According to a new market research report published by Credence Research “Utility Task Vehicles (UTV) Market (by Vehicle Type: Sports UTVs, Load Carrier UTVs and Multipurpose UTVs; By Fuel Type: Conventional Fuel UTVs and Electric UTVs) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the utility task vehicles market was valued US$ 4.12 Bn in 2017 and estimated to grow with a CAGR of 6.7% during the forecast period from 2018 to 2026.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
The Utility Task Vehicle or Utility terrain Vehicle (UTV) market has experienced significant growth in both the sports and utility sectors over the last few years and in particular in 2016 and 2017. It attracted the attention of a number of leading off-road vehicle manufacturers to venture into this market. This move is supposed to coincide with the introduction of a new breed of UTVs in the coming years. UTVs are more versatile than traditional sports utility vehicles (SUVs) and are equipped with more payload capacity than all-terrain vehicles (ATVs). UTVs are finding their applications across a range of vertical end-uses, in addition to off-road exploration and leisure. The use of UTVs for defense, rescue, surveillance, agriculture and mining among others promotes the sale of UTVs worldwide.
North America, and in particular the U.S., has a major stake in the UTV industry as a whole. Since the introduction of UTVs in 1970, a major uptick in the popularity of off-road recreation vehicles has enabled the area to dominate the UTV market. Organization of off-road sports, such as rallying and races, allowed both the Millennial and Generation Z communities to form and engage in such events. The continuous increase in the use of off-road UTVs for agriculture and recreation in Asia-Pacific countries and mainly in China, Australia and New Zealand is projected to boost the region’s market value with the fastest growth rate over the 2018-2026 forecast period. However, a number of accidental deaths and injuries caused by the rough and unsafe driving of these vehicles have an impact on the consumer’s discretion and pose a challenge for the market to grow.
The UTV market is dominated by some of the largest car and utility vehicle manufacturers. Large automotive manufacturers have recognized market potential and are therefore faced with fierce competition from each other to assert their market share. Industries are also looking to secure defense and military contracts to provide UTV for surveillance and rescue operations.
Some of the major UTV manufacturers includes Polaris Industries, Kawasaki Heavy Industries Motorcycle & Engine Company, Suzuki Motor Corporation, Yamaha Motor Company, Limited, Honda Motor Co., Ltd., Deere & Company, Husqvarna AB, Kubota Corporation, Case IH, Bobcat Company, Mahindra & Mahindra Limited, and Caterpillar Inc. among others.
Key Analysis Covered:
Latest trends in utility task vehicles (UTV) market and growth opportunities for UTV manufacturers
Impact of introduction of electric UTVs on the overall UTV market
Different range of products offered by leading manufacturers for different end-use applications
Leading and fastest growing segments in terms of vehicle type and fuel type
Key geographical regions/ countries for the utility task vehicles (UTV) market
Growing popularity of off-road adventure races and rallies and their effect on market value for utility task vehicles (UTV) market