Utility Terrain Vehicle Market: Introduction
The Utility terrain vehicle is a type of motorized vehicle that is specifically designed to carry out a specific task with more efficacy compared to the general-purpose vehicle or passenger vehicles. Utility terrain vehicle is often known as side by side (S-X-S), recreational off-highway vehicle (ROV), and Multipurpose off-highway utility vehicle (MOHUV). Utility terrain vehicle is an off-road vehicle that has seating capacity between two to six people. It is designed for rougher terrain, hauling, and more workhorse sort of works. Utility terrain vehicle becomes popular for recreational activities in the forest services such as trail maintenance, prescribed burning operations, and pesticides applications. The majority of the utility vehicles are equipped with a roll-over protection system as well as hardtops, windshields, and cab enclosures. Increasing trailing adventure and racing events are making utility terrain vehicle more popular in the sports.
Utility Terrain Vehicle Market: Dynamics
Globally, the utility terrain vehicle market is primarily driven by its capacity to work in harsh terrain or landscapes, which is an imperious factor in the military, mining, and forest recreational activities. Utility terrain vehicle can haul the equipment loads and stay them above the ground at terrain surface. Furthermore, its snappy portability and high freight conveying limit on the hard ground surface are further thrusts the utility terrain vehicle market development and adoption across various industries such as military, sports, and forest in the upcoming years. Furthermore, rising prominence for enhanced mobility vehicles in the mining and construction activities for superior traction and stability is also likely to intensify the adoption of utility terrain vehicle in the coming decade. In addition, the growing consumer proclivity towards offload recreational activities in various sports and adventurous events are expected to bolster the demand for utility terrain vehicle across the globe.
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However, rollover crash such as inadequate occupant protection, inadequate lateral stability, and undesirable steering characteristics are anticipated to hamper the utility terrain vehicle market growth in the coming years. Also, growing fatalities rate by off-road recreational activities is one of the major barriers for the utility terrain vehicle market growth across the world.
Utility Terrain Vehicle Market: Segmentation
The global utility terrain vehicle market can be segmented on the basis of product type, fuel type, end-use, and region.
On the basis of displacement, the utility terrain vehicle market has been segmented as:
- Upto 400 CC
- Between 400-800 CC
- Above 800 CC
On the basis of fuel type, the utility terrain vehicle market has been segmented as:
On the basis of end-use, the utility terrain vehicle market has been segmented as:
- Recreational Activities
Utility Terrain Vehicle Market: Regional Outlook
From the regional perspective, North America is estimated to account for more than half of the share in the global utility terrain vehicle market in terms of production and demand. The vast presence of the adventure trails and parks makes North America as a lucrative region for the utility terrain vehicle market. Moreover, the US annual motorsport competition which involves different formats such as rocky terrain and mountain terrain is one of the major attractions for the utility terrain vehicle market. Furthermore, Asia Pacific followed by Europe are expected to witness prominent growth in the global utility terrain vehicle market in the near future. Rising adventure activities, advanced vehicle customization, and new product development are the key driving factor for the Asia Pacific utility terrain vehicle market. The Middle East & Africa and Latin America are projected to register healthy growth in the global utility terrain vehicle market in the coming years. Growing demand for forestry and mining activities may positively sway market growth in those regions.
Utility Terrain Vehicle Market: Market participants
Some of the key market participants identified across the value chain of the utility terrain vehicle market are:
- Arctic Cat
- Honda Motor Company, Ltd.
- Kawasaki Motors Corp., U.S.A.
- Deere & Company
- Mahindra and Mahindra Limited
- Suzuki Motor Corporation
- Nikola Motor Company
- Yamaha Motor Corporation, U.S.A.
- Ingersoll Rand corporation
- Kwang Yang Motor Co., Ltd.
- Polaris Inc.
The research report presents a comprehensive assessment of the utility terrain vehicle market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated utility terrain vehicle market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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