![Global Utility Terrain Vehicle Market](https://res.cloudinary.com/devmoveo/image/upload/v1714380823/skyquest/gallery/Global-Utility-Terrain-Vehicle-Market.jpg)
Report ID: SQMIG25C2127
Report ID:
SQMIG25C2127 |
Region:
Global |
Published Date: April, 2024
Pages:
224
|
Tables:
91 |
Figures:
71
Global Utility Terrain Vehicle (UTV) Market size was valued at USD 1 billion in 2022 and is poised to grow from USD 1.06 billion in 2023 to USD 1.62 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
Utility terrain vehicle refers to an off-road vehicle that is designed for various utility and recreational purposes. Growing use of utility terrain vehicles for transportation applications in different industry verticals is projected to be a key factor driving market growth. The increasing number of people participating in off-road activities and the growing spending of people on recreational activities are also slated to boost the sales of utility terrain vehicles across the forecast period. The ability to customize utility terrain vehicles as per individual requirements is a key perk that is slated to uplift utility terrain vehicle market growth in the future. However, the imposition of stringent vehicle emission mandates, high costs of ownership, lack of safety in certain utility terrain vehicles, and growing incidence of off-road accidents are key restraints that could hurt utility terrain vehicle market development across the forecast period and beyond.
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Report ID: SQMIG25C2127