Global Utility Task Vehicles Market Size, Share and Trends Analysis Report, By Vehicle Type (Sports UTVs, Load Carrier UTVs, and Multipurpose UTVs), By Fuel Type (Conventional Fuel UTVs and Electric UTVs), and By End-Users (Tourism, Industry, Agriculture, Public Sector, Logistics, Other) Forecast Period (2022-2028)

The global utility task vehicles (UTVs) market is anticipated to grow at a CAGR of 5.9 % during the forecast period (2022-2028). Utility task vehicles (UTVs) or utility terrain vehicles (UTVs) have seen rapid growth in both the sports and utility sectors in recent years. This piqued the interest of several leading off-road vehicle manufacturers, prompting them to enter this market. UTVs are more agile than traditional sports utility vehicles (SUVs) and can carry more payload than all-terrain vehicles (ATV). Aside from off-road adventure and recreational activities, UTVs are finding applications in a variety of end-use verticals. The incorporation of UTVs for defense, rescue, surveillance, farming, and mining, among other applications, is stimulating UTV sales across the globe.

Due to the popularity of UTVs with IC engines, particularly diesel engines, conventional fuel UTVs are expected to fuel the market growth during the forecast period. UTVs with IC engines have more power and are associated with the excitement of riding and racing. As a result, the segment was expected to triumph over its electric counterpart during the forecast period. Electric UTVs are still in their infancy and are undergoing rapid technological advancement. With major manufacturers focusing on its development, electric UTVs are expected to capture a remarkable market share during the forecast period.

In the utility task vehicles (UTV) market, the players are taking strategic initiative to bring new variations and attract more customers from a variety of end-use applications. These companies introduce dedicated vehicles for agriculture, sports, and military applications with advanced safety features, performance, and utility, instilling customer confidence in their products. Companies are competing on price with each other and non-branded companies from developing regions for market share, and the competition is expected to heat up even more during the forecast period. For instance, in November 2019, Maruti Suzuki to launched 2 utility vehicles in India. The company will give a major makeover to its popular compact SUV, the Vitara Brezza in early 2020. The updated model will receive a petrol engine option, which is missing in the current car. The SUV will get the brand’s new 1.5-litre K15B petrol engine with SHVS mild hybrid system, which will also power the S-Cross.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • ByVehicle Type
  • By Fuel Type
  • By End-Users
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Polaris, John Deere, Kawasaki, Yamaha, Kubota, Can-Am(BPR), CFMOTO, Nikola Motor Company, Alke, Honda, HSUN Motor, and

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Utility Task Vehicles Market Report by Segment

By Vehicle Type

• Sports UTVs
• Load Carrier UTVs
• Multipurpose UTVs

By Fuel Type

• Conventional Fuel UTVs
• Electric UTVs

By End-Users

• Tourism
• Industry
• Agriculture
• Public Sector
• Logistics
• Other

Global Utility Task Vehicles Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa