U.S. Utility Terrain Vehicles Market: Recent Trends & Business Growth Strategies to 2027
U.S. Utility Terrain Vehicles market is anticipated to depict a CAGR of 6% through 2027, having recorded a valuation of USD 7 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 11.5 billion.
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The key factor responsible for this growth is the growing number of off-road sports events and championships across the region. Many of the U.S. states including Texas, California, and Arizona, have ideal climate conditions for hosting off-road racing events.
Utility terrain vehicles market will gain exponential proceeds in the U.S. owing to constant increase in disposable income and rising inclination towards outdoor activities and adventure. Also, rising penetration of UTV events through rough terrains will play a pivotal role in industry expansion.
The U.S. government supports outdoor recreational activities, as well as the travel & tourism industry, creating a positive outlook for the industry. Sports clubs across the U.S. are organizing UTV racing events and offering attractive prizes to winners, which is leading to active increasing in consumer participation. Besides, favorable economic factors, such as increase in disposable income, escalating GDP and rising urban population are the key driving factors from U.S. Utility Terrain Vehicles market growth.
That apart, UTVs are more often designed and used in various sectors. They are wide, solid, and feature plenty of storage space with the advantage of a side-by-side passenger sitting arrangement. On account of these qualities and high safety, UTVs are becoming more popular in military & defense applications. Moreover, the ability of UTVs to operate in snow, sand, and rocky terrain along with harsh weather conditions, provides military and defense personnel many benefits. In addition to that, with a high cargo capability, UTVs are helping US military units to improve their capacities.
The Northeastern United States has a large forest cover which gives UTV riders an opportunity for a variety of recreational activities. Easy-to-navigate UTV tracks can be found in the highly wooded interiors of states like Maine and Pennsylvania. These easy tracks are gaining appeal among beginners and amateur UTV drivers. This along with the legalization of UTVs for hunting has opened up new opportunities in the region, with many hunters employing UTVs to pursue and shoot wildlife.
Advanced UTVs offer enhanced safety and are gaining widespread popularity for military & defense applications. The U.S. government is making hefty investments to deploy new UTVs and also upgrading the existing ones with new enhanced features. For instance, in 2019, the USMC (U.S. Marine Corps) announced plans to upgrade its UTV fleet. The organization will apparently integrate 250 vehicles with new tires, canopies, floorboards, and other accessories to improve vehicle functionality and safety.
In a bid to promote the uptake of UTVs for recreational activities, various UTV companies in Michigan and Minnesota region are organizing off-road competitions and outdoor recreational activities. For instance, in 2017, leading Japanese manufacturer of motorcycles, Yamaha Motor Corp. announced to have conferred around USD 350,000 to 26 recipients for encouraging the use of UTVs in outdoor recreational activities through its (YOAI) Yamaha Outdoor Access Initiative. The initiative is aimed at promoting projects that provide satisfactory and enjoyable experience to UTV riders.
Key players contributing towards U.S. Utility Terrain Vehicles market expansion are Polaris, Inc., Ltd., Yamaha Motor Co., BRP, Inc., Hisun Motors, KYMCO, Kawasaki Motors Sports, LLC., Caterpillar Inc., Arctic Cat, Inc. and Deere & Company. These manufacturers are resorting to organic and inorganic growth strategies, such as mergers, acquisitions, collaborations, and new product launches with enhanced features to gain an edge over other market players.
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Some Point from Table of Contents:
Chapter 5 U.S. Utility Terrain Vehicles Market, By Displacement
5.1 U.S. UTV market, by displacement, 2020 & 2027
5.2 Below 400cc
5.2.1 Market estimates and forecast, 2016 - 2027
5.3 400 – 800cc
5.3.1 Market estimates and forecast, 2016 - 2027
5.4 Above 800cc
5.4.1 Market estimates and forecast, 2016 - 2027
Chapter 6 U.S. Utility Terrain Vehicles Market, By Application
6.1 U.S. UTV market, by application, 2020 & 2027
6.2 Utility
6.2.1 Market estimates and forecast, 2016 - 2027
6.3 Sports
6.3.1 Market estimates and forecast, 2016 - 2027
6.4 Recreation
6.4.1 Market estimates and forecast, 2016 - 2027
6.5 Military
6.5.1 U.S. Utility Terrain Vehicles Market estimates and forecast, 2016 - 2027
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