North America ATV and UTV Market by Type (ATV and UTV), by Displacement (Below 400 cc, 400–800 cc, and above 800 cc), by Fuel Type (Gasoline Powered, Diesel Powered, and Electric Powered), and by Application (Military, Agriculture, Recreation, and Other Applications) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Automotive & Transportation | Publish Date: 14-Feb-2024 | No of Pages: 101 | No. of Tables: 93 | No. of Figures: 48 | Format: PDF | Report Code : N/A
Market Definition
North ATV and UTV Market was valued at USD 8.67 billion in 2023, and is predicted to reach USD 11.93 billion by 2030, with a CAGR of 3.9% from 2024 to 2030.
All-Terrain Vehicle (ATV) is a motorized off-road vehicle designed for recreational and utility purposes. Its compact size, low-pressure tires, and handlebar steering characterize it. ATVs are designed to traverse various terrains, including dirt trails, mud, sand, and rocky surfaces. They have powerful engines and rugged suspension systems to provide excellent traction, maneuverability, and stability in challenging environments.
ATVs usually have a four-wheel drive system, allowing them to simultaneously deliver power to all wheels for enhanced off-road performance. ATVs are primarily used for recreational activities such as off-roading and trail riding; they are also utilized in various industries for utility purposes such as agriculture, forestry, search and rescue operations, and maintenance of remote areas.
Utility Task Vehicle (UTV) is a multipurpose off-road vehicle for work and recreation. UTVs are larger and more robust than traditional ATVs as they feature a cabin-like structure with side-by-side seating for two or more occupants, offering increased passenger capacity and cargo-carrying capabilities.
UTVs are renowned for their versatility and ruggedness. They have sturdy frames, powerful engines, and advanced suspension systems to handle demanding terrains and heavy loads. Some renowned brands that offer these kinds of UTVs in the market include Polaris Inc, Yamaha, Kawasaki, Arctic Cat, John Deere, Honda, Textron Off-Road, and others.
These vehicles are widely used in various industries and sectors, including agriculture, construction, landscaping, recreation, and public services. Their utility features include the ability to haul and tow heavy loads with ample cargo space for transporting equipment and materials.
Thus, both ATVs and UTVs are popular off-road vehicles with distinct characteristics. ATVs excel in agility, speed, and maneuverability for single riders, while UTVs prioritize passenger capacity, cargo versatility, and comfort for multi-passenger & utility applications.
North America Leading the Global ATV and UTV Market with Strong Market Players' Innovation
North America commands the dominant portion of the global ATV and UTV market share. The region boasts a robust heritage of engaging in outdoor recreational pursuits, encompassing off-roading, hunting, and trail riding. The market's expansion is being propelled by significant players such as Polaris Inc, BRP Can AM, and similar entities, which are consistently introducing new products tailored to diverse end-user segments.
For instance, in August 2021, BRP Inc.’s brand Can-Am launched the 2022 lineup, demonstrating the company’s commitment to delivering exceptional off-road experiences. The new lineup features a range of ATVs and UTVs designed to provide unparalleled performance and versatility for riders.
Expanding ATV and UTV Market Driven by Increased Military Adoption and Growing Role in Adventure Tourism
The ATV and UTV market are experiencing substantial growth due to their rising adoption in military operations and increasing popularity in adventure tourism. These vehicles excel in diverse terrains, aiding military maneuvers and offering tourists thrilling off-road exploration, driving innovation and market expansion.
Limited Off-Road Access and Safety Concerns of ATV and UTV Market in North America
Access to off-road areas for recreational use or utility purposes may be restricted or limited in certain regions due to environmental regulations, land-use policies, or private property restrictions. These limitations can hinder the widespread use and delight of ATVs and UTVs, particularly for recreational riders.
Moreover, the off-road nature of ATVs and UTVs poses inherent risks and safety concerns. Inexperienced or careless riders can be involved in accidents, leading to injuries or fatalities. Safety regulations, training requirements, and the enforcement of responsible riding practices are necessary to mitigate these risks. Thus, limited off-road access and safety concerns restrain the market's growth in the region.
Technological Advancements in the field of ATV and UTV Market in North America
ATVs and UTVs serve as vehicles for camping and exploring nature but also have inherent risks. The availability of more of these vehicles on the market contributes to the higher frequency of ATV and UTV accidents. The primary cause of most vehicle accidents is the failure of drivers to behave safely and responsibly. Hence, market players are introducing ATVs and UTVs with advanced GPS features to enhance safety and security.
Therefore, the ATV is equipped with user-friendly GPS and vehicle data tracking equipment. Consequently, developing ATVs and UTVs with enhanced safety features to prevent accidents and fatalities presents a lucrative business opportunity for major ATV and UTV market players.
Competitive Landscape
The North America ATV and UTV industry includes several market players such Polaris, Inc., BRP, Inc., Honda Motor Co., Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Textron, Inc., CF Moto, Suzuki Motor Corporation, KYMCO Group, and Kubota Corporation.
KEY BENEFITS
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The North America ATV and UTV market report provides a quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
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The competitive analysis of the market players along with their market share in the North America ATV and UTV market.
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
NORTH AMERICA ATV AND UTV MARKET KEY SEGMENTS
By Type
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ATV
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UTV
By Displacement
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Below 400 cc
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400–800 cc
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Above 800 cc
By Fuel Type
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Gasoline Powered
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Diesel Powered
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Electric Powered
By Application
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Military
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Agriculture
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Recreation
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Other Applications
By Geography
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North America
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The U.S
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Canada
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Mexico
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REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 8.67 Billion |
|
Revenue Forecast in 2030 |
USD 11.93 Billion |
|
Growth Rate |
CAGR of 3.9% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
Increased military adoption of ATV & UTV The growing role in adventure tourism |
|
Countries Covered |
3 |
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Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Polaris, Inc
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BRP, Inc.
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Honda Motor Co., Inc.
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Kawasaki Heavy Industries Ltd.
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Yamaha Motor Co. Ltd.
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Textron, Inc.
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CF Moto
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Suzuki Motor Corporation
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KYMCO Group
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Kubota Corporation
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