Asia Pacific Utility Terrain Vehicles market will witness strong growth due to proliferating agriculture and construction industry | Yamaha Motor Corporation, Suzuki Motor of America, Polaris Industries, KTM, Kawasaki Motors, Caterpillar, BRP
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Europe holds significant share in the utility terrain vehicles market size owing to shifting preferences towards recreational activities including camping and forest adventures. Presence of organization such as Trans Euro Trail offering off road park facilities will positively influence the industry share over the study timeframe. Further, increasing off-road race competitions arranged by the regional organization is enhancing the product demand. Asia Pacific will register strong growth owing to the rising agricultural activities and proliferating tourism industry.
Growing youth indulgence in recreational activities such as hunting, and fishing is driving the utility terrain vehicles market size. Customers are emphasizing on deployment of comfortable side by side vehicles aiming for improving productivity and output. The product offers larger space and facilitates multiple passengers. Further, superior safety features including bucket seats and roll-cage-like enclosures will support the market growth in next six years.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Arctic Cat
• Bombardier Recreational Products (BRP)
• BMS Motorsports
• Hisun Motors
• Honda Motors
• Kawasaki Motors Corporation
• KTM AG
• Massimo Motor
• Polaris Industries
• Suzuki Motor Corporation
• Yamaha Motor Corporation
UTV Market, By Displacement
Below 400 cc
400 - 800 cc
Above 800 cc
UTV Market, By Application
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Increasing preferences of steering controlled off-road vehicles in multiple utility activities including construction, agriculture, and forestry will propel the utility terrain vehicle market growth during the projected timeline. Rising UTV demand for search and rescue operations in uneven terrains is positively influencing the industry proliferation. For instance, in December 2016, Coquitlam Search and Rescue (SAR) equipped the forces with Honda Pioneer 1000-5 for operations in Pitt River Valley.
Above 800 cc segment leads the utility terrain vehicles (UTV) market size owing to its utilization in sports activities. Rising off-road racing events across the globe is driving the product demand. The events deploy higher displacement engines to deliver greater torque. Shifting trend from short-course trails to desert race events will positively influence utility terrain vehicle market size over study timeframe. Industry players are improving the product portfolio to provide high power to weight ratio, superior endurance and reliability. For instance, in June 2018, Yamaha Motor Corp, USA introduced YXZ1000R / SS, Wolverine X2 and Wolverine X4 models with improved capability and enhanced comfort.
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Key industry players of the utility terrain vehicles market include Polaris Industries, Kawasaki Heavy Industries, Bombardier Recreational Products (BRP), Yamaha Motors, Suzuki Motors, Honda Motors, Kubota Corporation, Husqvarna AB, and Bobcat Company. Industry participants are expanding the product portfolio to serve larger consumer base and strengthen their regional presence. For instance, in April 2018, BRP introduced Can-Am Maverick Sport UTV under side by side vehicles off-road trail sports.
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