Utility Terrain Vehicle Industry Size Analysis by Key Players, Type, Region, Growth Forecast Till 2023

[Ajit B]

Utility Terrain Vehicle Market Highlights:

Utility terrain vehicle is a vehicle designed for operations in off-highway and are majorly suspended on four low-pressure tires. Utility terrain vehicles usually have weight of 3,750 pounds or less. These do not include electric golf carts or personal transportation vehicles. UTVs have a side by side seating arrangement, seat belts, and rollover protection, as well as they have a cargo box at the rear of the vehicle. UTV’s possess a higher payload capability and are comparatively longer and wider than all-terrain vehicles. This extra length and width of the vehicle provides an enhanced unit stability to the vehicle.

The Utility Terrain Vehicle Market is expected to expand at a 6% CAGR during the period 2017 to 2023.

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Market Research Analysis

Based on application, the market has been segmented as work UTV, sport UTV and others. Amongst these, the sport UTV segment is expected to dominate the market. Sport UTVs are designed for rough terrains (usually off-road), which conquer light to heavy duty trails. John Deere usually is into the manufacture of the sport utility vehicles. These vehicles are usually equipped with 4-wheel drive for on or off-road ability. They are also capable of blazing through water & climbing over elevated areas.

Scope of the Report

This study provides an overview of the global Utility Terrain Vehicle industry, tracking two market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Utility Terrain Vehicle market by product type, application and regions.

By Product Type

Displacement (CC): ≤ 400

Displacement (CC): 400-800

Displacement (CC): ≥ 800

By Application

Work UTV

Sport UTV

Others

By Regions

North America

Asia Pacific

Europe

Rest of the World

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Key Players

The prominent players in the Utility Terrain Vehicle market include Polaris Industries, Inc. (U.S.), Kawasaki Heavy Industries Ltd. (Japan), John Deere (U.S.), Yamaha Motor Company Limited (Japan), Kubota Corporation (Japan), Hisun Motors Corp (U.S.), Arctic Cat (U.S.), Honda Motor Company, Ltd. (Japan), BRP (Canada) and Kwang Yang Motor Co, Ltd (Taiwan) among others.

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