New Research Report on Lightweight All Terrain Utility Vehicles Market, 2016 - 2024
The light weight all terrain utility vehicle market is primarily driven by the rising disposable income and increasing demand for recreational off road activities. With the increasing disposable income, demand for recreational activities is expected to increase which is boosting the growth of such vehicles globally. Moreover, advancement in technology like introduction of Non-Pneumatic Tires eliminates the risk of accidents from tire punctures and makes the vehicle ride more user friendly. Bluetooth connectivity and GPS tracking enhances the user experience while driving these vehicles. Macro-economic factors such as high standard of living, increasing employment rate, and self-reliance levels is boosting the demand for light weight all terrain utility vehicles across the world.
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Impact on the environment and safety concerns are the primary restraining factors setting back the demand for light weight all terrain utility vehicles. These vehicles emit harmful gases like mono nitrogen oxide and carbon monoxide among others that are directly impacting the environment. Another restraining factor is that these vehicles damage the terrain due to which sedimentation in streams is increasing. Due to these vehicles, national forests are also facing destruction. Forest service personnel of various regions have identified the detrimental impacts on national forests and are now restricting all terrain utility vehicles from entering forest areas.
Implementation of eco-friendly technology is one of the major opportunities in the light weight all terrain utility vehicle market. Introduction of hybrid technology is likely to reduce environmental pollution and will decrease the emission of harmful gases.
The light weight all terrain utility vehicles market on the basis of product is bifurcated into sports all-terrain vehicle, sports utility all-terrain vehicle, utility all-terrain vehicle, and youth all-terrain vehicle. Based on applications, the market is bifurcated into sports, entertainment, agriculture, military and defense, forestry, and others. Military and defense sector accounted for highest revenue share due to the increasing adoption in customized applications across inaccessible locations for supplying and transporting armor. Another important sector is agriculture where these vehicles are adopted as an alternative to tractors and other heavy equipment for agriculture. Based on geography, the market is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In North America, the U.S. is likely to have dominant market share due to the introduction of youth all-terrain vehicles for children between the age of 6 years and above.
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Some of the major players in the light weight all terrain utility vehicle market are Arctic Cat, Can-Am, Cectek, CF Moto, Inc., HiSun Motors, Honda Motor Company, John Deere, Kawasaki Motors Corporation, KYMCO, Linhai, Polaris Industries., Suzuki Motor Corporation, Taiwan Golden Bee (TGB) Co, and Yamaha Corporation among others.
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