May 22, 2020
According to the research report titled ‘U.S. Utility Terrain Vehicle (UTV) Market Size By Displacement, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, the United States utility terrain vehicle market is expected to generate lucrative revenues by the year 2026.
Growing demand for UTVs for recreational, utility, military and sports activities is a major factor driving the market growth in the U.S. A utility terrain vehicle can carry small loads and are used for general purposes as well as to carry out special tasks efficiently. UTVs are usually smaller in size and offer room for moving debris and other equipment. These vehicles can accommodate one passenger to help in material transportation and are widely adopted in worksites. UTV is lightweight and boasts of modular design, which plays a vital role during special military operations.
Increasing popularity of UTVs in agricultural sector is also stimulating the industry outlook. The vehicle offers high versatility and power. It is used to carry heavy load and for transporting multiple passengers. UTVs ease farming practices since they can be used for catching calves, carrying firewood, building fences, spreading seeds, harrowing fields, mowing grass, plowing snow, transporting supplies, raking and plowing fields.
In terms of displacement, 400-800cc segment is predicted to expand with a CAGR of 6.5% during 2020-2026, primarily due to rising adoption of these vehicles for utility applications. These UTVs have enough room for coolers, hunting gears, camping supplies and packing tools.
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The U.S. utility terrain vehicle industry share from recreation application is expected to grow with a CAGR of 5% between 2020 and 2026. Increasing adventure and leisure activities, alongside rising per capita income are fueling the segmental growth.
Considering the geographical landscape, Texas UTV market is reckoned to record a y-o-y growth rate of 8.5% through 2026, owing to consumer inclination towards recreational activities and escalating disposable income.
The prominent companies operating in U.S. utility terrain vehicle industry are Yamaha Motor Co. Ltd., Polaris Inc., Massimo Motor Sports LLC, KYMCO, Kawasaki Motors Corp., Honda Motor Co. Ltd., Hisun Motors, Deere & Co., CFMOTO (Zhejiang CF Moto Power Co. Ltd.), Caterpillar Inc., Bombardier Recreational Products (BRP), BMS Motorsports Inc. and Arctic Cat Inc. among others.