Utility terrain vehicle or UTV refers to a vehicle, designed for efficiently performing tasks as compared to the general-purpose vehicle. UTV are also known as side-by-side vehicles and four-wheel drive off-road vehicles. The vehicles are equipped with roll-over protection system. UTV offer high towing capacity (two to six persons) and large cargo space. The vehicles are majorly used for recreational purposes. Multi-purpose off-highway utility vehicle (MOHUV) and Recreational off-highway (ROV) is other terms used for this vehicle.
According to study, “World UTV (Utility Terrain Vehicle) Market Research Report 2024 (Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world UTV market are Polaris Industries, TOMCAR, Deere & Company, Yamaha Motor Co. Ltd., John Deere, Arctic Cat, SUZUKI, Kubota, Bombardier Recreational Products (BRP), Honda Motor Co. Ltd., HSUN Motor, KYMCO, CFMOTO, Kawasaki Motors Corp., Linhai Group. The key players are enhancing current products in the market with notable improvements such as multi drive mode functions and quality air suspension.
Based on product type, UTV market is segmented into displacement (CC) < 400, displacement (CC) 400-800 and displacement (CC) > 800. Above 800 cc segment leads the market size due to its utilization in sports activities. Based on application, market is segmented into work UTV and sport UTV. In addition, based on end-use industries, market is segmented into forestry, military & defense and agriculture.
In United States, the Consumer Product Safety Commission (CPSC), Environmental Protection Agency (EPA) and Recreational Off-Highway Vehicle Association (ROHVA) are some regulatory authorities which promote the safety of customer products by addressing "unreasonable risks" of injury, develop uniform safety standards and conduct research into product-related illness & injury.
The UTV market is driven by increase in ability of vehicle to operate in rough terrains, followed by rise in number of adventure trails & parks, advance in product capability, increase in preferences of steering controlled off-road vehicles in several utility activities such as agriculture, construction and forestry, growth in demand for transporting supplies, mowing grass, plowing fields and managing livestock, quick mobility on hard surface for anti-terrorist operations & high cargo carrying capacity, increase in superior safety features including bucket seats & roll-cage-like enclosures, rapid urbanization and increase in border security combats in coastal areas. However, high cost of vehicles, inadequate lateral stability, occupant protection & undesirable steering characteristics may impact the market. In addition, increase in infrastructure development and rise in usage of UTV by hunters & farmers are key opportunity for market.
Based on geography, U.S. country holds major share in UTV market owing to increase in consumer spending coupled with strong economic conditions and vast presence of adventure trails & clubs in the country. China and India countries are expected to witness higher growth due to rise in population, increase in initiatives by organizations for instance Food & Agricultural Organization (FAO) and rise in tourism industry over the forecast period. In upcoming years, it is anticipated that the market will be reached at rapid pace on account of rise in prominence of enhanced mobility vehicles in construction & agricultural activities for superior traction or stability.
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. Ken Research provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Serving 70% of fortune 500 companies globally, some of top consulting companies and Market leaders seek Ken Research intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition. With a network panel list of 5000+ Industry Veterans and experienced 100+ analysts, consultants and research publishers across the globe, Ken Research aid clients in identifying the demand–supply gap, niche segments and challenges in the ecosystem.