The global ATV and UTV market garnered $7.62 billion in 2017 and is expected to reach $14.10 billion by 2025, registering a CAGR of 7.8% from 2018 to 2025.
UTV segment to lead in terms of revenue, ATV to grow the fastest through 2025
Among vehicle types, the UTV segment accounted for more than two-thirds of the total market share in 2017 and would maintain its revenue lead through 2025. This is due to the high adoption of UTVs by military forces and its wide range of applications such as material handling, wildlife management, hunting, and others. However, the ATV segment would register the fastest CAGR of 9.0% from 2018 to 2025. ATV will exhibit a remarkable growth during the forecast period due to the growing trend of power sports and recreational activities worldwide.
400-800 (CC) segment to dominate, ≥ 800 (CC) segment to show the fastest growth
Among displacements, the 400-800 (CC) segment grabbed more than two-fifths of the market share in 2017 and is likely to remain dominant through the study period. ATVs and UTVs with this range of displacement are ideal for sports and recreational activities. However, the ≥ 800 (CC) segment would grow at the fastest CAGR of 8.6% from 2018 to 2025. This is due to the increased demand for ATVs and UTVs with features such as high power, greater torque capacity, and others. The ≤ 400 (CC) segment would grow at a steady rate during the forecast period.
Torchbearers of the industry
The key market players analyzed in the report include Polaris Industries, Inc., Deere & Company., Kawasaki Motors Corp., U.S.A., Yamaha Motor Co., Ltd., ARCTIC CAT INC., Honda Motor Company, BRP, HISUN, KYMCO, and Suzuki. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.