Utility Terrain Vehicle Market Overview
The global Utility Terrain Vehicle (UTV) Market was projected to the USD 8.65 billion with a CAGR of 6.32% by 2027 during the forecast period. Utility Terrain Vehicles are driven by their capabilities of working as off-road vehicles and carrying the equipment. The functioning off-road requires the unit for operating around obstacles and on rough terrains. The types of equipment that are carried require strength to haul the load and the ability to stay on the soft ground.
These types of vehicles are equipped with a rollover protection system. There was an increase in the adoption of utility terrain vehicles market to the increased preferences of the consumers towards offload recreational activities. The utility terrain vehicles are mainly used for recreational purposes and also in various sectors like forestry, agriculture, military, and defense. The growth of the global Utility Terrain Vehicle Market was hampered by the adverse effects which were caused during the rollover crash like inadequate occupant protection, inadequate lateral stability, and undesirable steering characteristics.
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There was remarkable growth in the global Utility Terrain Vehicle (UTV) Market in the global market which was expected to expand with a CAGR of 6%. The utility terrain vehicle (UTV) refers to a vehicle that was designed specifically for performing tasks efficiently as compared to the general-purpose vehicle. These types of vehicles are also known as four-wheel drive off-road vehicles and side-by-side vehicles. They have the capacity of two to six people. The global Utility Terrain Vehicle (UTV) Market report shows the detailed analysis of both qualitative and quantitative aspects of the various experts in the industries. The report shows clear information about the current scenario of the market.
North America dominates the global production and sales of all types of utility terrain vehicles. The manufacturers of utility terrain vehicles developed different vehicles which are used in different scenarios and landscapes. The biggest attraction towards the utility terrain vehicle in the US was the annual motorsport competition which involves different types of formats like rocky terrain and mountain terrain. These types of competitions led to significant growth in the industry of tourism which drove the growth of the global Utility Terrain Vehicle (UTV) Market.
Utility Terrain Vehicle Market Segmentation
The global Utility Terrain Vehicle (UTV) Market was segmented based on product type and application.
Based on product type, the global Utility Terrain Vehicle (UTV) Market was divided into ≤ 400 Cc, 400 – 800 Cc, and ≥ 800 Cc.
Based on application, the global Utility Terrain Vehicle (UTV) Market was divided into Sports UTV, Work UTV, and Others.
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Utility Terrain Vehicle Market Regional Classification
The global Utility Terrain Vehicle (UTV) Market was spread in the following regions – Asia-Pacific, Europe, North America, and the Rest of the World.
Utility Terrain Vehicle Industry News
The key players involved in the global Utility Terrain Vehicle (UTV) Market are Hisun Motors Corp (US); Polaris Industries, Inc. (the US); Arctic Cat (US); Kawasaki Heavy Industries Ltd. (Japan); Honda Motor Company, Ltd. (Japan); John Deere (US); BRP (Canada); Yamaha Motor Company Limited (Japan); Kwang Yang Motor Co, Ltd (Taiwan) and Kubota Corporation (Japan).
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