The latest market report published by Credence Research, Inc., "Global ATV and UTV Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global ATV and UTV Market generated revenue of around USD 8.5 billion in 2021 and is anticipated to grow a CAGR of over 6.5% during the forecast period from 2022 to 2028 to reach around USD 12.4 billion in 2028.
Need in the market is anticipated to be driven by the expanding popularity of adventure sports and leisure activities and a rise in the demand for ATVs and UTVs in military applications. Additionally, because most ATVs and UTVs are prohibited from operating on highways and other major roads, regional government authorities increased budgetary allotments to construct new off-road trails that could benefit recreational enthusiasts and promote adventure sports in the area. These elements will probably aid the market's expansion during the anticipated time frame. ATVs and UTVs were mostly used for sports and leisure activities. These vehicles have since expanded, and they are now employed in the agricultural industry and for patrolling, hunting, gardening, and other tasks.
is bifurcated into vehicle, fuel, application, displacement, end-user vertical, and Geography. Based on vehicle type, the market is categorized into ATV and UTV. Based on fuel type, the global market is segmented into gasoline-powered, diesel-powered, electric-powered, and solar-powered. Based on application, the market is categorized into utility, sports, and others. The global market is segmented on displacement into less than 400cc, 400 - 800cc, and more than 800cc. Based on end-user verticals, the market is categorized into agriculture, military, mountaineering, and others. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America held the greatest market share in the global ATV and UTV market in 2021. The main elements anticipated to increase demand for ATVs and UTVs in North America are high consumer demand for ATVs, high personal discretionary income, the opportunity for new and advanced technology, a developed economy, and governmental regulations governing ATV designs. ATV and UTV sales in the region are increasing due to well-known manufacturers introducing new iterations of these vehicles and famous ATV and UTV clubs holding racing events. Furthermore, it is anticipated that legislation promoting the use of these vehicles on public roads would cause the market in North America to grow.
There are several challenges that the ATV (all-terrain vehicle) and UTV (utility task vehicle) markets face, including:
· Safety concerns: ATVs and UTVs have been involved in a number of accidents and fatalities, which has led to calls for stricter safety regulations and increased awareness of the importance of safe operation.
· Environmental impacts: ATVs and UTVs can have negative impacts on the environment, particularly if they are used in sensitive areas or in a way that damages natural habitats.
· Limited infrastructure: In many areas, there is a lack of dedicated trails or other infrastructure for ATV and UTV use, which can make it difficult for people to use these vehicles.
· Limited accessibility: ATVs and UTVs can be expensive, which may make them out of reach for some consumers. Additionally, these vehicles may not be suitable for use in certain areas, such as urban environments, due to their size and capabilities.
· Competition from other recreational activities: The ATV and UTV markets face competition from other recreational activities, such as biking and hiking, which may limit their appeal to some consumers.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global ATV and UTV market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global ATV and UTV market segmentation based on vehicle type, fuel type, displacement, application, and end-user vertical.
· Major countries in each region with their import/export statistics
· The global ATV and UTV market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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