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Utility Terrain Vehicles (UTV) Market Drivers, Restraints, Potential Growth Opportunities, Product Size, Application Estimation, Vendor Competitive Landscape, Trends 2025

Author : Ronak Bora | Published Date : 2020-09-18 

Increasing preference of youth to indulge in sports and leisure activities is providing a positive outlook for UTV market growth over the study timeframe. The availability of numerous camping destinations provides potential opportunities for adventure enthusiasts to participate in recreational activities. Off-road racing events and championships are gaining a higher visibility in the market. For instance, the UTV world championship 2019 organized by Polaris is to be held in April 2019, positively influencing the market growth.

Rising disposable income coupled with improving economic conditions is promoting the UTV market. For instance, in 2017, Australia GDP rose to USD 1.3 trillion with an increase of over 9% as compared to 2016. The presence of numerous adventure clubs and organizations promoting increased participation and fund-raising activities is further propelling the industry share over the study forecast timeframe. A lucrative growth in off-road rallies and trips is strengthening the UTV market over the coming years.

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The proliferating significance of enhanced mobility vehicles for agricultural & construction activities is propelling the UTV market share over the study timeframe. The replacement of existing vehicles with modern utility vehicles offering increased durability and reliability will further augment the market demand. For instance, in January 2018, Kubota launched RTV-X1120 Series UTV, which features fully hydraulic power steering and shoulder restraints for operators to reduce the fatigue during off-road trips.

Technological advancements in vehicles for enhancing vehicle performance and offer comfortable riding experience are supporting market growth over the study timeframe. Improved transmission and suspension systems delivering multi-drive mode functions are increasing the demand for new UTVs. Side-by-side vehicles offering increased seating capacities coupled with quieter riding experience are further strengthening the market share. For instance, in October 2018, Textron specialized vehicles launched the new Prowler Pro XT series, providing three-bench passenger seating capacities and quieter gas engines.

Stringent regulations and laws for operating side-by-side vehicles are specified by various government bodies including the U.S. Environmental Protection Agency and the Society of Automotive Engineers (SAE). Vehicle emissions and technical standards are promoting safe riding activities, further supporting industry growth over the projected timeframe. Stringent age restrictions along with requirements for safety equipment for riding these vehicles are positively influencing the market growth over the study timeframe.

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Higher displacement engines above 800 cc offer superior torque, improved power delivery capabilities, and enhanced volumetric efficiencies, thereby supporting the segment share over the study timeframe. Shifting preferences for using higher displacement engines for sports activities along with the introduction of advanced models targeting a wide customer base will further escalate the market share until 2025. For instance, in November 2017, Mahindra introduced new Retriever UTV equipped with 83-horsepower 1,000 cc gas engine, providing enhanced power and towing capacity.

Increasing deployment of military utility vehicles for tactical and combat operations is bolstering the segment growth. Advanced side-by-side vehicles providing higher payload and multi-mission capabilities along with enhanced drivability are leveraging the side-by-side vehicles' market share over the forecast timeframe. For instance, in May 2018, the U.S. army purchased 20 MRZR X vehicles for soldier trials, providing modular & multi-mission support platforms.

North America will continue to dominate the UTV market owing to the presence of numerous adventure trails and clubs. The rapid urbanization in conjunction with the growing construction activities is driving the demand for utility terrain vehicles across the region. Proliferating recreational activities coupled with rising disposable income are providing a positive outlook for market expansion. For instance, in 2017, disposable income in the U.S. rose to over USD 14 Billion with an increase of over 4.4% compared to 2016.

Few industry players in the UTV market include: Arctic Cat, Inc, Deere & Company (John Deere), Polaris Industries, Inc, Kubota Corporation, Kawasaki Motors Corp., Honda Motor. Co., Ltd., and Bombardier Recreational Products. Manufacturers are emphasizing on developing new side-by-side vehicles, offering easier customization options resulting in advanced vehicle capabilities. For instance, in 2018, Polaris launched its new diesel-powered PRO XD UTV with advanced power modes with a payload capacity of 1,930 lbs. and a towing capacity of 2,500 lbs.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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