Published Date: March 6, 2023
U.S. Utility Terrain Vehicles (UTV) Market size is expected to reach USD 10 billion by 2032, according to the latest research report Global Market Insights Inc.
The growing acceptance of utility all-terrain vehicles for military applications is a prominent driver for regional industry expansion. The high mobility and cargo-carrying capacity have made UTVs sought-after vehicles in the military sector for anti-terrorist operations and troop transportation. The increased participation in high-intensity sports events is also creating lucrative prospects for off-road utility vehicle production. However, the need for specialized infrastructure and skilled workforces may limit UTV manufacturing to some extent by 2032.
The U.S. utility terrain vehicles market from the above 400-800cc segment will surpass USD 4.5 billion by 2032, owing to the rising popularity of off-road desert rallies in the United States. These utility ATV vehicles are also gaining traction in rugged applications such as goods transportation and farming, considering their high power and torque and enhanced safety advantages. Several products with superior versatility and performance features and configured with powerful hardcore engines are also being introduced. Furthermore, the increase in off-road events will encourage outdoor enthusiasts to opt for 400-800cc UTVs.
The U.S utility terrain vehicles market from the gasoline propulsion type will register 5% CAGR from 2023 to 2032. Gasoline UTVs are lightweight, making them easier to unload or load to bring them to different areas and trials. Compared to diesel counterparts, they also attract more consumers owing to low initial purchase costs. However, despite holding a significant share in the U.S., developers of gas-propelled UTVs are witnessing stagnant growth, due to the high maintenance costs.
Browse key industry insights spread across 330 pages with 540 market data tables & 33 figures & charts from the report, “U.S. Utility Terrain Vehicles (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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-utility-terrain-vehicle-utv-market
The utility segment accounted for over 30% share of the U.S. UTV market in 2022, credited to the strong product demand as a valuable tool in the agriculture sector for transporting supplies, harrowing fields and plowing fields. The accelerating agricultural production, especially in regions such as Missouri, Texas, and Ohio, will therefore present growth opportunities for UTV manufacturers. Additionally, the growing popularity of modern agricultural practices will hasten product development for utility applications.
Florida utility terrain vehicles market is estimated to amass USD 400 million by 2032, due to the extensive availability of UTV trails for drag strips, mud courses, and other levels. The growing concern about public safety has also influenced the state government to introduce dedicated UTV loops and tracks for kids with additional safety measures. These initiatives have resulted in a spike in the involvement of younger people in recreational activities, thereby bolstering product sales for use in hard sand-packed as well as flat roads across the state of Florida.
Key players profiled in the report include Vanderhall Motor Works Inc., Arctic Cat, Inc., Yamaha Motor Co., Ltd., Polaris Inc., Kawasaki Motors Corporation, Honda Motor Co., Ltd., CFMOTO (Zhejiang CF Moto Power Co., Ltd.), Caterpillar Inc., Bombardier Recreational Products (BRP), and BMS Motorsports, Inc., among others. These firms are incorporating product launch strategies to expand their presence in the U.S. utility terrain vehicles market.
For instance, in August 2022, Arctic Cat Inc. introduced a new UTV lineup featuring GPS integration with Gramin. Three new models of the Prowler Crew and Prowler Pro were planned to be made available in 2023, including the EPS edition, the LTD model, and the XT model. The LTD model was also equipped with a bumper, LED-accented front lights, and other premium features. This advanced product launch initiative was intended to strengthen the company’s footprint in the regional industry.
Preeti Wadhwani, Shamal Gawande