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U.S. Utility Terrain Vehicle (UTV) Market Trends

Report ID: GMI4542
Published Date: Feb 2024
Report Format: PDF

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U.S. Utility Terrain Vehicle Market Trends

The burgeoning electrification trend within the UTV industry is fostering lucrative growth prospects in the U.S. Increased emphasis on eco-friendly solutions and government incentives for Electric Vehicles (EVs) are encouraging manufacturers to develop electric UTV models. For instance, in February 2023, Tracker Off Road unveiled its latest all-electric utility vehicle, the Tracker OX EV.

This UTV is specifically designed for use on ranches, farms, and other off-road worksites, and is equipped with various application-specific features. These vehicles offer quieter operation, lower maintenance costs, and reduced emissions, appealing to environment-conscious consumers and businesses alike. As the demand for sustainable transportation options rises, the electrification of UTVs is poised to catalyze further market expansion.

The rise of recreational and commercial applications is a significant factor fostering the U.S. UTV market growth. Beyond traditional recreational uses, such as off-roading and hunting, UTVs are increasingly being employed in various commercial sectors. Their versatility and ability to navigate challenging terrains make them invaluable for tasks in agriculture, construction, and landscaping. These diverse applications are broadening the consumer base and stimulating demand for UTVs across a range of industries.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for utility terrain vehicle in U.S. reached USD 6 billion in 2023 and is set to witness over 5% CAGR between 2024 and 2032, due to increasing investments for enhancing features, such as safety, performance, and comfort, to meet the evolving consumer demands.

The above 800 cc displacement segment recorded over 50% of the market share in 2023, driven by benefits like superior acceleration, and towing capacity.

Texas held over 10% of the market share in 2023, due to the rising advancements in the production and testing of all-electric vehicles in the region.

Some of the leading utility terrain vehicle firms in the U.S. include Arctic Cat Inc., BMS Motorsports, Inc., BRP, HISUN, Honda Motor Co., Ltd., Kawasaki Motors Corp., U.S.A., Polaris Inc., and Yamaha Motor Co., Ltd.