Utility Terrain Vehicles Market revenue in the U.S. to cross USD 5.5 Bn by 2026, UTV shipments to hit 450 thousand units: Global Market Insights, Inc.

SELBYVILLE, Del., February 21, 2020 (Newswire.com) - ​According to latest report “U.S. Utility Terrain Vehicles Market by Displacement (Below 400 CC, 400-800 CC, Above 800 CC), Application (Utility, Sports, Recreation, Military), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of utility terrain vehicles in the United States will reach US$5.5 billion by 2024. Increasing off-road leisure activities and high demand for advanced off-road vehicles among young & adult population across the country will drive the market growth.

Growing youth inclination toward recreational activities including trail sports, motorcycle riding, and adventure sports has enhanced the demand for powersports vehicles. These factors along with the development of eco-friendly UTVs is creating awareness among non-users and environmentally conscious consumers. Improving economic factors, such as per capita GDP and disposable income, and rising urban population are the key factors driving the UTV market demand in the U.S.

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The 400 – 800 cc UTV displacement segment in the market is witnessing significant growth due to maximum features and enhanced safety. Increasing off-road desert championships in the U.S. will drive the segment growth. Vehicles offer roll cage structure that enhances vehicle safety and reduces the chances of injuries & fatalities. Industry players are engaged in innovating and developing advanced vehicles that will increase the demand for 400 – 800 cc UTVs.

Utility terrain vehicles market is gaining popularity in military & defense applications due to their features and enhanced safety. The government is making investments in deploying new UTVs and upgrading the existing ones to enhance their features.

For instance, in December 2019, the U.S. Marine Corps (USMC) announced the upgrading of its UTVs. Around 250 vehicles are expected to integrate with new floorboards, tires, canopies, and other accessories that will aid in improving vehicle functioning and safety.

Several UTV companies in the Minnesota and Michigan region are promoting the uptake of UTVs for recreational activities by investing heavily in off-road competitions and outdoor recreational activities.

For instance, in February 2017, Yamaha Motor Corp. announced grants of USD 350,000 to 26 recipients for promoting the use of UTVs in outdoor recreation through its Yamaha Outdoor Access Initiative (YOAI). The YOAI is also working toward the promotion of projects that provide enjoyable and satisfactory experience to UTV riders.

Companies are focusing on developing safety measures such as all-terrain airless tires, covered roof for rollover situations, efficient toggling between 2WD and 4WD, independent suspensions for better stability, and sustainability in variable weather conditions.

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Some major findings of the U.S. utility terrain vehicles (UTV) market report include:

-  The U.S. utility terrain vehicles market is primarily driven by increasing consumer spending on leisure & adventure activities. Consumers across the region are increasingly involving in outdoor recreational activities, supporting market growth.

-  Increasing government support to expand regional outdoor recreational as well as the travel & tourism industry will create a positive outlook for the UTV market growth in the U.S.

-  Sports clubs across the region are organizing UTV racing events and offering large prizes to winners, increasing consumer participation.

-  The advent of hybrid off-road models will have a positive impact on the industry owing to high fuel efficiency and low emissions.

-  Some of the leading UTV market players in the United States include Polaris, Inc., Yamaha Motor Co., Ltd., BRP, Inc., Kawasaki Motors Sports, LLC., Hisun Motors, KYMCO, Deere & Company, Caterpillar Inc., and Arctic Cat, Inc.

-  UTV providers are focusing on strategic collaborations and new product launches with enhanced features to gain market share.

Table of Contents (ToC) of the report:

Chapter 3   U.S. Utility Terrain Vehicles (UTV) Market Insights

3.1   Industry segmentation

3.2   Industry landscape, 2016 - 2026

3.3   Consumer behavior analysis

3.3.1   Consumers participation analysis in UTV sport activity, by region

3.3.2   Consumers participation analysis in UTV recreational activity, by region

3.3.3   U.S. outdoor recreation participation demographics

3.4   Industry ecosystem analysis

3.4.1   Distribution channel analysis

3.4.2   Vendor matrix

3.5   Technological and innovation landscape

3.5.1   Four-wheel drive (4x4)

3.5.2   Independent suspension

3.5.3   Continuously Variable Transmission (CVT)

3.5.4   Electronic Fuel Injection (EFI)

3.6   Pricing analysis

3.6.1   Cost structure analysis

3.7   Regulatory Landscape

3.7.1   Southern U.S.

3.7.1.1    Alabama

3.7.1.2    Texas

3.7.2   Western U.S.

3.7.2.1    Washington

3.7.2.2    Utah

3.7.3   Northeast U.S.

3.7.3.1    Maine

3.7.3.2    Pennsylvania

3.7.4   Midwest U.S.

3.7.4.1    Ohio

3.7.4.2    Nebraska

3.8   Industry impact forces

3.8.1   Growth Drivers

3.8.2   Industry pitfalls & challenges

3.9   Growth potential analysis

3.10 Porter’s analysis

3.11 Competitive landscape

3.11.1 Top players analysis

3.11.2 Strategy dashboard

3.12 PESTEL analysis

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.