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The ATV and UTV market is estimated to grow at a CAGR of 6.97% between 2022 and 2027. The size of the market is forecast to increase by USD 4.26 billion. The growth of the market depends on several factors, including the Increasing trend toward adventurous sporting, the Rising demand for ATVs and UTVs, and the Rising usage of ATVs and UTVs in agriculture and farm operations.
This report extensively covers market segmentation by fuel type (gasoline-powered, diesel-powered, electric-powered, and solar-powered), application (sports, utility, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing trend toward adventurous sporting is notably driving the market growth, although factors such as environmental concerns due to the use of ATVs and UTVs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing trend toward adventurous sporting is notably driving the market growth. The increase in recreational and adventure sports activities in several regions such as North America, Europe, and APAC is increasing the demand for off-road vehicles, which is expected to contribute to the growth of the global ATV and UTV market. North America and Europe are the main regions where activity and enthusiasts of mountain and dirt racing are growing.
Associations such as the Canadian Council of Snowmobile Organizations and North America Snowmobile host annual sporting events that increase sales of ATV and UTV tires. In addition, the growing popularity of recreational activities and off-road adventure events among enthusiasts in the emerging markets of APAC is also influencing the growth of ATV and UTV sales. Therefore, such factors are expected to boost the growth of the global ATV and UTV market during the forecast period.
Growing automation in ATVs and UTVs is a major trend in the market. The automotive industry's transition from non-autonomous to autonomous and connected vehicle technologies is also reflected in the global ATV and UTV markets. Some well-known manufacturers are working on developing independent technologies. Such developments and technological advances improve the characteristics of traditional ATVs.
For example, in January 2019, Honda Motor presented an autonomous ATV prototype at CES 2019 in Las Vegas, USA. The prototype was built on a strong ATV platform. It had GPS and a sensor-based semi-autonomous drivetrain. In addition, the prototype was equipped with interchangeable feeding accessories. Other major ATV manufacturers are working on similar technologies. Such factors are estimated to drive the market during the forecast period.
The environmental concerns due to the use of ATVs and UTVs are major challenges impeding the market. ATVs and UTVs are designed to facilitate transportation over rough and uneven terrain. However, their landscape features have adverse effects on the environment, which poses a challenge to market growth. According to biologists, the use of UTVs, ATVs, and other off-road vehicles can damage the properties of the soil on which they are driven. This is because ATVs and UTVs can cause soil erosion and increase soil bulk density, strength, and permeability.
In addition, soil compaction increases with time. As compaction increases, the ability of the soil to support vegetation and plant growth decreases. This is due to changes in soil structure that limit root growth and reduce soil permeability. Environmentalists have testified to the harmful effects of off-road vehicles, including ATVs. In addition, the behavioral changes and physiological responses of wildlife resulting from activities in the landscape affect the entire wildlife population. Therefore, such environmental factors will hinder the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global ATV and UTV Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
HISUN Motors Corp. - The company operates under one segment. The company under this segment offers all-terrain vehicles delivering a complete line of UTVs and ATVs, under the brand names of Forge, Tactic, Youth, and many more. The key offerings of the company include ATVs.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the sports segment will be significant during the forecast period.
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The sports segment was valued at USD 5.27 billion in 2017 and continued to grow until 2021. The increasing demand for watching and participating in motorsports events, aided by the increasing number of global contests, is fueling the demand for sports ATVs and UTVs. Moreover, the increase in off-road recreational activities is driving the ATV and UTV market for sports. The increase in the number of sports enthusiasts driving ATVs and the development of ATV experience zones will positively impact this market segment.
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North America is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is the largest region of the global market in 2022 and will continue to be the largest segment during the forecast period. The high popularity of and demand for off-road vehicles such as ATVs and UTVs in the US and Canada have contributed to regional market share. In addition, the presence of numerous off-road adventure activities in North America has also played an important role in driving the popularity and sales of ATVs and UTVs. This has directly contributed to revenue generation in the ATV and UTVs market in North America.
The prominent ATV and UTV manufacturers operating in the US manufacturers offer ATVs and UTVs in two categories, namely, sports and utility, with both manual and automatic transmission systems. Most of the demand for utility ATVs in North America is from farmers, hunters, and the defense sector; in the last-mentioned sector, these vehicles can be used for effective patrolling during combat operations. On the other hand, sports ATVs and UTVs are popular among racing enthusiasts in the US. These factors are also driving the market growth.
In 2020, the significant rise in the number of COVID-19 cases in North America led to lockdowns in several countries and hampered the business growth of vendors in the regional market. However, lockdown restrictions were removed by the end of 2020 due to large-scale vaccination drives. This helped resume manufacturing activities in the automotive industry. Additionally, vendors in the region are highly focusing on new product launches to expand their market share during the forecast period. Thus, the market in North America is expected to grow positively during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Fuel Type (Gasoline powered, Diesel powered, Electric powered, and Solar powered), Application (Sports, Utility, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
ATV And UTV Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.97% |
Market growth 2023-2027 |
USD 4.26 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.75 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 59% |
Key countries |
US, Canada, Germany, France, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BMS Motorsports Inc., Bombardier Recreational Products Inc., Deere and Co., HISUN Motors Corp., Honda Motor Co. Ltd, Kawasaki Heavy Industries Ltd., Kayo USA, Kubota Corp., KWANG YANG MOTOR Co. Ltd., Mahindra and Mahindra Ltd., Massimo Motor Sports LLC, Nebula Automotive Pvt. Ltd., Polaris Inc., Suzuki Motor Corp., Tao Motor Inc., Textron Inc., TOMCAR, Yamaha Motor Co. Ltd., Zhejiang CfMoto Power Co. Ltd., and Taiwan Golden Bee Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Fuel Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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