According to a recent report published by Allied Market Research, titled,"Global ATV and UTV Market by Vehicle Type, Displacement, Fuel Type, Application, and End-user Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global ATV & UTV market was valued at $7,628.0 million in 2017, and is projected to reach $14,109.2 million by 2025, registering a CAGR of 7.8% from 2018 to 2025.
At present, North America dominates the market, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global ATV & UTV market in 2017, whereas Middle East is expected to grow at a significant growth rate in LAMEA during the forecast period.
Factors such as increase in trend of adventure sports and recreational activities and adoption of ATV and UTV in military activities fuel the growth of the ATV and UTV market. In addition, government rules to support driving ATVs and UTVs on road boosts the market growth. However, ban on ATV and UTV driving in wildlife area due to terrain damage and high maintenance cost of ATVs and UTVs hinder the market growth. Moreover, production of safer ATVs and UTVs is anticipated to provide remunerative opportunities for the expansion of the market.
Key Findings of the ATV and UTV Market:
- In 2017, based on vehicle type, the ATV segment generated the highest revenue.
- In 2017, based on displacement, the 400-800 (CC) segment was the highest revenue contributor.
- In 2017, based on fuel type, the gasoline segment generated the highest revenue.
- In 2017, based on application, the sports segment for ATV and utility for UTV was the highest revenue contributor.
- In 2017, based on end-user vertical, the mountaineering segment generated the highest revenue.
- In 2017, based on region, North America contributed the highest market revenue, followed by Asia-Pacific, Europe, and LAMEA.
- The key players analyzed in this report are Polaris Industries, Inc., Deere & Company., Kawasaki Motors Corp., U.S.A., Yamaha Motor Co., Ltd., ARCTIC CAT INC., Honda Motor Company, BRP, HISUN, KYMCO, and Suzuki.
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