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Utility Terrain Vehicle (UTV) Market 2018

Utility Terrain Vehicle (UTV) Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Utility Terrain Vehicle (UTV) Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023

Global Utility Terrain Vehicle (UTV) Market Research Report: Information by Product Type (Displacement (CC): ≤ 400CC, Displacement (CC): 400-800 CC and Displacement (CC): ≥ 800 CC), Application (Work UTV, Sport UTV, Others) and Region – Forecast till 2023

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Market Synopsis

A utility terrain vehicle (UTV) refers to a vehicle that is designed specifically for efficiently performing tasks as compared to the general-purpose vehicle. These vehicles are also known as four-wheel drive off-road vehicles and side-by-side vehicles. They have a capacity of two to six persons.  

Utility terrain vehicles are majorly driven by their capabilities of working as off-road vehicles and carrying equipment. Functioning off-road needs the unit to operate around obstacles and over rough terrains. Carrying equipment needs the strength to haul a load and the ability to stay above softer ground. These vehicles are majorly equipped with roll-over protection system. Increasing consumer preference toward offload recreational activities is leading to an increase in adoption of the utility terrain vehicles market. Utility terrain vehicles are majorly used for the recreational purposes. These are also being used in various sectors such as military and defense, forestry, and agriculture.

However, the growth of this market is hampered by adverse effects caused during a rollover crash such as inadequate lateral stability, inadequate occupant protection and undesirable steering characteristics. Therefore, utility terrain vehicle market has seen remarkable growth in the global market and it has been observed that, it is expected to expand with the CAGR of ~6%.

Geographically, the global utility terrain vehicle market has been divided into four major regions such as North America, Europe, Asia Pacific, and Rest of the World. North America region is expected to dominate the global production and sales of all types of utility terrain vehicle. Countries such as U.S. and Canada have a vast range of utility terrain vehicle manufacturers who are efficient in manufacturing highly efficient utility terrain vehicle with advanced features. Utility terrain vehicle manufacturers develop different vehicles, which can be used in different scenarios and landscapes. The biggest attraction with respect to utility terrain vehicle in U.S. is the annual motorsport competition, which involves different formats such as mountain terrain and rocky terrain. Thus, such competitions also cause significant growth in the tourism industry, thereby driving the growth of the market.

The prominent players in the utility terrain vehicle market include Polaris Industries, Inc. (U.S.), Kawasaki Heavy Industries Ltd. (Japan), John Deere (U.S.), Yamaha Motor Company Limited (Japan), and Kubota Corporation (Japan). Hisun Motors Corp (U.S.), Arctic Cat (U.S.), Honda Motor Company, Ltd. (Japan), BRP (Canada) and Kwang Yang Motor Co, Ltd (Taiwan) are among others.                

The report for Global Utility Terrain Vehicle market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecast market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

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