Utility Task Vehicles (UTV) Market is valued at USD 4.03 Billion in 2018 and expected to reach USD 6.47 Billion by 2025
Utility Task Vehicles (UTV) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing popularity in various end-user applications such as mining, farming, luggage transportation, search and rescue operations is the key driving factor for Global Utility Task Vehicles (UTV) Market.
Utility Task Vehicles (UTV) Market is valued at USD 4.03 Billion in 2018 and expected to reach USD 6.47 Billion by 2025 with the CAGR of 6.99% over the forecast period.
Utility task vehicle (UTV) is a motorized vehicle aimed to carry out a specific function with more efficiency than a general-purpose vehicle. UTV vehicles are largely used in many industrial and commercial sectors such as luggage transportation, tourism and sports. These are perfectly implemented in tourism sectors in which electric UTV car plays an important role to reduce the zero air pollution especially noise along with real working capacity. The electric vehicles have AC motors with high torque capacity and plane distribution which prevents skidding or loss of grip in snow or mountain areas. Government administration buy number of UTV’s for waste management, park maintenance and street cleaning.
Utility task vehicles (UTV) market is segmented on the basis of by vehicle, fuel and by region. Based on vehicle type, the utility task vehicles market is segmented into sports UTVs, load carrier UTVs and multipurpose UTVs. Based on fuel type, the market is divided into conventional fuel UTVs and electric UTVs.
The regions covered in this utility task vehicles market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Utility Task Vehicles (UTV) market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Key Players for Utility Task Vehicles (UTV) Market Reports–
Key players of the utility task vehicles (UTV) market are 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.
Popularity in various end-user applications such as logistics, mining, farming, luggage transportation, search and rescue operations
In recent years, environmental factors are most primary concerns which lead to the increase in the demand for utility task vehicles. Increasing demand for light weight and compact size vehicles and growing concern for environmental factor are some of the factors driving the growth of utility task vehicles market. In addition, increasing use of utility task vehicles in logistics industry, off-road amusing activities are also supplement the demand for UTVs within the forecast period. The demand for electric utility task vehicles is also growing by 20-45% per year which is further anticipated to foster the market growth for UTVs. However, recharging of UTV vehicles can be a restrain for this market. In spite of that, technological advancement for electric utility task vehicles can be an opportunity for this market.
North America is expected to dominate the Utility Task Vehicles (UTV) Market
North America holds the largest market for utility task vehicles. U.S. and Canada were the major revenue grossers in this region. The growth was attributed to growing demand for utility vehicles in different sectors. The region has several key players and the automotive industry has been rapidly evolving with flourishing domestic market. Asia pacific region is expected to show the fastest growth rate throughout the forecast period owing to increasing use of off road utility task Vehicles for agriculture purpose and recreational sports activities in this region. Latin America and Middle East Africa have the steady growth rate during the forecast period due to less awareness among the people about recreational activities.
Key Benefits for Utility Task Vehicles (UTV) Market Reports –
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Utility Task Vehicles (UTV) Market Segmentation –
By Vehicle Type:
- Sports UTVs
- Load Carrier UTVs
- Multipurpose UTVs
By Fuel Type:
- Fuel UTVs
- Electric UTVs
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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