U.S. Utility Terrain Vehicle (UTV) Market Size - By Displacement (Below 400 cc, 400-800 cc, Above 800 cc), By Propulsion Type (Gasoline, Diesel, Electric), By Application (Utility, Sports, Recreation, Military), Regional Outlook & Forecast, 2024 - 2032
Report ID: GMI4542
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Published Date: February 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 16
Tables & Figures: 573
Countries covered: 1
Pages: 220
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U.S. Utility Terrain Vehicle (UTV) Market
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U.S. Utility Terrain Vehicle Market Size
The U.S. utility terrain vehicle market was valued at USD 6 billion in 2023 and is projected to grow at a CAGR of 5% between 2024 and 2032. The increasing consumer spending in recreation activities in U.S. is fueling the market to grow. Residents of U.S. are participating in activities such as camping, hiking, and off-roading.
For example, the Bureau of Economic Analysis reported that outdoor recreation accounted for 2.3% (USD 639.5 billion) of total GDP of U.S. in 2023. To spend time with families and friends’ consumers are looking towards UTV as essential vehicles for leisure purpose. According to Statista, total spend of U.S. on recreation is increased to USD 507.8 in 2022 billion from USD 447.3 Billion in 2021.
The government in the region is investing in recreation parks to support regional tourism. This investment focuses on the development of new national parks, off-road trails, and recreation parks. To quote an example of investment, in September 2024, for development of parks the Deportment of Interior granted USD 254 million. The government is planning to redevelop 54 parks across the 24 states of U.S. This investment will provide more access of parks to the residents of U.S. These initiatives enhance tourism experience and generate more revenue from industry.
Additionally, government initiatives for trail maintenance and the redevelopment of UTV areas are further fueling UTV market growth. The versatility, durability, and the ability to access remote and rugged areas making UTV a preferable option among consumers. These features make them ideal for off-roading, hunting, and outdoor enthusiasts.
U.S. Utility Terrain Vehicle Market Trends
U.S. Utility Terrain Vehicle Market Analysis
The market is categorized by displacement into three segments: below 400 cc, 400-800 cc, and above 800 cc. In 2023, the segment above 800 cc held the U.S. utility terrain vehicle market share, approximately 50%, while the 400-800 cc segment is expected to experience a CAGR of about 5% by 2032.
Based on propulsion type, the U.S. utility terrain vehicle market is categorized into gasoline, diesel, and electric. In 2023, the gasoline segment dominates the market with 70% of market share and the electric segment is expected to grow at CAGR of over 14% from 2024 to 2032.
Based on application, the U.S. utility terrain vehicle market, it is segmented into application, utility, sports, recreation, and military, with the sports category expected to take the lead in the market due to increasing sport activities in the region.
U.S. Utility Terrain Vehicle Market Share
U.S. Utility Terrain Vehicle Market Companies
Major players operating in the U.S. utility terrain vehicle industry are:
Market leaders are continuously capitalizing on different market opportunities such as formations of partnerships and collaboratives, mergers and acquisitions, new launches and innovations, investment in research and development and so much more. This is useful as it allows the integration of new features and technologies relevant to UTV. Companies are also introducing new products to strengthen their product portfolio.
To stay relevant in the competitive market, large businesses are pouring investment into research and development. R&D investment allows companies to facilitate growth in innovation within industry. Similarly, manufacturers’ partnering with other forces in the market allows for improved business reach, resources, and innovation into their offerings. For instance, in April 2024, Massimo Group signed an agreement with Fleet Farm. Through this partnership Fleet Farm will sell Massimo products in its stores across U.S.
U.S. Utility Terrain Vehicle Industry News
The U.S. utility terrain vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:
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Market, By Displacement
Market, By Propulsion Type
Market, By Application
The above information is provided for the following regions and countries: