The global ATV and UTV market revenue was around US$ 10.8 billion in 2023 and is estimated to reach US$ 20.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2024 to 2032.
All-terrain vehicles (ATVs) and utility terrain vehicles (UTVs) are common off-road vehicles used for both business and leisure. An ATV is a vehicle with handlebars and four low-pressure tires that make it easier to navigate a range of terrain. ATVs are used in surveying, the military, agriculture, sports, forestry, and other fields because of their off-road prowess and ability to move over any terrain. Similar to this, a utility terrain vehicle (UTV) is designed to carry out tasks more efficiently than a vehicle intended for general use. UTVs are made to function in difficult terrain and harsh environments, and they are usually more compact and efficient than full-size cars or SUVs. It is also referred to as a four-wheel drive, side-by-side off-road vehicle that can accommodate two to six people at a time.
Factors Influencing Market Growth
- It is expected that government support for the use of ATVs and UTVs on public roads will increase the demand for ATVs and UTVs, thus propelling market growth.
- The increase in popularity of adventure sports attracts tourists, which also increases the demand for ATVs and UTVs, ultimately expanding the market.
- As ATVs and UTVs damage wildlife habitat and grassland health, they are not allowed in wildlife areas. This may hamper market growth.
- The production of ATVs and UTVs with added safety measures to avoid injuries and death may also increase the demand for ATVs and UTVs, propelling market growth.
Impact of COVID-19
COVID-19 negatively impacted the market. Its outbreak disrupted the supply chain of the global ATV & UTV industries. Trade and travel restrictions enforced by numerous governments across the globe have negatively impacted the demand for off-road vehicles. Sales of ATVs and UTVs have declined during COVID-19, indicating a decline in the market growth.
Regional Insights
North America dominated the market in 2023. This is due to the region's high level of discretionary income, propensity for all-terrain vehicles (ATVs), lax laws governing their use, steady economic growth, room for new trends, and impending electric vehicle initiatives. Because off-road vehicles are so widely used in hunting, forestry, mining, agriculture, sports, recreation, and construction, the US market for these vehicles continues to be the largest. As a result, this factor will drive the market growth in the region.
Leading Competitors
- SUZUKI MOTOR CORPORATION
- Textron Inc.
- POLARIS INDUSTRIES, INC.
- KWANG YANG MOTOR CO., LTD.
- Yamaha Motor Co Ltd
- KUBOTA Corporation.
- HISUN
- BRP
- Kawasaki Heavy Industries
- Deere & Company
- Honda Motor Co., Ltd.
- CFMOTO
- Other Prominent Players
Segmentation Analysis
The global ATV and UTV market segmentation focuses on vehicle type, displacement, power output, fuel type, end use, and region.
Segmentation based on Vehicle Type
- ATV
- UTV
Segmentation based on Displacement
- Less Than 400 CC
- 400 CC To 800 CC
- More Than 800 CC
Segmentation based on Power Output
- Less Than 50kW
- 50kW to 100 kW
- Above 100 kW
Segmentation based on Fuel Type
- Gasoline Powered
- Diesel Powered
- Electric Powered
- Solar Powered
Segmentation based on End Use
- Agriculture
- Military
- Mountaineering
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa