USD 31.48 billion
UTV (Utility Task Vehicles) Market Size, Share, Growth Analysis, By Vehicle Type(Sports UTVs, Load Carrier UTVs and Multipurpose UTVs), By Fuel Type(Gasoline, Diesel, and Electric), By Engine Capacity(less than 400 cc, 400-800 cc, and above 800 cc), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2051 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
89
|Figures:
77
UTV (Utility Task Vehicles) Market Insights
Global UTV (Utility Task Vehicles) Market size was valued at USD 31.48 billion in 2022 and expected to grow from USD 34.82 billion in 2023 to reach USD 77.95 billion by 2031, at a CAGR of 10.6% during the forecast period (2024-2031).
The global utility task vehicles market experienced rapid growth in the coming years due to increased demand from various sectors with more end-uses. First, the agri-business industry created a significant role in the growth of UTV market. UTVs are being adopted by farmers for many areas of use, not least conveyance of cargo, spraying crop and towing equipment. Due to the rising food demand across the world is likely to drive more growth in the agricultural industry that should work as a stimulator of development for this UTV market.
Apart from agriculture, it is believed that the construction sector also adds to the development of UTV market. UTVs are commonly employed in construction projects where they perform various functions such as hauling materials and accessing mosh remote areas. This demand for UTVs is presumed to rise because of global construction still striving over, in a bid to be one step ahead of its competitors. The market of UTVs is growing due to adoption of the electric UTVs.
The obvious benefits of using electric UTVs are minimal noise level and low pollution rates. Consequently, parks and nature preserve that have the ESS are embracing the use of electric UTVs more frequently. On the other hand, these are highly priced automobiles. The adoption of UTV by individual industries may well be curtailed because a key factor to consider with these vehicles is the cost premium, they attract over traditional off-road category.
The UTV market can also be confronted with problems in connection with the adoption of laws concerned about off-the road car noise and emissions. It is expected the UTV market to grow much faster in coming years. Sales of agricultural and construction electric utility vehicles are increasing in addition to the rising demands from end-user sectors like construction and agriculture, which is generating robust growth in this market. Nevertheless, barriers that have to be faced include high costs of activities conducted and governmental regulations in order for the UTV market to maintain sustainable growth.
US Utility Task Vehicles Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Gasoline
Fastest Growth
Electric
Growth Rate
10.6% CAGR
Global UTV (Utility Task Vehicles) Market ($ Bn)
Country Share for North America Region (%)
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UTV (Utility Task Vehicles) Market Segmental Analysis
Global UTV (Utility Task Vehicles) Market is segmented based on vehicle, fuel, and region. Based on vehicle type the UTV (Utility Task Vehicles) Market is segmented into sports UTVs, load carrier UTVs and multipurpose UTVs. Based on fuel type the UTV (Utility Task Vehicles) Market is segmented into gasoline, diesel, and electric. Based on engine capacity the UTV (Utility Task Vehicles) Market is segmented into less than 400 cc, 400-800 cc, and above 800 cc. Based on region the UTV (Utility Task Vehicles) Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
UTV (Utility Task Vehicles) Market Analysis by Fuel
Based on the fuel type used, also including gasoline, diesel, and electric, the UTV market is divided into Fuel Type segments. Even though the electric market is expected to grow in the coming years, it is still projected to remain small compared to UTVs powered by gasoline and diesel. It is difficult for electric UTVs to overcome gasoline and diesel-powered UTVs in terms of market share because they have been in use for a long time and are well-established.
UTV (Utility Task Vehicles) Market Analysis by Vehicle
Based on the type of vehicle, such as sport, utility, and multipurpose, the Vehicle Type segment of the UTV market is divided into subsectors. Since these vehicles are made primarily for utility applications in a variety of industries, such as agriculture, construction, forestry, and landscaping, the utility segment is anticipated to dominate the market. Due to the combination of utility and recreational qualities that these vehicles offer, which makes them appealing to a wider spectrum of consumers, the multi-purpose market is also anticipated to grow.
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UTV (Utility Task Vehicles) Market Regional Insights
North America currently has a dominant position on the market for Utility Task Vehicles in terms of revenue and market share (UTV). The region made up the greatest proportion of the global UTV market in 2021, and it is projected that this pattern will continue in the years to come. The growth of the UTV market in North America has been influenced by various factors. One of the main factors is the rising demand from the construction and agriculture industries, which together account for a sizable percentage of the local UTV market. UTVs are frequently employed in different industries for reaching inaccessible areas as well as for transporting heavy equipment, products, and passengers.
The Utility Task Vehicles (UTV) market is projected to expand at one of the fastest rates in the Asia-Pacific (APAC) region over the next few years. The primary elements fueling the growth of the UTV market in the APAC region are the rising trend of adventure sports and outdoor recreational activities and the rising demand for UTVs in the agriculture, construction, and mining industries. The APAC region's top UTV market growth contributors are anticipated to be China and India. UTVs are becoming more and more popular for use in agriculture and construction as a result of the growing population and urbanization in these nations. In addition, it is anticipated that the APAC region's tourist sector will increase demand for recreational UTVs.
Global UTV (Utility Task Vehicles) Market By Region
- Largest
- Fastest
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UTV (Utility Task Vehicles) Market Dynamics
UTV (Utility Task Vehicles) Market Drivers
Growth of Recreational Activities to Bolster Market Growth
- UTVs are a well-liked option as more people look to outdoor recreational activities because of their adaptability, toughness, and performance in off-road situations.
- Due to their capacity to transport large loads, navigate challenging terrain, and operate in confined areas, UTVs have established themselves as useful instruments in the agricultural and construction industries.
