Utility terrain vehicles (UTV) market from utility applications to record a 6% CAGR over 2019-2025
Publisher : Fractovia | Published Date : 2019-07-15Request Sample
The rising deployment of UTVs at work sites like construction, mining, agriculture has created myriad opportunities for utility terrain vehicles market players. The availability of multiple sized UTVs to fit-in two to six passengers along with a small load carrying capacity makes them the best choice for people seeking the appropriate size of vehicle for daily work and commute. The affordability supported by its cheaper price and smaller engine for greater fuel efficiency drives more customers towards this segment of vehicles, propelling UTV market trends.
U.S. Utility Terrain Vehicles Market, By Application, 2018 & 2025, (USD Million)
From a design perspective, all UTVs are compact and zippy in nature, pertaining to which they are gaining more popularity among end-users. They are usually designed to achieve superior traction over uneven surfaces and provide maximum stability. In addition, lesser purchasing price, comparatively higher mileage, and lower insurance cost are greatly supporting the expansion of utility terrain vehicles industry size.
Working professionals, especially the youth, have started showing a considerable interest in outdoor activities lately. Remote areas like forests, riverbanks, wetlands, mountains, which cannot be usually accessed by trucks, have now become accessible with these all-terrain vehicles. Consequently, increasing interest in pleasure-seeking activities like hunting, fishing, camping, forest survivals, etc., is driving people out of homes for recreational purposes, which will propel the growth of utility terrain vehicles (UTV) market share.
The increasing use of UTVs by the fire and rescue departments for emergency rescue operations in rough terrains is proving beneficial for the UTV industry. In this regard, focusing on future business opportunities, industry players have been manufacturing advanced vehicles to carry out fire rescue operations at remote locations. Say for instance, the Polaris ‘Ranger’, a 4x4 dedicated rescue/EMS unit has been widely used for both fire and rescue operations. The upcoming new model ‘Ranger 1000 XP’ will offer general chassis with smaller rear bead than the older ‘Ranger’ model, meant for improved customizations in seating arrangements, making it well suited for the general patrol or beach patrol type missions.
Off-road sporting competitions on multiple terrains like desserts and marsh lands are certain to support the growth of utility terrain vehicles (UTV) market share. From that perspective, it would be safe to quote that the sports application segment of UTV industry is expected to register significant growth with the rise in the number of racing and trailing adventure events. Though increasing fatalities arising from off-roading activities may curb the industry growth in some regions, the deployment of vehicle safety norms will enforce companies to continue launching advanced product ranges.
The agriculture and mining sectors have helped UTVs traverse beyond the realm of the automotive market. Increasing number of activities like gold mining are supporting the sale of UTVs in the mining industry. Even farmers prefer to use a UTV over a truck due to its ease of mobility, affordability, efficient towing and load carrying capabilities. Rising agricultural activities across the Asia Pacific and other developing nations will thus impel utility terrain vehicles industry trends.
The rising deployment of UTVs for farming will enable the global UTV market share to increase substantially from the utility segment. Since these vehicles deliver extra high towering capacity and large cargo space, they are used extensively in agriculture and landscaping activities. The increasing usage of UTVs for field plowing, grass mowing, livestock management, and transportation of farming supplies will ensure the sustained growth of utility terrain vehicles market size from the utility applications, slated to register a CAGR of 6% over the forecast period.
Surging awareness among the regulatory bodies about environment as well as vehicle safety will change the business scenario of utility terrain vehicles market. Rise in per capita income across developing nations and increasing affordability of vehicles will further strengthen the business potential. The consistently changing growth tactics of major participants comprising Polaris Industries, Kubota Corporation, Kawasaki Heavy Industries, Yamaha Motor Corp, Bombardier Recreational Products, and Honda Motors will impel utility terrain vehicles market size in the forthcoming years.
