Government Regulations to set the course for the Global ATV and UTV Market Growth

Inkwood Research estimates that the Global ATV and UTV Market is evaluated to project a CAGR of 5.54% in terms of revenue during the forecasting years of 2022-2030.

"Browse 51 Market Data Tables and 52 Figures spread over 157 Pages, along with an in-depth TOC on the Global ATV and UTV Market Forecast 2022-2030."

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ATV (all-terrain vehicle) is a vehicle capable of off-roading, with applications in the military and agriculture. It travels on low-pressure tires, with handlebars for steering control. There has been a growing demand for these vehicles, since they allow access to remote areas, enabling convenience in carrying equipment and supplies.

UTV (utility terrain vehicle), also known as a utility task vehicle, is a four-wheel drive off-road vehicle. They are steered using a steering wheel. They have a lot of storage space, and they are becoming increasingly popular within non-agricultural communities.

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Government Rules Supporting ATVs and UTVs Drive Market Growth

ATVs & UTVs were earlier banned on roadways citing safety purposes. In recent times, governments are passing new ordinances and bills for allowing these vehicles on the road. Sauk Country Board repealed the ATV and UTV vehicle ordinance in October 2018, updating it with a new version, which was earlier adopted in 2013.it entails procedures to open these vehicle routes in the county's highways.

Additionally, the Board of Commissioners passed an ordinance to allow these vehicles on the roads of Shiawassee County with some restrictions. Furthermore, the Wisconsin Dells Common Council, approved an ordinance in October 2020 to open all city streets for UTV/ATV access. Such initiatives are projected to propel market growth.

Gasoline-Powered: Major Fuel Type

Several UTVs and ATVs use gasoline as fuel, with a major share of them using the mixture of gasoline and oil in specific proportion for fast acceleration and engine protection. The launch of a new range of gasoline-powered UTV and ATV with improved performance and added safety measures drives the growth of these gasoline-powered vehicles.

Moreover, many manufacturers are launching new gasoline-powered engines with enhancements for better performance. For example, Caterpillar, a machinery manufacturer and developer, launched CUV85, a gasoline-powered UTV, in November 2018. It has a 0.8L three-cylinder gasoline engine.

Asia-Pacific: Major and Fastest-Growing Region

There is an increasing demand for power sports recreational activities in several countries of the region, like India, Australia, and China. Also, ATVs & UTVs are being introduced in the military. Many UTV AND ATV circuits are being incorporated in the region and increasing expenditure on recreational economies. This is seen especially in emerging economies like India and China. Such factors, and the launch of the new range of vehicles, drive the Asia-Pacific market growth.

The high competitive rivalry in the market is evaluated to be sustained throughout the forecast period, with expansions and leading manufacturers offering class products in the off-road high-performance vehicle segment. Some eminent market players include Yamaha Motor Co Ltd, Kawasaki Heavy Industries Ltd, BRP Inc, Honda Motor Company Ltd, Polaris Industries Inc, etc.

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