Utility terrain vehicles market are largely motivated by their ability to move equipment and serve as off-road vehicles. Off-road operation necessitates manoeuvring the vehicle around obstacles and across rough terrain. Carrying equipment requires both strength and the ability to remain above softer terrain when hauling a load.
The majority of these vehicles are equipped with roll-over prevention mechanisms, a crucial safety feature. The expanding array of choices available to consumers for off-road leisure activities is a driving force behind the growth of the utility terrain vehicle (UTV) market. UTVs are primarily designed for recreational purposes, but they also find applications in military and defense sectors, as well as in forestry and agriculture.
However, the market's progress has been hampered by the adverse consequences associated with rollover incidents. These include issues like weak lateral stability, insufficient occupant safety measures, and less-than-optimal steering characteristics. Nonetheless, the global utility terrain vehicle market has witnessed significant growth and is projected to continue expanding, with an expected Compound Annual Growth Rate (CAGR) of 6% in the coming years.
In contrast to general-purpose vehicles, utility terrain vehicles (UTVs) are purpose-built vehicles intended specifically for efficient task execution. They are also known as four-wheel drive off-road vehicles and side-by-side vehicles. UTVs have the capacity to accommodate anywhere from two to six passengers, making them versatile and suitable for a range of activities.
Market Segmentation
North America, Europe, Asia Pacific, and the Rest of the World are the four primary regions that make up the worldwide utility terrain vehicle market. The North American area is likely to dominate worldwide utility terrain vehicle production and sales. Utility terrain vehicle producers in countries like the United States and Canada are efficient in producing highly efficient utility terrain vehicles with modern features. Utility terrain vehicle manufacturers create a variety of vehicles that can be employed in a variety of circumstances and environments.
The yearly motorsport competition, which includes diverse forms such as mountain terrain and rocky terrain, is the biggest draw for utility terrain vehicles in the United States. As a result, such competitions drive significant expansion in the tourism industry, which in turn drives the market growth. Market Research Future's study on the global utility terrain vehicle market includes detailed primary research. Many industry professionals and key opinion leaders do detailed qualitative and quantitative analyses to gain a better understanding of the market and industry performance.
Regional Classification
With a large presence of adventure trails and clubs across the continent, North America accounted for almost 65 per cent of the market for utility terrain vehicles in 2018. Over the study period, rising consumer expenditure combined with good economic circumstances will ensure its supremacy. For example, disposable income in the United States increased by USD 14.7 million in 2017, an increase of over 4% over 2013.
Industry News
UTVs (all-terrain vehicles) The market was worth over USD 6 billion in 2018 and is expected to grow at a CAGR of roughly 6% from 2019 to 2025. Over the forecast timeframe, the utility terrain vehicles market share will be driven by the rising importance of enhanced mobility vehicles in construction and agricultural activities for improved traction and stability.
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