Global Utility Terrain Vehicle Market

Utility Terrain Vehicle (UTV) Market Size, Share, Growth Analysis, By Displacement(Below 400cc, 400cc-800cc, and Above 800cc), By Application(Utility, Sports, Recreation, and Military), By Propulsion(Gasoline, Diesel, and Electric), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25C2127 | Region: Global | Published Date: April, 2024
Pages: 224 |Tables: 91 |Figures: 71

Utility Terrain Vehicle (UTV) Market Insights

Global Utility Terrain Vehicle (UTV) Market size was valued at USD 1 billion in 2022 and is poised to grow from USD 1.06 billion in 2023 to USD 1.62 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

Utility terrain vehicle refers to an off-road vehicle that is designed for various utility and recreational purposes. Growing use of utility terrain vehicles for transportation applications in different industry verticals is projected to be a key factor driving market growth. The increasing number of people participating in off-road activities and the growing spending of people on recreational activities are also slated to boost the sales of utility terrain vehicles across the forecast period. The ability to customize utility terrain vehicles as per individual requirements is a key perk that is slated to uplift utility terrain vehicle market growth in the future. However, the imposition of stringent vehicle emission mandates, high costs of ownership, lack of safety in certain utility terrain vehicles, and growing incidence of off-road accidents are key restraints that could hurt utility terrain vehicle market development across the forecast period and beyond.

Market Snapshot - 2024-2031

Global Market Size

USD 1 billion

Largest Segment

Gasoline

Fastest Growth

Electric

Growth Rate

5.5% CAGR

Global Utility Terrain Vehicle Market ($ Bn)
Country Share for North America Region (%)

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Utility Terrain Vehicle (UTV) Market Segmental Analysis

The global utility terrain vehicle market is segmented based on displacement, application, propulsion, and region. In terms of displacement, the market is segmented into areas below 400cc, 400cc-800cc, and above 800cc. Based on application, the market is bifurcated into utility, sports, recreation, and military. Based on propulsion, the market is divided into gasoline, diesel, and electric. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.

Analysis by Propulsion

Gasoline-powered utility terrain vehicles account for a majority stake of the global utility terrain vehicle market revenue. High power and torque offered by gasoline engines are what allow this segment to account for a high market share. Easy and cheap availability of gasoline around the world makes it a favorite type of propulsion for utility terrain vehicle manufacturers.

However, the demand for electric utility terrain vehicles is slated to increase at a rapid pace across the forecast period owing to imposition of strict vehicle emission control regulations and rising focus on sustainability around the world. Advancements in battery technology and rising popularity of electric vehicles will further boost sales of electric utility terrain vehicles in the long run.

Analysis by Application

Sports applications account for a significant revenue share of the global utility terrain vehicle market. Increasing interest in off-road sports and growing organization of different off-roading sports events around the world are contributing to the high market share of this segment. Increasing the number of people taking interest in thrilling off-road adventures will also foster growth in this segment.

Sales of utility terrain vehicles for military applications are slated to rise at a notable pace across the forecast period. Growing spending on defense and expansion of military presence in remote areas with uneven terrain are factors that are slated to promote the adoption of utility terrain vehicles in different military organizations around the world.

Global Utility Terrain Vehicle Market By Propulsion, 2022 (%)

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Utility Terrain Vehicle (UTV) Market Regional Insights

North America is estimated to account for a dominant stance in the global utility terrain vehicle marketplace. High consumer spending potential, growing popularity of all-terrain vehicles, and rising interest in utility terrain vehicle ownership are key factors that allow this region to dominate the global marketplace. Robust increase in off-road recreational activities in countries such as Canada and the United States is also slated to help this region maintain its dominance across the forecast period and beyond.

The Europe region is the fastest-growing market in the world for utility terrain vehicle companies. Growing tourism activity and the presence of multiple off-road terrains in different countries of this region are slated to promote the sales of utility terrain vehicles in Europe going forward. Evolving living standards and rising disposable income are also determinants that could augment the utility terrain vehicle demand outlook in Europe going forward. Germany, France, and the United Kingdom are slated to be the top markets in this region for utility terrain vehicle manufacturers and suppliers.

Global Utility Terrain Vehicle Market By Region, 2024-2031
  • Largest
  • Fastest

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Utility Terrain Vehicle (UTV) Market Dynamics

Drivers

Growth in Off-road Activities

  • From recreational to sports, all kinds of off-road activities have gained traction in recent years and this increased interest in off-road activities is projected to boost sales of utility terrain vehicles over the coming years.

Rising Use in Industries

  • Utility terrain vehicles can be easily modified to suit specific applications and can handle all kinds of terrain efficiently. Citing these benefits multiple industries and commercial businesses are using utility terrain vehicles for transportation purposes and driving market growth.

Restraints

High Costs

  • Utility terrain vehicles are usually quite expensive as they are designed and manufactured using high quality components. These high costs of utility terrain vehicles are a major deterrent for market growth in the future.

Rise in Off-road Accidents

  • The incidence of off-road accidents has increased drastically in recent years as more and more people participate in off-road activities and sports. This hike in accidents is estimated to slow down utility terrain vehicle demand outlook going forward.

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Utility Terrain Vehicle (UTV) Market Competitive Landscape

Utility terrain vehicle providers should emphasize the vehicle electrification trend to maximize their sales and revenue generation potential over the coming years. Utility terrain vehicle companies should also focus on collaborations and partnerships to expand their distribution networks and maximize sales revenue. Utility terrain vehicle market players can also focus on the creation of affordable utility terrain vehicles to improve their market share and stand out from the competition.

