ATV & UTV Market Expected to Reach $11.95 Billion by 2027
The all-terrain vehicle (ATV) and utility terrain vehicle (UTV) are one of the few markets that have witnessed substantial growth during the pandemic. An all-terrain vehicle (ATV) is a vehicle fitted with four low-pressure tires and handle bars. ATVs are known for their maneuverability & off-road capabilities and are applicable in military, survey, forestry, agriculture, sports, and others. These are handled quite differently and require training. These are usually used in off-road environments, but few regions permit the use of these vehicles on public roads as well. A utility terrain vehicle (UTV) is a vehicle designed to perform tasks in an efficient manner than a general-purpose vehicle. It is also known as a side-by-side, four-wheel drive off-road vehicle, with a capacity of two to six people. Recreational off-highway (ROV) and multi-purpose off-highway utility vehicle (MOHUV) are other terms used for this vehicle. According to a recent report published by Allied Market Research, the global ATV and UTV market was valued at $7.6 billion in 2017, and is projected to reach $11.95 billion by 2027, registering a CAGR of 6.7%. The report said: “North America dominates the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. In North America, U.S. dominated the ATV and UTV market in 2019, whereas Canada is expected to witness growth at a significant rate during the forecast period… By vehicle type, the UTV segment is expected to dominate the market, in terms of revenue. In addition, by displacement, the 400 – 800 cc segment dominated the global ATV and UTV market in 2019. Whereas, less than 400 cc is expected to grow at the highest CAGR during the forecast period. Region-wise, North America is anticipated to be the highest revenue contributor, and LAMEA is expected to grow at a lucrative CAGR.” Active EV stocks in news today include: Volcon Inc. (NASDAQ: VLCN), NIO Inc. (NYSE: NIO), Lucid Group (NASDAQ: LCID), ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), Arcimoto, Inc.® (NASDAQ: FUV).
Allied Market Research concluded: “Increase in trend of adventure sports & recreational activities, adoption of ATV and UTV in military activities, and government rules to support driving ATVs and UTVs on road, propel the growth of the ATV and UTV market, Furthermore, production of safer ATVs and UTVs is a remarkable future growth opportunity for the global ATV and UTV market.”
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