The Latin America, Middle East and Africa ATV and UTV Market would witness market growth of 10.4% CAGR during the forecast period (2023-2030).
Compared to conventional vehicles, the design of an ATV vehicle guarantees superior protection from challenging working circumstances. ATVs have grown in popularity over the past several years due to their simplicity of usage in remote areas and their capacity to provide a convenient way of transporting supplies and equipment. In recent years, a number of regions have permitted the use of these vehicles on public roads.
Additionally, they are utilized in applications including manufacturing, construction, utilities, mining, and search and rescue. Some significant companies support adventure sports and off-road racing events to attract new clients and improve brand awareness. UTVs, usually referred to as side-by-sides or utility terrain vehicles, have recently become essential in various industries.
Saudi Arabia ranked among the most significant defense spender in the in 2021. The nation’s defense spending has increased significantly in the last decade due to various reasons, like wars in neighboring countries. In addition, to the economic diversification program under vision 2030, The government aims to localize almost half of its military procurement by 2030. In consideration to this, the regional military sector would invest in assets such as ATVs and UTVs, thereby resulting in the growth of regional market.
The Brazil market dominated the LAMEA ATV and UTV Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $334.1 million by 2030. The Argentina market is poised to grow at a CAGR of 11% during (2023 - 2030). Additionally, The UAE market would display a CAGR of 10.1% during (2023 - 2030).
Based on Vehicle Type, the market is segmented into UTV, and ATV. Based on Fuel Type, the market is segmented into Gasoline Powered, Diesel Powered, Electric Powered, and Solar Powered. Based on End Use, the market is segmented into Mountaineering, Military, Agriculture, and Others. Based on Displacement, the market is segmented into More Than 800 CC, 400 CC To 800 CC, and Less Than 400 CC. Based on Power Output, the market is segmented into 50kW To 100 kW, Less Than 50kW, and Above 100 kW. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide ATV and UTV Market is Projected to reach USD 17.6 Billion by 2030, at a CAGR of 7.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bombardier Recreational Products, Inc., Zhejiang CFMoto Power Co., Ltd., Deere & Company, Honda Motor Co. Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Kwang Yang Motor Company Ltd., Suzuki Motor Corporation, Textron, Inc., and Yamaha Motor Co., Ltd.
By Vehicle Type
By Fuel Type
By End User
By Displacement
By Power Output
By Country
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