Top Player’s Company Profiles

  • Honda Motor Co. Ltd.
  • Suzuki Motor Corporation
  • Polaris Industries Inc.
  • CFMOTO Powersports Inc.
  • TOMCAR Inc.
  • Arctic Cat
  • KUBOTA Corporation
  • Hisun Motors Corp. Ltd.
  • Upfit UTV Inc.
  • Yamaha Motor Co. Ltd.
  • Deere & Company
  • Textron Inc.
  • BRP Inc.
  • Kawasaki Heavy Industries Ltd.
  • KWANG YANG MOTOR CO., LTD.

Recent Developments

  • In March 2024, Fox Factory Holding Corp’s subsidiary Upfit UTV launched its new range of luxury utility terrain vehicles. These new vehicles were claimed to feature unmatched quality and reliability.
  • Polaris India, a leading provider of all-terrain vehicles, announced the launch of its new utility terrain vehicle back in May 2023. Polaris RZR Pro R4 Ultimate offers 206 nm torque from a 2 litre petrol engine.
  • In October 2023, Kubota Corporation, a leading name in the utility terrain vehicle marketplace, announced the launch of a new utility terrain vehicle. RTV-X900 is a diesel-powered vehicle with some unique design variations.

Utility Terrain Vehicle (UTV) Key Market Trends

  • Electrification of Utility Terrain Vehicles: Utility terrain vehicle manufacturers should focus on electrification of their products to ride the wave of sustainability and growing popularity of electric vehicles. Companies can also promote their products as sustainable and maximize their business potential as consumer preferences evolve.

Utility Terrain Vehicle (UTV) Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per Skyquest analysis, growing participation in off-road activities and increasing disposable income of people are key factors promoting utility terrain vehicle sales. However, high costs of ownership and rising incidence of off-road accidents are slated to be key restraints for utility terrain vehicle market growth in the long run. North America is estimated to hold sway over global utility terrain vehicle sales outlook owing to high consumer spending potential and availability of different utility terrain vehicle models. Electrification of utility terrain vehicles is a key trend that all market players should focus on if they want to stay relevant in the future.

Report Metric Details
Market size value in 2022 USD 1 billion
Market size value in 2031 USD 1.62 billion
Growth Rate 5.5%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Displacement
    • Below 400cc, 400cc-800cc, and Above 800cc
  • Application
    • Utility, Sports, Recreation, and Military
  • Propulsion
    • Gasoline, Diesel, and Electric
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Honda Motor Co. Ltd.
  • Suzuki Motor Corporation
  • Polaris Industries Inc.
  • CFMOTO Powersports Inc.
  • TOMCAR Inc.
  • Arctic Cat
  • KUBOTA Corporation
  • Hisun Motors Corp. Ltd.
  • Upfit UTV Inc.
  • Yamaha Motor Co. Ltd.
  • Deere & Company
  • Textron Inc.
  • BRP Inc.
  • Kawasaki Heavy Industries Ltd.
  • KWANG YANG MOTOR CO., LTD.
Customization scope

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  • Segments by type, application, etc
  • Company profile
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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Utility Terrain Vehicle (UTV) Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Utility Terrain Vehicle (UTV) Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Utility Terrain Vehicle (UTV) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Utility Terrain Vehicle (UTV) Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Utility Terrain Vehicle (UTV) Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Utility Terrain Vehicle (UTV) Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Utility Terrain Vehicle (UTV) Market size was valued at USD 1 billion in 2022 and is poised to grow from USD 1.06 billion in 2023 to USD 1.62 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

Utility terrain vehicle providers should emphasize the vehicle electrification trend to maximize their sales and revenue generation potential over the coming years. Utility terrain vehicle companies should also focus on collaborations and partnerships to expand their distribution networks and maximize sales revenue. Utility terrain vehicle market players can also focus on the creation of affordable utility terrain vehicles to improve their market share and stand out from the competition. 'Honda Motor Co. Ltd.', 'Suzuki Motor Corporation', 'Polaris Industries Inc.', 'CFMOTO Powersports Inc.', 'TOMCAR Inc.', 'Arctic Cat', 'KUBOTA Corporation', 'Hisun Motors Corp. Ltd.', 'Upfit UTV Inc.', 'Yamaha Motor Co. Ltd.', 'Deere & Company', 'Textron Inc.', 'BRP Inc.', 'Kawasaki Heavy Industries Ltd.', 'KWANG YANG MOTOR CO., LTD.'

From recreational to sports, all kinds of off-road activities have gained traction in recent years and this increased interest in off-road activities is projected to boost sales of utility terrain vehicles over the coming years.

Electrification of Utility Terrain Vehicles: Utility terrain vehicle manufacturers should focus on electrification of their products to ride the wave of sustainability and growing popularity of electric vehicles. Companies can also promote their products as sustainable and maximize their business potential as consumer preferences evolve.

North America is estimated to account for a dominant stance in the utility terrain vehicle marketplace. High consumer spending potential, growing popularity of all-terrain vehicles, and rising interest in utility terrain vehicle ownership are key factors that allow this region to dominate the marketplace. Robust increase in off-road recreational activities in countries such as Canada and the United States is also slated to help this region maintain its dominance across the forecast period and beyond.

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Global Utility Terrain Vehicle Market

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