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Utility Task Vehicles (UTV) Market By Vehicle Type (Sports UTV, Load Carrier UTV, Multi-Purpose UTV), By Fuel Type (Conventional Fuel UTVs, Electric UTVs) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Industry Outlook

The utility task vehicles (UTV) market witnessed a high uptick in recent years and registered US$ 4.12 Bn in 2017; this is projected to reach US$ 7.42 Bn in 2026, growing at a steady CAGR of 6.7% throughout the forecast period from 2018 to 2026. UTVs, also known as side-by-sides, are vehicles capable of commuting over rough terrain and are powered by IC engines or electric motors. Unlike all-terrain vehicles (ATVs), UTVs are driven with the help of steering and can accommodate two or more people and additional loads. Furthermore, UTVs can also tow small to medium loads and are therefore gaining popularity for several end-use applications, such as farming, mining, and search and rescue operations. UTVs are packed with the best features of sports utility vehicles and all-terrain vehicles and cost considerably less than bulky SUVs. In addition, UTVs are greatly admired by adventure lovers and off-road racers. All these factors are pushing the overall UTV market to new heights in terms of market value.

Market Synopsis

The electric UTV segment has to hang on for a few years to overcome conventional fuel utility task vehicles.

In 2017, conventional-fuel UTVs were racing ahead by a considerable margin compared to electric UTVs. The popularity of UTVs with IC engines, especially diesel engines, allowed conventional-fuel UTVs to dominate the overall market. UTVs powered by IC engines produce more power and are associated with the thrill of riding and racing. Consequently, the segment was expected to reign supreme over its electric counterpart during the forecast period from 2018 to 2026. Electric UTVs are still underdeveloped and going through a lot of technological innovations. With major manufacturers focusing on their development, electric UTVs are expected to claim a significant market share beyond the forecast period.

Sports UTV on Top of the Podium in the Vehicle Type Segment

Sports utility task vehicles claimed the highest market share in the overall UTV market in terms of market value. The ever-increasing popularity of off-road recreational activities created a sense of excitement and enthusiasm among young people for sports, which fueled the growth of sports UTVs.Various off-road races and rallies allow UTVs to compete, including the Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert, and Grand National Cross Country, and the 2017 Dakar Rally organizes separate events for utility task vehicles. In 2017, a load-carrying UTV trail sports UTV was introduced. Load-carrying UTVs are extensively used for agricultural applications, and farmers across the globe are identifying the potential of UTVs for carrying loads, tools, and towing agricultural equipment. Consequently, the demand for load-carrying UTVs is anticipated to grow even further in the coming years.

North America to Steer the Way to the Top Among Other Regions in the Global UTV Market

The U.S. and other North American countries are the largest consumers of utility task vehicles. These vehicles are highly appreciated for off-road adventure and recreational activities, as several off-road rallies and races are organized frequently in this region. Consequently, the region is crowned as the leader in the overall UTV market in terms of market value. Asia Pacific offers high prospects for the UTV market to grow in this region, as UTVs are extensively used in countries such as Australia, New Zealand, and China for agricultural applications. With the rise in disposable income and the growing popularity of UTVs in China and India, the UTV market in the Asia Pacific is expected to reach new heights throughout the forecast period from 2018 to 2026.

Market Segmentation

Vehicle Type (2016-2026; US$ Billion)

  • Sports UTVs
  • Load carrier UTVs
  • Multipurpose UTVs

Based on fuel type (2016-2026; US$BN)

  • UTVs that run on gasoline
  • Electric UTVs

Geography (2016-2026; USD Billion)

  • North America
    • U.S.
    • rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC
  • Rest of the World (RoW)
    • Latin America
    • Middle East and Africa (MEA)

The rapidly expanding UTV market has sparked a race to the top among UTV manufacturers.

Fierce competition among some of the world’s major automotive and utility manufacturers is evident in the utility task vehicles (UTV) market. As the market is growing firmly, these manufacturers are going the extra mile to launch new variants and attract consumers from different end-use applications. Dedicated vehicles for agriculture, sports, and military applications are introduced by these companies with advanced safety features, performance, and utility, installing confidence in the minds of customers about their products. Companies are facing tough price fights with each other, and non-branded companies from developing regions are claiming their share, and the competition is projected to expedite even further throughout the forecast period from 2018 to 2026. Some of the major UTV manufacturing companies mentioned in this research study include Polaris Industries, Kawasaki Heavy Industries Motorcycle & Engine Company, Suzuki Motor Corporation, Yamaha Motor Company Limited, Honda Motor Co., Ltd., Deere & Company, Husqvarna AB, Kubota Corporation, Case IH, Bobcat Company, Mahindra & Mahindra Limited, and Caterpillar Inc., among others.

Frequently Asked Questions:

The market for Utility Task Vehicles (UTV) is expected to reach US$ 7.42 Bn in 2026.

The Utility Task Vehicles (UTV) market is expected to see significant CAGR growth over the coming years,at 6.7%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Polaris Industries,Kawasaki Heavy Industries Motorcycle & Engine Company,Suzuki Motor Corporation, Yamaha Motor Company, Limited,Honda Motor Co., Ltd. are some of the major players in the global market.

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Published Date:  Jul 2018
Category:  Automotive & Transportation
Report ID:   59217
Report Format:   PDF
Pages:   120
Rating:    4.2 (70)
Delivery Time: 24 Hours to 48 Hours   
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