Utility Terrain Vehicles (UTV) Market to Grow 10 Times from 2023-2032
Category: #business  By Rahul Varpe  Date: 2022-11-22
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Utility Terrain Vehicles (UTV) Market to Grow 10 Times from 2023-2032

Global Market Insights Inc. has recently added a new report on the U.S. utility terrain vehicles (UTV) market which estimates the countries market valuation for UTV will cross US$ 11.5 billion by 2027. Increasing number of off-road sports events and championships held in the U.S. Several U.S. states including Arizona, Texas, and California are offering favorable climatic conditions and vast recreational areas that encourage the adoption of UTVs.

The United States UTV market experienced a sluggish growth during the first six months of the outbreak of the COVID-19 pandemic due to nationwide lockdown and movement restrictions. However, post the reduction in stringent lockdowns, the nation witnessed a consumer behavior shift toward outdoor recreational activities. This shift assisted in stabilizing the UTV industry during the pandemic.

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UTVs are gaining popularity in military & defense applications due to their features and enhanced safety. The ability of UTVs to operate in rough landscapes and harsh environments offers several advantages to military and defense forces. With a high payload capability and the ability to operate in sand, snow and rough, rocky terrain, U.S. military forces are enhancing their competencies by adding UTVs to their vehicle fleet.

The Northeastern U.S. has an extensive forest cover and offers several recreational opportunities to UTV riders. This region is witnessing a steady growth in the UTV market. The legalization of UTVs for hunting has created new avenues for market growth in the region, with several hunting enthusiasts using UTVs to chase and hunt wildlife. The heavily forested interior of states including Maine and Pennsylvania offers easily navigable UTV trails, which are gaining popularity among new and amateur UTV drivers.

Key players in the U.S. UTV market are focusing on customer retention strategies by offering enhanced services to gain an edge in the market. For instance, in April 2020, Kawasaki Motors announced the extension of warranty for its JetSki personal watercraft and Mule UTV and ATV models. This aided the company to expand and retain its customer base.

Some major findings in the U.S. UTV market report include:                                  

  • High investments from industry players in the development of electric powertrains will lead to the introduction of battery-operated UTV models over the coming years. The U.S. UTV industry is witnessing the emergence of several new players operating in the electric UTV market.
  • The rising prominence of UTV events through rugged terrains will increase the consumer participation in the UTVs market. The rising demand for exhilarating sports events involving off-highway vehicles, such as quads, is driving market growth.
  • The demand for UTVs with displacement below 400cc is increasing due to their low cost compared to other models. These vehicles are used in light-duty applications including agriculture and travelling across sites.
  • Some of the prominent industry participants include Deer & Company, Polaris, Inc, Hisun Motors, Honda Motor Company, Arctic CAT, Inc., Kawasaki Motor Corporation, and BRP Group
  • The strategies adopted by these market players include product development, investments in R&D and innovation and expansion of their distribution channel to gain a high share in the market

Request for customization of this research report at https://www.gminsights.com/roc/4542

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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