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:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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