.6% CAGR during the forecast period.
ATVs and UTVs are becoming increasingly popular for military operations, including troop transportation, and driving across challenging terrain. Hence, military segment acquired $2,626.5 million revenue in the market in 2022. ATVs and UTVs are also anticipated to experience significant growth in the military segment due to their improved mobility for tactical tasks. High maneuverability, flexibility, and enhanced navigational aids to provide rapid directions for vehicle operators are further aspects that support market expansion. For instance, the Polaris MRZR Alpha, a new Lightweight Tactical All-Terrain Vehicle, received a $109 million seven-year contract from the U.S. Special Operations Command in May 2020.
The major strategies followed by the market participants are Product Launches as the key developmental strategy keep pace with the changing demands of end users. For instance, In February, 2023, BRP introduced all-new mid-cc (medium engine displacement) Can-Am Outlander ATV recreational and utility models. The new utility Outlander PRO HD7 and HD5 models, as well as the recreational Outlander 700 and 500 versions, all have class-leading power, ground clearance, suspension travel, towing capability, and longest maintenance intervals. Additionally, In November, 2022, KUBOTA announced the launch of new models of its utility vehicles for 2023 comprising a limited-edition Stone Gray color for the Sidekick. A total of 16 accessories will be included with the Stone Grey model, all of which will be factory installed before it leaves the factory.
Based on the Analysis presented in the Cardinal matrix, Honda Motor Co., Ltd., Deere & Company, and Bombardier Recreational Products, Inc. are the major forerunner in the Market. In March, 2023, Honda launched the ATV and side-by-side models including the Pioneer 520 and Pioneer 500, its smallest side-by-sides for the 2023 model year that aims to provide strong performance and exceptional value. Honda also introduced the FourTrax Foreman, Foreman Rubicon, and Rancher families, each of which has a variety of trim levels, as its first 2024 model-year debuts. These vehicles embrace the do-it-all spirit of multipurpose Powersports, sharing the ability to perform work on the ranch, farm, or worksite, while also being trail-ready for the weekends. Companies such as Textron, Inc., Suzuki Motor Corporation, Yamaha Motor Co., Ltd. are some of the key innovators in the Market.
ATV and UTV use were formerly prohibited on roads due to safety concerns. However, government authorities have recently established new bills and ordinances allowing the use of ATVs and UTVs on public roads. For instance, the government of Newfoundland and Labrador announced a new off-road vehicle act and rules in May 2022 to enhance safety for all off-road vehicle users, and the act and regulations are anticipated to go into effect on May 19, 2022. Therefore, government support to allow ATV and UTV on roadways is anticipated to boost the growth of the market.
ATV drivers from all over the world are welcome to compete in the annual championships that numerous nations host. These events are becoming increasingly popular all over the world. For instance, in June 2022, Autosports India announced that it had organized the Mega ATV Championship Season VII grand racing competition and the Overlander Off-Road Adventure & Autocross in Goa from May 11th–15th, 2022, where nearly 65 teams, including 12 Teams for Overlander and 32 Teams for Autocross from all over India, tested and participated their vehicle projects. The increase in trend of such adventure sports attracts tourists which is likely to propel the growth of the market.
ATV and UTV use in a wildlife area can have several negative environmental consequences, including noise pollution, vegetation damage, increased runoff, soil erosion, and deteriorated water quality. The use of ATVs and UTVs is prohibited in several nations because it degrades the environment and threatens the habitat of wildlife in other regions. Hence, maintenance expenses, in addition to the driving ban in wildlife areas, impede the overall growth of the market.
By vehicle type, the market is divided into ATV and UTV. The UTV segment held the highest covered a considerable revenue share in the market. UTVs are also known as a multi-purpose off-highway utility vehicle (MOHUV) or a recreational off-highway (ROV). UTV vehicles are most likely used for construction and agricultural activities, such as transporting equipment and smaller tools, pulling plants, shrubs, fertilizers, and compost, and they may cooperate with other retrofitted vehicles.
