The global ATV and UTV market size was US$ 8,161.1 million in 2021. The global ATV and UTV market is forecast to grow to US$ 13,621.4 million by 2030 by registering a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The growing interest in adventure sports & recreational activities is primarily driving the growth of the ATV and UTV market. In addition, increasing deployment of ATVs and UTVs for military activities are expected to benefit the overall market during the study period.
The global ATV and UTV market is also driven by the growing government support to strengthen the military sector. For instance, the U.S. Special Operations Command granted a $109 million contract to Polaris Government and Defense in 2020 for a new Lightweight Tactical All-Terrain Vehicle. Thus, such investments are likely to amplify the growth of the ATV and UTV market.
On the contrary, the high cost of ATV and UTV may limit the market growth during the forecast period.
Growing disposable income and the rising tours and travel industry will also contribute to the growth of the global ATV and UTV market during the forecast period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic hampered the campaigning activities. The entire tourism sector witnessed a severe downfall due to the pandemic. As a result, it halted the growth of the global ATV and UTV market. The global ATV and UTV market witnessed a significant drop also due to restrictions on manufacturing activities. The shortage of labor, raw material, and import-export activities limited the growth of the global ATV and UTV market. However, the demand from the military segment remained the same. As a result, it has been beneficial for the global ATV and UTV market.
Regional Analysis
The Asia-Pacific ATV and UTV market is forecast to emerge as the largest market in terms of revenue. It is majorly due to the rapidly rising tourism sector in the region. Furthermore, growing initiatives to strengthen the military sector will also benefit the ATV and UTV market. The Asia-Pacific ATV and UTV market will also witness various growth opportunities due to the launch of the new range of ATV and UTV models. Furthermore, growing disposable income and rising spending on recreational activities, especially in developing nations like China and India, will further accelerate the growth of the ATV and UTV market during the forecast period.
Competitors in the Market
Market Segmentation
The global ATV and UTV market segmentation focus on Vehicle, Displacement, Fuel, Application, End-Users, and Region.
By Vehicle Type Outlook
By Displacement Outlook
By Fuel Type Outlook
By Application Outlook
By End-Users Outlook
By Regional Outlook
