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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global ATV and UTV Market Size
The global ATV and UTV market 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.
ATV and UTV Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 11.79 billion.
The market is assessed to grow at a CAGR of 6.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 20.33 billion by 2032.
The major market drivers are the growing demand for environmentally friendly vehicles, the surging launches of electric ATVs and UTVs, and technological advancements.
The increasing attempts by key players to develop autonomous ATVs and UTVs and the rising usage of off-road vehicles in agricultural activities are the key trends aiding the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant end uses of the vehicles are agriculture, military, and sports, among others.
The major players in the market are 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, and Zhejiang Cfmoto Power Co., Ltd., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124