The global all-terrain vehicle (ATV) and utility task vehicle (UTV) market was valued at $9.2 billion in 2017 and is anticipated to grow at a CAGR of 8.3% during the forecast period. All-Terrain Vehicle is an open motorized tricycle or quadricycle bike developed for off-road use. ATV is used for recreational and sports activities such as hill climbing and dirt-track. It is used in remote areas and uneven terrains. They are ideal for use in environments such as river banks, mountains, snow, and forests among others. ATVs are widely used in applications such as rescue operations in inhabitable land, adventure sports, and exploration missions. Utility task vehicles (UTV), also known as side-by-sides, are powered by IC engines or electric motors. They are capable of commuting over rough terrains and are driven with the help of steering. UTVs can accommodate two or more people along with additional loads, and are used in applications such as farming, mining, and rescue.
The global ATV and UTV market is influenced by increasing recreational off-road activities such as racing and sports. The increasing consumer disposable income and improving living standards boost the growth of the market. Development of technologically advanced vehicles with upgraded performance and efficiency increases the demand for these vehicles. The growing demand for sports and adventure activities drive the growth of the market. The demand from defense, agriculture, and mining sectors has increased, further boosting the market growth. Supportive initiatives from governments and private organizations to promote sports activities have accelerated the adoption of these vehicles across the globe.
The global ATV and UTV market is segmented on the basis of type, application, and region. Based on type, the market is segmented into All-Terrain Vehicle (ATV) and utility task vehicle (UTV). All-terrain vehicle is further segmented into sport All-Terrain Vehicle, sport utility All-Terrain Vehicle, utility All-Terrain Vehicle, and other All-Terrain Vehicle, whereas the utility vehicle segment is divided into sports utility vehicle, load carrier utility vehicle, multipurpose utility vehicle, and other utility vehicle. ATV accounted for the highest market share in 2017 owing to increasing demand for sports and adventure activities. On the basis of application, the market is segmented into sports, mining, entertainment, agriculture, defense, and others.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the global ATV and UTV market in 2017. The increasing demand of these vehicles from agriculture, mining, and forestry sectors drives the market growth in the region. The increasing trend of recreational and adventure sports activities in the region is expected to further fuel the market growth during the forecast period.
The leading players in the market include Yamaha Motors, Honda Motors Co Ltd, Deere & Company, Polaris Industries, Kubota Corporation, Caterpillar Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Bobcat Company, Hisun Motors, and Bombardier Recreational Products among others. These leading players in the market are introducing innovative products in the market to cater to the growing demand of consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.