Global ATV and UTV Market Report and Forecast 2024-2032

Global ATV and UTV Market Outlook

The global ATV and UTV market size reached approximately USD 11.79 billion in 2023. The market is assessed to grow at a CAGR of 6.1% between 2024 and 2032 to attain a value of around USD 20.33 billion by 2032.

Key Trends in the Market

An ATV, variously known as an all-terrain vehicle, refers to an off-road vehicle that features handlebar steering and motorcycle-style seating. A UTV, variously known as a utility terrain vehicle, is larger than all-terrain vehicles, and it is typically used to haul heavier loads. UTVs are widely used in commercial uses like landscaping and farming whereas ATVs are utilised in recreation activities.

• The growing demand for environmentally friendly vehicles is one of the major ATV and UTV market trends. This is leading to a shift towards electric UTVs and ATVs that boast zero carbon emissions and are eco-friendly, convenient to charge, easy to maintain and repair, as well as more affordable than conventional off-terrain vehicles. Key players are also capitalising on the increasing trend of sustainability and launching electric ATVs and UTVs with improved battery capacity and increased range.

• Advancements in technologies aimed at improving the safety, navigation capabilities, and comfortability of off-road vehicles are likely to aid the ATV and UTV market growth in the coming years. Moreover, there is a surging preference for UTVs and ATVs equipped with digital displays, rear-view cameras, speakers, Bluetooth connectivity, and GPS systems, among others, that can enhance the comfortability and safety of riders.

• The rising adoption of semi-autonomous and autonomous technologies in the automotive industry is propelling the ATV and UTV market demand. Manufacturers are increasingly attempting to develop autonomous ATVs and UTVs with features like obstacle detection, automatic braking, and adaptive cruise control to improve the safety of riders and support them in autonomously performing tasks.

Market Analysis

Based on type, the market is segmented into UTV and ATV. On the basis of displacement, the ATV and UTV market segmentation includes less than 400 CC, 400-800 CC, and more than 800 CC.

The market, based on fuel type, is classified into gasoline powered, diesel powered, electric powered, and solar powered. By end use, the market is divided into agriculture, military, and sports, among others. The major regional markets for ATV and UTV include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global ATV and UTV market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Yamaha Motor Co., Ltd. 

• Honda Motor Co. Ltd. 

• Kawasaki Heavy Industries Ltd. 

• Suzuki Motor Corp. 

• Arctic Cat Inc. 

• Polaris Inc. 

• Bombardier Recreational Products Inc. 

• Deere & Company 

• HISUN Motors Corporation 

• Zhejiang Cfmoto Power Co., Ltd. 

• Others

Market Share by Type

As per the ATV and UTV market analysis, the demand for UTVs is significantly increasing as they are sturdy and boast a larger capacity than conventional four-wheelers. These vehicles can accommodate up to 6 passengers and can easily tackle challenging terrains like sand, mud, rocks, grovel, and dirt, among others. Due to their wide storage space, UTVs are used for transportation applications in different sectors.

Meanwhile, the increasing launch of ATVs with excellent performance and enhanced safety is also aiding the market.

Market Share by End Use

The agriculture sector represents a significant portion of the ATV and UTV market share. ATVs and UTVs are widely used as an alternative to horses and pick-up trucks in orchards, farms, forests, and ranches. They also find usage in applying chemicals and fertilisers to crops, supervising field crews, inspecting livestock and crops, and transporting different equipment in agricultural settings.

Meanwhile, the military sector uses ATVs and UTVs to carry combat requiring precision, perform search and rescue missions, and perform maintenance duties.

Competitive Landscape

Polaris Inc., established in 1954, is an automobile manufacturer that offers high-quality power sports vehicles. The company is committed to innovation and has played a detrimental role in developing snowmobiles and military vehicles. Headquartered in Minnesota, the United States, it serves customers in nearly 120 countries across the globe.

Deere & Company is a company that provides advanced technologies, services, and products aimed at revolutionising the construction and agricultural industries. Headquartered in Illinois, the United States, the company has established its reputation as a leading manufacturer of construction, agricultural, forestry, marine, and industrial equipment. Since its foundation in 1837, the company has aimed to offer advanced solutions that can support customers to improve their productivity.

HISUN Motors Corporation, headquartered in Texas, the United States, is a prominent manufacturer and provider of all-terrain vehicles. It has emerged as a leader in the powersports sector, offering innovative solutions to customers around the world. Over 300 dealers and numerous retailers in the United States sell the company’s versatile UTVs and ATVs.

Other ATV and UTV market players include Yamaha Motor Co., Ltd., Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Suzuki Motor Corp., Arctic Cat Inc., Bombardier Recreational Products Inc., and Zhejiang Cfmoto Power Co., Ltd., among others.

Key Highlights of the Report

ATV and UTV Market Report Snapshots

ATV and UTV Market Size

ATV and UTV Market Share

ATV and UTV Market Analysis

ATV and UTV Companies