- Consumer demand is being stimulated by manufacturers' ongoing introduction of novel features designed to enhance the functionality, safety, and comfort of UTVs.
UTV (Utility Task Vehicles) Market Restraints
Environmental Concerns to Hinder Market Growth
- Concerns about the environmental damage resulting from off-road use have grown as UTV use for recreational purposes increases.
- Improper use of UTVs can make them unsafe, and accidents may potentially cause damage or even death. More supervision and regulation of UTV use are the result of this.
- The state of the economy has an impact on the UTV market since people might not be as inclined to spend cash if situations are uncertain.
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UTV (Utility Task Vehicles) Market Competitive Landscape
To increase their market share and maintain their competition, these businesses are focusing on a range of growth strategies, such product launches, mergers and acquisitions, collaborations, and partnerships. To fulfill the growing demand from various industries and consumers, they are also investing in R&D to develop innovative and technologically advanced UTVs.
UTV (Utility Task Vehicles) Market Top Player’s Company Profiles
- Kawasaki Heavy Industries, Ltd.
- Honda Motor Co., Ltd.
- Kubota Corporation
- Textron Inc.
- Arctic Cat Inc.
- CFMOTO Powersports Inc.
- Can-Am Off-Road (Bombardier Recreational Products Inc.)
- Mahindra & Mahindra Ltd.
- Kioti Tractor
- American LandMaster
- BRP Inc.
- HISUN Motors Corp.
- Intimidator Inc.
- Massimo Motor Sports LLC
- ODES Industries Inc.
- TGB Group
- XY Powersports
- Others.
UTV (Utility Task Vehicles) Market Recent Developments
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In March 2024, Stellantis introduces MyTasks, a pioneering tool designed for fleet managers. This innovative solution enables real-time communication, task assignment, and status updates with drivers directly through the vehicle’s built-in infotainment unit. MyTasks offers advantages for both drivers and fleet managers. Drivers can stay focused on the road without the need to handle a mobile phone, minimizing distractions. Meanwhile, managers can improve efficiency and safety without requiring aftermarket accessories.
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In January 2024, IEA-PVPS unveiled a groundbreaking tool tailored for the evaluation of Building-Integrated Photovoltaics (BIPV). As the BIPV market continues to advance, there arises a need for a comprehensive evaluation method. Developed by IEA-PVPS Task 15, this cross-sectional evaluation tool is specifically designed for architects, developers, and other stakeholders engaged in BIPV projects. By systematically addressing economic, energy-related, environmental, and visual performance aspects, this methodology offers a reliable framework for comparing and optimizing BIPV installations.
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In January 2024, KV Capital’s Private Equity team announced the acquisition of UTV Canada Inc. (UTV Canada), a leading distributor and retailer of all-terrain vehicles (ATVs) and utility task vehicles (UTVs) parts and accessories in Canada. This acquisition will result in the merger of UTV Canada with Mountain Sports Distribution (MSD), a full-service powersports distributor that became part of the KV Capital Fund II portfolio in 2023.
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In May 2023, Capgemini and IBM Ecosystem announced a deepening of their partnership to enhance Drone-as-a-Service offerings.
UTV (Utility Task Vehicles) Key Market Trends
- UTVs are being used more often in the agriculture and construction sectors for a wide range of tasks, including hauling, transporting, and traversing rugged terrain. The UTV sector is expected to develop as a result of this trend.
- The adoption of UTVs for outdoor pursuits including off-roading, hunting, and camping has raised demand for UTVs. The market is anticipated to continue to expand as a result of the trend of adopting UTVs for leisure activities.
- UTVs are being used more often in the tourism sector for activities like sightseeing and adventure sports, which is helping the market expand. It is expected that the use of UTVs for tourism-related activities would continue, fueling market expansion.
- The development of technologically superior UTVs with features like electronic power steering, sophisticated suspension systems, and GPS navigation systems is the main focus of UTV producers. These developments are anticipated to increase consumer interest and propel the UTV market's expansion.
- Electric UTVs are growing increasingly common due to the focus on lowering carbon emissions. Electric UTVs are a particular area of interest for UTV manufacturers as they try to satisfy this growing demand.
UTV (Utility Task Vehicles) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the UTV (Utility Task Vehicles) market is anticipated to grow significantly in the coming years as a result of rising demand from numerous end-use sectors. In particular, the agriculture sector has had a major part in the development of the UTV market. UTVs are increasingly being used on farms for a number of tasks, including moving freight, spraying crops, and hauling equipment. However, these vehicles are very costly. UTV adoption may well be limited in particular industries due to UTVs' cost premium above traditional off-road vehicles. The UTV market may also face challenges due to the implementation of laws governing off-road vehicle noise and emissions. The UTV market is anticipated to grow significantly more during the coming years. Rising sales of electric UTVs and rising demands from end-use industries like construction and agriculture both are driving the UTV market's expansion. However, there are obstacles to overcome, like high costs and governmental restrictions, in order to guarantee steady growth in the UTV market. Electric UTVs are growing increasingly common due to the focus on lowering carbon emissions. Electric UTVs are a particular area of interest for UTV manufacturers as they try to satisfy this growing demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 31.48 billion |
| Market size value in 2031 | USD 77.95 billion |
| Growth Rate | 10.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on UTV (Utility Task Vehicles) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on UTV (Utility Task Vehicles) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the UTV (Utility Task Vehicles) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the UTV (Utility Task Vehicles) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the UTV (Utility Task Vehicles) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the UTV (Utility Task Vehicles) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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