Global UTV (Utility Task Vehicles) Market

UTV (Utility Task Vehicles) Market Size, Share, Growth Analysis, By Vehicle Type(Sports UTVs, Load Carrier UTVs and Multipurpose UTVs), By Fuel Type(Gasoline, Diesel), By Engine Capacity(less than 400 cc, 400-800 cc) - Industry Forecast 2024-2031

Report ID: SQMIG25C2051 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 89 | Figures: 77

UTV (Utility Task Vehicles) Market News

  • In March 2024, Stellantis introduces MyTasks, a pioneering tool designed for fleet managers. This innovative solution enables real-time communication, task assignment, and status updates with drivers directly through the vehicle’s built-in infotainment unit. MyTasks offers advantages for both drivers and fleet managers. Drivers can stay focused on the road without the need to handle a mobile phone, minimizing distractions. Meanwhile, managers can improve efficiency and safety without requiring aftermarket accessories.

  • In January 2024, IEA-PVPS unveiled a groundbreaking tool tailored for the evaluation of Building-Integrated Photovoltaics (BIPV). As the BIPV market continues to advance, there arises a need for a comprehensive evaluation method. Developed by IEA-PVPS Task 15, this cross-sectional evaluation tool is specifically designed for architects, developers, and other stakeholders engaged in BIPV projects. By systematically addressing economic, energy-related, environmental, and visual performance aspects, this methodology offers a reliable framework for comparing and optimizing BIPV installations.

  • In January 2024, KV Capital’s Private Equity team announced the acquisition of UTV Canada Inc. (UTV Canada), a leading distributor and retailer of all-terrain vehicles (ATVs) and utility task vehicles (UTVs) parts and accessories in Canada. This acquisition will result in the merger of UTV Canada with Mountain Sports Distribution (MSD), a full-service powersports distributor that became part of the KV Capital Fund II portfolio in 2023.

  • In May 2023, Capgemini and IBM Ecosystem announced a deepening of their partnership to enhance Drone-as-a-Service offerings.

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UTV (Utility Task Vehicles) Market size was valued at USD 31.48 billion in 2022 and expected to grow from USD 34.82 billion in 2023 to reach USD 77.95 billion by 2031, at a CAGR of 10.6% during the forecast period (2024-2031).

To increase their market share and maintain their competition, these businesses are focusing on a range of growth strategies, such product launches, mergers and acquisitions, collaborations, and partnerships. To fulfill the growing demand from various industries and consumers, they are also investing in R&D to develop innovative and technologically advanced UTVs. 'Polaris Inc.', 'Yamaha Motor Co., Ltd.', 'Deere & Company', 'Kawasaki Heavy Industries, Ltd.', 'Honda Motor Co., Ltd.', 'Kubota Corporation', 'Textron Inc.', 'Arctic Cat Inc.', 'CFMOTO Powersports Inc.', 'Can-Am Off-Road (Bombardier Recreational Products Inc.)', 'Mahindra & Mahindra Ltd.', 'Kioti Tractor', 'American LandMaster', 'BRP Inc.', 'HISUN Motors Corp.', 'Intimidator Inc.', 'Massimo Motor Sports LLC', 'ODES Industries Inc.', 'TGB Group', 'XY Powersports', 'Others.'

UTVs are a well-liked option as more people look to outdoor recreational activities because of their adaptability, toughness, and performance in off-road situations.

UTVs are being used more often in the agriculture and construction sectors for a wide range of tasks, including hauling, transporting, and traversing rugged terrain. The UTV sector is expected to develop as a result of this trend.

North America currently has a dominant position on the market for Utility Task Vehicles in terms of revenue and market share (UTV). The region made up the greatest proportion of the UTV market in 2021, and it is projected that this pattern will continue in the years to come. The growth of the UTV market in North America has been influenced by various factors. One of the main factors is the rising demand from the construction and agriculture industries, which together account for a sizable percentage of the local UTV market. UTVs are frequently employed in different industries for reaching inaccessible areas as well as for transporting heavy equipment, products, and passengers.

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Global UTV (Utility Task Vehicles) Market

Product ID: SQMIG25C2051