All-Terrain Vehicle i.e. ATV refers to an open motor quadricycle or tricycle bike that is mainly designed for off-road use. These all-terrain vehicles are widely used for various sports activities like hill climbing and dirt-track. It is mostly used in remote areas and uneven terrains. When it comes to environments like snow, forests, river banks, mountains, desserts and others, all-terrain vehicles (ATV) are considered being an ideal choice. ATVs are primarily used in applications like exploration missions, rescue operations and adventure sports. Utility Task Vehicles (UTV) that is also known as side-by-sides, that is powered by IC engines or electric motors and is driven with the help of steering. These vehicles are capable of travelling over irregular terrains. Utility Task Vehicles are widely used for various applications like rescue, farming and mining. —
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The global ATV and UTV Market have had an elevation in the growth rate for the overall market performance over the recent years. In past few years, the enormous growth in the tourism activities around the globe has resulted into boosting the demand for atv and utv worldwide. The growing trend of adventure sports activities and games has caused boost in the demand for these vehicles. The growing urbanization across several regions has given rise to the rise in consumer disposable income which has caused changed in living standards among people. This factor has been propelling the growth of the ATV and UTV Market on global level. However, the industry performance has had a major hit by the emergence of outbreak of COVID-19 across the globe as it caused many disruptions in the supply chain due to the lockdown imposed across several regions.
As it is known that ATVs and UTVs are not allowed to be driven on main roads or highways, several governments across the globe have provided increased budgetary allocations in order to develop new off-road trails which might be helpful for leisure enthusiasts and will also encourage adventure sports activities across that region which in turn is likely to boost the demand for these vehicles. The diversification of the use of ATVs and UTVs from only being used for recreational and sports activities to now being used for gardening, hunting, patrolling and agricultural sector is likely to offer numerous growth opportunities to the entities in the ATV and UTV industry. In addition to that, the rising preference to ATV and UTV by military forces across the globe is anticipated to enlarge the ATV and UTV industry size.
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The global atv and utv market: Key Players
• Honda Motors Co Ltd
• Yamaha Motors
• Deere and Company
• Kubota Corporation
• Polaris Industries
• Caterpillar Inc.
• Bobcat Company
• Bombardier Recreational Products
• Hisun Motors
The global atv and utv market: Segmentation
• Rest of Europe
• North America
• Rest of Asia-Pacific
• Latin America
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