A utility terrain vehicle (UTV) is a vehicle designed to perform tasks in a more efficient manner than a general-purpose vehicle. It is also known as a side-by-side, four-wheel drive off-road vehicle, with a capacity of two to six person. Recreational off-highway (ROV) or multi-purpose off-highway utility vehicle (MOHUV) are other terms used for this vehicle.
The global utility terrain vehicle market is driven by the ability of this vehicle to operate in rough terrains, which is an important factor in the defense & military operations. In addition, its high cargo carrying capacity and quick mobility on hard surface are essential for anti-terrorist operations and border security combats in coastal areas, which further propels the market growth.
However, high cost of these vehicles, owing to use of advance technological features in other vehicles such as display monitors and integrated communication systems, hinders the growth. Furthermore, the rise in usage of UTV by hunters and farmers and increase in infrastructure development, in terms of construction, are expected to create growth opportunities for the manufacturers.
The report segments the market based on product, application, and geography. The product segment includes displacement (CC) <400, displacement (CC) 400800, and displacement (CC) >800. The application type includes sport UTV and work UTV. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (India, China, Japan, Australia, South Korea, Taiwan, and rest of Asia-Pacific), and LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, and rest of LAMEA).
Key players profiled in the report include Polaris Industries (U.S.), John Deere (U.S.), Kawasaki (Japan), Yamaha Motor (Japan), Kubota (Japan), Arctic Cat (U.S.), Honda (Japan), Bombardier Aerospace (U.S.), Suzuki (Japan), and Tomcar (U.S.)
- This study provides an in-depth analysis of the global utility terrain vehicle (UTV) market, in terms of value, to elucidate the imminent investment pockets.
- A detailed impact analysis of the current trends, regional utility terrain vehicle market, and future estimations are outlined to single out profitable areas.
- In addition, key drivers, restraints, and opportunities through 20172023 are explained to identify the prevailing market opportunities.
- Porters Five Forces analysis highlights the potency of suppliers & buyers in the competitive market to facilitate efficient business planning.
Utility Terrain Vehicle Market Key Segments:
- Displacement (CC) <400
- Displacement (CC) 400800
- Displacement (CC) >800
- Sport UTV
- Work UTV
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Players in the Value Chain:
- Polaris Industries (U.S.)
- John Deere (U.S.)
- Kawasaki (Japan)
- Yamaha Motor (Japan)
- Kubota (Japan)
- Arctic Cat (U.S.)
- Honda (Japan)
- Bombardier Aerospace (U.S.)
- Suzuki (Japan)
- Tomcar (U.S.)