Government Rules Aid the Growth of the Global ATV & UTV Market at a CAGR of 7.15% by 2027
“According to the new market research report published by Inkwood Research, the Global ATV & UTV Market is anticipated to grow at a CAGR of 7.15% throughout the forecasting years of 2019-2027.”
“Browse 29 market Data Tables and 40 Figures spread over 100 Pages, along with an in-depth TOC on Global ATV & UTV Market forecast 2019-2027.”
With the built-in four low-pressure tires and handlebars, ATV and UTV vehicles are known for its maneuverability and its off-road abilities used in various backgrounds of the military, forestry, agriculture, survey, sports and others. Over the past few years, ATV and UTV have gained immense popularity as they can be accessed in remote areas providing convenience in carrying supplies and equipment with the potential to substitute the traditional methods used for transport.
Growing adoption of ATV and UTV in the military, trending adventure sports and recreational activities and supporting government rules to drive ATVs and UTVs on the road are few propelling factors driving the growth of the market. Further, increasing manufacturing of safer ATVs and UTVs is projected to create numerous opportunities for keys brands operating in the market.
Government Rules for Riding ATV and UTV on Roads Propels The Market Growth
Previously, driving of ATV and UTV vehicles on roadways was prohibited. However, at present, new bills and ordinance are being conceded for riding these vehicles on roads. In addition to the new rules being effective, there are upcoming procedures to open ATV and UTV routes along with the country’s highway. Moreover, compared to other ATV laws and rules, few regions are certainly strict. It necessitates ATVs to be equipped with taillights, headlights, turns signals and a flag no less than six feet off the ground. Hence, these factors are impacting the growth of the ATV and UTV market globally.
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ATV and UTV vehicles have numerous applications in the military sector due to its ability to go anyplace and are ideal for the end-user vertical due to its various advances such as speed, higher agility and many more. The military segment will experience significant growth in the market, owing to its exclusive abilities in tackling strategic missions. Great flexibility and higher maneuverability along with advanced navigation systems, provide prompt directions to the vehicle operators, hence, influencing the segment growth. The manufacturers in this industry are introducing vehicles perfect for the military with inbuilt features to demolish the enemy’s surveillance tools. Polaris, a key manufacturer of ATVs and UTVs, introduced Raytheon, a military-based ATV armed with a laser weapon, which destroys the target enemy drones out of the sky. Enhancing production of military-grade ATVs and UTVs made for battlefields, amplifies the adoption of ATV and UTV in the military.
Asia Pacific Aces the global ATV and UTV market in terms of Growth
Launch of ATV and UTV in line with defense application and new ranges of ATV and UTV models uplifts the growth of the market in the APAC region. Additionally, the incorporation of circuits for riding these vehicles is expected to proceed with the ATV and UTV market to greater benefits. Asia-Pacific can be termed as a home for the most prolific off-road racing events. Asia-Pacific Rally Championship (APRC) is an international championship organized by the FIA (International Automobile Federation) in the APAC oceanic region.
Some key companies in this market are Yamaha Motor Co Ltd, Suzuki Motors Corporation, Polaris Industries Inc, Kwang Yang Motor Co Ltd, Kawasaki Heavy Industries, Honda Motor Co Ltd, Brp Inc, Hisun Motors Corporation. OEMs such as Polaris, Kwang Yang Motor, Kawasaki. These manufacturers provide class-leading products in the off-road high-performance vehicle segment.
The competition in the global ATV and UTV market will continue to remain intense over the forecast period (2019-2027) as the companies are opting for global expansion to broaden their distribution network and deliver standard quality and cost-effective vehicles globally.
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