Utility Task Vehicles (UTV) Market By Vehicle Type (Sports UTV, Load Carrier UTV, Multi-Purpose UTV), By Fuel Type (Conventional Fuel UTVs, Electric UTVs) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Utility task vehicles (UTV) market witnessed a high uptick in recent few years and registered US$ 4.12 Bn in 2017 that is projected to reach US$ 7.42 Bn in 2026 growing at a steady CAGR of 6.7% throughout the forecast period from 2018 to 2026. UTV are also known as side-by-sides are vehicles capable of commuting over rough terrains and are powered by IC engines or electric motors. Unlike all-terrain vehicles (ATVs) UTVs are driven with the help of steerings and can accommodate two or more people and addition loads. Furthermore, UTVs can also tow small to medium size loads and hence are gaining popularity for several end-use applications such as farming, mining and search and rescue operations. UTVs are packed with best of features from sports utility vehicles and all-terrain vehicles and cost considerably less than bulky SUVs. In addition, UTVs are greatly admired by adventure lovers and off-road racers. All these factors are pushing overall UTV market to new heights in terms of market value.

Market Synopsis

Electric UTVs segment have to Hang-on for Few Years to Overcome Conventional Fuel Utility Task Vehicles

In 2017, conventional fuel UTVs are racing away with a considerable margin compared to electric UTVs. Popularity of UTVs with IC engines, especially diesel engines allowed conventional fuel UTV to dominate the overall market. UTVs powered by IC engines produce more power and are associated with the thrill of riding and racing. Consequently, the segment expected the reign supreme over its electric counterpart during the forecast period from 2018 to 2026. Electric UTVs are still under-developed and going through a lot of technological innovations. With major manufacturing paying a keen attention towards its development, electric UTVs projected to claim considerable market share beyond the forecast period.

Sports UTV on Top of the Podium in Vehicle Type Segment

Sports utility task vehicles claimed the highest market share in overall UTV market in terms of market value. Perpetually growing popularity of off-road recreational activities created a sense of excitement and enthusiasm among the youths for the sports and thus, stimulated the growth of sports UTVs. Various off-road races and rallies including Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert and Grand National Cross Country allow UTVs to participate and famous off-road rally racing, Dakar Rally, 2017 organize separate events for utility task vehicles. Load-carrying UTV trail sports UTV in 2017. Load-carrying UTV is extensively used for agricultural applications and farmers across the globe are identifying the potential of UTV for carrying loads, tools and tow agricultural equipment. Consequently, the demand for load-carrying UTVs anticipated to grow even further in coming years.

North America to Steer the Way to the Top among Other Regions in Global UTV Market

The U.S. and other North American countries are the largest consumers of utility task vehicles. These vehicles are highly appreciated for off-road adventure and recreational activities as several off-road rallies and races are organized frequently in this region.  Consequently, the region is crowned as the leader in overall UTV market in terms of market value. Asia Pacific propose high prospects for the UTV market to grow in this region as UTVs are extensively used in countries such as Australia, New-Zeland, and China for agricultural applications. With the rise in disposable income and growing popularity of UTVs in China and India, UTV market in Asia Pacific expected to reach new heights throughout the forecast period from 2018 to 2026. 

Market Segmentation

by Vehicle Type (2016–2026; US$ Bn)

• Sports UTVs
• Load Carrier UTVs
• Multipurpose UTVs
•  

by Fuel Type (2016–2026; US$ Bn)

• Conventional Fuel UTVs
• Electric UTVs
•  

Geography Segment (2016–2026; US$ Bn)

• North America
  
  • U.S.
  • Rest of North America
• Europe
  
  • U.K.
  • Germany
  • France
  • Rest of Europe
• Asia Pacific (APAC)
  
  • China
  • Japan
  • India
  • Rest of APAC
• Rest of the World (RoW)
  
  • Latin America
  • Middle East and Africa (MEA)

Rapidly Growing UTV Market Raised a War for Top Contention among UTV Manufacturers

A fierce competition among some of the world’s major automotive and utility manufacturers is evident in utility task vehicles (UTV) market. As the market is growing firmly, these manufacturers are running that extra mile to launch new variants and attract consumers from different end-use applications. Dedicated vehicles for agriculture, sports, and military applications are introduced by these companies with advanced safety features, performance, and utility and installing confidence in the minds of customers about their products. 

Companies are facing tough price fights with each other and non-branded companies from developing regions to claim their share and the competition projected to expedite even further throughout the forecast period from 2018 to 2026. Some of the major UTV manufacturing companies mentioned in this research study 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, and Caterpillar Inc. among others.