London, UK -- (SBWire) -- 03/11/2022 --A recent study by Triton Market Research titled 'Global ATV and UTV Market' entails the Global Analysis and Forecasts by Displacement (? 800 (CC), 400-800 (CC), ? 400 (CC)), Vehicle Type (UTV, ATV), Fuel Type (Electric-Powered, Diesel-Powered, Solar-Powered, Gasoline-Powered), End-user (Agriculture & Utility, Recreational, Military & Defense, Sports, other End-users), and by Geography (Europe, Latin America, Middle East and Africa, North America, Asia-Pacific).
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Triton's report anticipates that the global ATV and UTV market is set to gain a CAGR of 6.65% during 2022-2028. It is further estimated to display revenue worth $11.71 billion by 2028.
ATVs and UTVs are widely used in end-user sectors, such as military, sports, recreational, and agriculture.
Earlier, ATVs and UTVs were not permissible to be operated on roads due to safety concerns. However, several countries have passed new laws to allow their functioning on roadways. Besides this, authorities are working to construct ATV and UTV routes at multiple locations. Therefore, supportive government regulations and the growing use of these vehicles for military purposes support the growth of the ATV and UTV market globally. However, the driving bans in wildlife areas and high maintenance costs hinder the growth of the ATV and UTV market.
The ATV and UTV market is segmented into displacement, vehicle type, fuel type, and end-user. The displacement section is subdivided into ? 800 (CC), 400-800 (CC), and ? 400 (CC). Based on vehicle type, it is divided into UTV and ATV. The fuel type is segmented into electric-powered, diesel-powered, solar-powered, and gasoline-powered. Lastly, the end-user segment is branched into agriculture & utility, recreational, military & defense, sports, and other end-users.
The Asia-Pacific is expected to witness the fastest growth over the forecasted period. In Japan, several leading companies are launching new lines of off-road vehicles to compete in the market. For instance, Honda Motor Company launched two variants of sports UTVs. Moreover, these quad bikes are used widely in Japan's inaccessible and hilly areas. There are also different types of ATV and UTV for trekking. Hence, the growing use of these vehicles drives the progression of the ATV and UTV market.
Polaris Industries Inc, Hisun, Honda Motor Company, Kawasaki Heavy Industries, Suzuki Motors Corporation, Textron Inc, BRP Inc, Yamaha Motor Co Ltd, Deere and Company, Kwang Yang Motor Co Ltd, CFmoto, and Kubota Corporation, are renowned companies thriving in the ATV and UTV market.
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Question & Answer: ATV and UTV Market
Question 1: What factors support the growth of the ATV and UTV market globally?
Answer: Earlier, ATVs and UTVs were not permissible to be operated on roads due to safety concerns. However, several countries have passed new laws to allow their functioning on roadways. Besides this, authorities are working to construct ATV and UTV routes at multiple locations. Therefore, supportive government regulations and the growing use of these vehicles for military purposes support the growth of the ATV and UTV market globally.
Question 2: What factors hinder the growth of the ATV and UTV market?
Answer: The driving bans in wildlife areas and high maintenance costs hinder the growth of the ATV and UTV market.
Question 3: Which region is expected to witness the fastest growth over the forecasted period?
Answer: The Asia-Pacific is expected to witness the fastest growth over the forecasted period. In Japan, several leading companies are launching new lines of off-road vehicles to compete in the market. For instance, Honda Motor Company launched two variants of sports UTVs. Moreover, these quad bikes are used widely in Japan's inaccessible and hilly areas. There are also different types of ATV and UTV for trekking. Hence, the growing use of these vehicles drives the progression of the ATV and UTV market.
Question 4: Which are the renowned companies thriving in the ATV and UTV market?
Answer: Polaris Industries Inc, Hisun, Honda Motor Company, Kawasaki Heavy Industries, Suzuki Motors Corporation, Textron Inc, BRP Inc, Yamaha Motor Co Ltd, Deere and Company, Kwang Yang Motor Co Ltd, CFmoto, and Kubota Corporation, are renowned companies thriving in the ATV and UTV market.
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