MEA utility terrain vehicle market worth over $465 Mn by 2025
The MEA utility terrain vehicle market will garner commendable gains from military applications. UTVs are modular design vehicles that effectively meet the demands of military and international special forces. These lightweight tactical vehicles come in two or four seat variants which are fast and favor agility and durability.
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Industry players are striving to provide high quality products at cost effective prices through advanced manufacturing techniques. They are focusing to serve large customer base by expanding the distribution networks. Diversification of product portfolio and expansion of business operations are significantly contributing towards increasing revenue generation capabilities, driving the market size.
- Rising participation in off-roading events
- Growing UTV demand for utility applications
- Industry pitfalls & challenges
- Higher engine noise along with environmental degradation
Major participants in MEA utility terrain vehicle market include Polaris Industries Inc, Kubota Corporation, Yamaha Motor, John Deere, Kawasaki Motors, Honda Motors, and Bombardier Recreational Products.
Rising spending in off-road trailing activities will drive the MEA utility terrain vehicle market share. Moreover, launch of high-performance UTVs will supplement industry growth. For instance, in 2019, Honda extended its Talon portfolio of side-by side, high-performance UTVs with two new four-seater segments.
Rising technological advancements and launch of robust, high-performance vehicle segments are anticipated to boost the MEA utility terrain vehicle market size. UTVs are powerful off-road vehicles that are designed to perform more challenging task and carry heavier loads compares to ATVs. They come with safety features like roll cages, seat beats and windshields that helps protect passengers from roll overs or potential accidents.
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South Africa utility terrain vehicle market will witness steady growth owing to multiple applications of UTV in forestry, landscaping and agriculture activities. Indeed, the agriculture sector of Africa is showing commendable progression owing to increased productivity and rural incomes. The growth can undeniably be attributed to adoption of improved agricultural technologies and use of vehicles like UTV.
Saudi Arabia recently announced plans to host Rally Dakar, one of the world’s biggest and most challenging rally race, in January 2020 targeted for 4 different categories including UTV, cars, trucks and bikes. Increasing government funding and supportive initiatives targeted towards enhancement of recreational infrastructure will also support the MEA utility terrain vehicle market share over the forecast timeframe.
Rapid deployment of innovative military UTVs that offer improved transportability and multi mission capabilities will augment industry size. Moreover, increasing military spending will offer new growth opportunities, enhancing MEA UTV business outlook.
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