DUBLIN--(BUSINESS WIRE)--The "Global Utility Task Vehicles (UTV) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2018 To 2026" report has been added to ResearchAndMarkets.com's offering.
The utility task vehicles market was valued US$ 4.12 Bn in 2017 and estimated to grow with a CAGR of 6.7% during the forecast period from 2018 to 2026.
Utility task vehicles or utility terrain vehicle (UTV) market experienced a momentous growth in both sports and utility sector in past few years and especially in 2016 and 2017. This grabbed the attention of several leading off-road vehicle manufacturers to step into this segment.
The step expected to reciprocate with introduction of new breed of UTVs in coming years. UTVs are agiler than traditional sports utility vehicles (SUV) and are packed with capability of carrying more payload than all-terrain vehicle (ATV). UTVs are finding their applications across several end-use verticals besides off-road adventure and recreational activities. Incorporation of UTVs for defense, rescue, surveillance, farming and mining among others is stimulating the sales of UTVs across the globe.
North America and especially the U.S. holds the major share in the overall UTV market. Perpetually increasing use of off-road UTVs for farming and recreational activities in Asia Pacific countries and predominantly in China, Australia and New-Zealand projected to promote the region's market value with the fastest growth rate throughout the forecast period 2018 to 2026. However, a number of accidental deaths and injuries caused by rough and unsafe driving of these vehicles influence the consumers' discretion and poses a challenge for the market to grow.
The UTV market is dominated by some of the biggest automotive and utility vehicle manufacturing companies. Major automotive manufacturers identified the market potential and hence are facing fierce competition among each other to claim their market share. Companies are also eyeing to grab defense and military contracts to provide UTV for surveillance and rescue operations.
Some of the major UTV manufacturers includes
- Polaris Industries
- Kawasaki Heavy Industries Motorcycle & Engine Company
- Suzuki Motor Corporation
- Yamaha Motor Company, Limited
- Honda Motor Co., Ltd.
- Deere & Company
- Husqvarna AB
- Kubota Corporation
- Case IH
- Bobcat Company
- Mahindra & Mahindra Limited
- Caterpillar Inc.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Utility Task Vehicles (UTV) Market Analysis, by Vehicle Type
Chapter 5 Global Utility Task Vehicles (UTV) Market, by Fuel Type
Chapter 6 North America Utility Task Vehicles (UTV) Market Analysis
Chapter 7 Europe Utility Task Vehicles (UTV) Market Analysis
Chapter 8 Asia Pacific Utility Task Vehicles (UTV) Market Analysis
Chapter 9 Rest of the World Utility Task Vehicles (UTV) Market Analysis
Chapter 10 Company Profiles
