The North America ATV and UTV Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030).
Over the past few years, ATVs and UTVs have become popular as practical means to carry equipment and supplies while enabling access to remote areas. ATVs and UTVs are additionally utilized for transportation purposes by eliminating the use of animals. The military, marine, and army ground units also use these vehicles for patrol, security, and reconnaissance purposes. For instance, in November 2020, Polaris Government & Defense developed Sportsman MV850 ATV for military uses, such as training and forward operations' administrative, security, patrol, and reconnaissance purposes.
In addition, continuous government support for using off-road vehicles in various industries, including military & defense, agriculture, and others, creates more opportunities for the market to expand. The use of electric ATVs and UTVs is governed by state-specific legislation and rules. Off-road vehicles, or LSVs, must also be insured and registered in some states. The use of these vehicles may also be governed by local laws in some towns and cities. Most states require that drivers of electric ATVs and UTVs be at least 16 years old.
The North American region is anticipated to have a significant demand for off-road vehicles during the forecasted period. All-terrain vehicles significantly rose as youth’s interest in outdoor and adventurous activities increased. The growth of leisure spending and the quantity of off-roading activities in the area are the two main factors driving the market. The availability of a wide range of ATVs at various price points is also anticipated to promote growth.
The US market dominated the North America ATV and UTV Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,129.7 million by 2030. The Canada market is showcasing a CAGR of 9.3% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 8.4% 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 U.S., Mexico, Canada, and Rest of North America.
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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