All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Global Market Report 2024

The all-terrain vehicle (atv) and utility task vehicle (utv) market size has grown strongly in recent years. It will grow from $9.53 billion in 2023 to $10.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The expansion observed in the historical period can be attributed to the growth of emerging markets, the escalating utilization of ATV and UTV in military operations, and the overall increase in the global population.

The all-terrain vehicle (atv) and utility task vehicle (utv) market size is expected to see strong growth in the next few years. It will grow to $14.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The forecasted growth is driven by urbanization, increased high-net-worth individuals, and global efforts to reduce greenhouse gas emissions. Trends include the shift to electric ATVs and UTVs, manufacturing amphibious vehicles for versatile terrains, strategic collaborations, acquisitions, and a focus on product innovation to enhance market position.

The growing global awareness of the imperative to reduce greenhouse gas emissions is poised to drive the expansion of the ATV and UTV market. Increased awareness and understanding of the health implications of climate change are anticipated to foster both behavioral changes and societal support for initiatives aimed at curbing greenhouse gas emissions. Notably, the transportation sector, as highlighted by the US Environmental Protection Agency (EPA), is a significant contributor to greenhouse gas emissions, with over 94% of transportation fuel being petroleum-based, including gasoline and diesel. By recognizing the need to address this environmental challenge, there is an expected positive impact on the all-terrain vehicle (ATV) and utility task vehicle (UTV) market.

Stringent laws and regulations pose a persistent challenge for the ATV and UTV market. Stringent regulatory frameworks can influence manufacturing processes, approvals for new technologies, and other activities on a global scale. As an example, various organizations, including the Consumer Federation of America, Natural Trails and Waters Coalition, Bluewater Network, and medical professionals, have advocated for new national and state regulations to curb the rising number of ATV-related injuries and fatalities. Concerns have been raised about the efficacy of the ATV industry's self-regulatory approach, emphasizing minimal government oversight, particularly in protecting consumers, especially children. Recommendations from reports, such as the one titled 'All-Terrain Vehicle (ATV) Safety Crisis, America’s Children at Risk,' propose measures such as banning the use of adult-size ATVs by children under 16 and requiring manufacturers to offer refunds for certain ATV types purchased for use by children under 16, highlighting the challenges posed by regulatory scrutiny in the industry.

The emergence of technologically advanced vehicles stands out as a significant trend gaining momentum in the all-terrain vehicle (ATV) and utility task vehicle (UTV) markets. Leading players in these markets are actively involved in the development of sophisticated vehicles as part of their strategy to maintain a competitive edge. A case in point is Yamaha Motor Corp, a Japan-based manufacturer of motorcycles and motorized products, which, in August 2022, unveiled its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup. This includes the 2023 Pure-Sport SxS Lineup, featuring the YXZ1000R SS and YXZ1000R with Yamaha’s Sport Shift (SS) technology equipped with steering column-mounted aluminum paddles for quick changes. The unique features of the 2023 YXZ1000R versions are engineered to handle diverse terrains, from expansive deserts and dunes to muddy trails and challenging rocky landscapes. The YXZ models incorporate an industry-first 998-cc triple-cylinder engine from Yamaha and a sequential five-speed manual transmission with options for an auto-clutch or a clutch pedal, providing a direct-connection experience in a Side-by-Side (SxS).

Companies in the ATV and UTV market are actively focusing on the production of electric ATVs and UTVs to address concerns related to fossil fuel consumption, noise, and emissions. An example is Barrus, a UK-based custom-engine builder, which introduced the all-new HiSun lithium-ion powered electric UTV range in the UK in February 2022. This innovative range comprises four models with power options ranging from 5 kW to 15 kW, including a 4-seater version of the 15 kW UTV. These electric vehicles are designed to match or exceed the performance of traditional fuel-powered machines, with the ability to transport passengers, carry equipment, and tow heavy loads efficiently. The lithium-ion technology batteries incorporated in these electric UTVs are geared towards longer run times, ensuring that a single charge can keep the vehicle operational throughout a full day of work. This trend highlights the industry's commitment to advancing technology and embracing environmentally conscious solutions in the ATV and UTV markets.

In January 2022, The Toro Company, a prominent US-based provider of innovative outdoor solutions, successfully acquired Intimidator Group for an undisclosed sum. This strategic acquisition encompasses the integration of Spartan Mowers into The Toro Company's portfolio, positioning the company as a more formidable player in the rapidly expanding zero-turn mower sector. The Intimidator Group, based in the United States, is a manufacturer specializing in UTVs (Utility Task Vehicles), ATVs (All-Terrain Vehicles), and side-by-side 4x4 utility vehicles.

Major companies operating in the all-terrain vehicle (atv) and utility task vehicle (utv) market report are Gasum Ltd., Korea Gas Corporation, Shell PLC, TotalEnergies, Harvey Gulf International Marine LLC,Suzuki Motor Corporation, Hisun Motors Corporation, Kubota Corporation, Honda Motors Co Ltd., Textron Inc., TGB, Daeshin Metal Mfg Co. Ltd., LINHAI, Tao Motor, Jiangsu Jinjie Motorcycle Manufacture Co. Ltd., Zhejiang FeiDu Vehicle Co. Ltd., Minghui Brother International Co Ltd., BAE Systems, Kässbohrer All Terrain Vehicles Inc., Mandrill Automotive GmbH, Beckside Machinery Ltd., SHERP, John Deere, Nikola Motor Company, Bobcat Company, American Honda Motor Co. Inc., Potential Motors, SellyourATV.ae, Taiwan Golden Bee, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach.

Asia-Pacific was the largest region in the all-terrain vehicle (ATV) and utility task vehicle (UTV) market in 2023. The regions covered in the all-terrain vehicle (atv) and utility task vehicle (utv) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the all-terrain vehicle (atv) and utility task vehicle (utv) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of these vehicles include ATVs and UTVs. ATVs are utilized for various tasks such as soil movement, object transfer, livestock and crop monitoring, fertilizer and pesticide application, and general transportation. They feature handlebars for steering and operate on four low-pressure or non-pneumatic tires. ATVs come in different displacements, categorized as less than 400cc, 400cc-800cc, and more than 800cc, with fuel types including fossil fuels, electric, and solar. These vehicles find applications in recreational, sports, agriculture and utility, military and defense, among other sectors.

The all-terrain vehicle (ATV) and utility task vehicle (UTV) market research report is one of a series of new reports that provides all-terrain vehicle (ATV) and utility task vehicle (UTV) market statistics, including all-terrain vehicle (ATV) and utility task vehicle (UTV) industry global market size, regional shares, competitors with an all-terrain vehicle (ATV) and utility task vehicle (UTV) market share, detailed all-terrain vehicle (ATV) and utility task vehicle (UTV) market segments, market trends and opportunities, and any further data you may need to thrive in the all-terrain vehicle (ATV) and utility task vehicle (UTV) industry. This all-terrain vehicle (ATV) and utility task vehicle (UTV) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The all-terrain vehicle (ATV) and utility task vehicle (UTV) market consists of sales of handlebar, saddle-seats, tires and wheels, controls and cables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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