On the basis of displacement, the market is classified into less than 400 CC, 400 CC to 800 CC and more than 800 CC. The 400 cc to 800 cc segment garnered a significant revenue share in the market in 2022. Vehicles with 400-800 CC engines are built with enormous storage capacities and are regularly used to transport equipment and supplies. The government also uses these vehicles to monitor forests, wildlands, and rescue missions. To appeal to a broader audience and investigate new application areas, market companies are developing 400-800cc ATVs.
Based on power output, the market is segmented into less than 50kW, 50kW to 100 kW and above 100 kW. In 2022, the 50kW to 100 kW segment dominated the market with maximum revenue share. For off-road activities like racing & riding on extremely difficult terrain, buyers and enthusiasts prefer high-performance cars in this power output range. High-performance suspension systems, sophisticated powertrains, and reinforced chassis are just a few of the things that manufacturers are making investments in to increase the performance and longevity of these cars.
Based on end use, the market is fragmented into agriculture, military, mountaineering and others. The others segment procured a promising growth rate in the market in 2022. Due to the increasing demand for ATVs in the agricultural sector for farm-related activities, field plowing, animal handling, weed control, and general transportation, the segment exhibits lucrative market opportunities throughout the projection period. Furthermore, all-terrain vehicles are becoming increasingly necessary in various industrial applications, including mining, construction, manufacturing, and utilities, because of their versatility and durability.
By fuel type, the market is bifurcated into gasoline powered, diesel powered, electric powered and solar powered. In 2022, the gasoline powered segment registered the maximum revenue share in the market. Gas-powered ATVs and UTVs are included in this category. A significant portion of ATVs and UTVs are fueled by gasoline, which is precisely blended with oil to preserve engine parts and enable quick acceleration. The launch of a new range of vehicles with upgraded engines, enhanced efficiency, and increased safety measures helps to accelerate the expansion of gasoline-powered ATVs and UTVs.
Report Attribute | Details |
---|---|
Market size value in 2022 | USD 9.9 Billion |
Market size forecast in 2030 | USD 17.6 Billion |
Base Year | 2022 |
Historical Period | 2019 to 2021 |
Forecast Period | 2023 to 2030 |
Revenue Growth Rate | CAGR of 7.6% from 2023 to 2030 |
Number of Pages | 313 |
Number of Table | 543 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
Segments covered | Vehicle Type, Fuel Type, End Use, Displacement, Power Output, Region |
Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
Growth Drivers |
|
Restraints |
|
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA In 2022, the North America region led the market by generating the highest revenue share. Leading all-terrain vehicle manufacturers based in the United States and Canada, like Polaris, Textron, BRP, and American Honda Motors, are essential to the market growth in this region. The top two countries where the use of such vehicles has significantly increased are the United States and Canada. This is because of their developed economies, higher disposable income levels, electric vehicles initiatives, and government laws regulating ATVs.
Free Valuable Insights: Global ATV and UTV Market size to reach USD 17.6 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Deere & Company, Honda Motor Co. Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Textron, Inc., and Yamaha Motor Co., Ltd.
By Vehicle Type
By Fuel Type
By End User
By Displacement
By Power Output
By Geography
The Market size is projected to reach USD 17.6 billion by 2030.
Government regulations to support using ATVs and UTVs on the road are driving the Market in coming years, however, Restrictions on driving ATVs & UTVs in wildlife areas due to terrain damage restraints the growth of the Market.
Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Deere & Company, Honda Motor Co. Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Textron, Inc., and Yamaha Motor Co., Ltd.
The Mountaineering segment is generating the highest revenue share in the Global ATV and UTV Market by End Use in 2022, achieving a market value of $7.4 billion by 2030.
The More Than 800 CC segment is leading the Global ATV and UTV Market by Displacement in 2022, achieving a market value of $8.8 billion by 2030.
The North America market dominated the Global ATV and UTV Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6.2 billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.