Market Synopsis:
Utility task vehicles (UTV) also termed as recreational off highway vehicle (ROV) is an automobile primarily used for commercial, transportation and recreational purposes. These vehicles are particularly meant for off road operations. Various types of UTV vehicles are listed which includes: Sports utility vehicle, Crossover utility vehicle, Electric utility vehicle and light equipment vehicles. Sports UTV are specifically designed for off road purpose with light to heavy duty jobs. John Deere Utility vehicles are the best examples of this type. Crossover utility vehicles (CUV) also falls under the category of sport utility vehicle which is designed on car frame with little off road capacity; Toyota’s RAV4 is the example of CUV. Electric utility vehicle brings forth with a green alternative solution to the normal UTV. Light equipment vehicles are generally used as maintenance vehicles. For instance: Kawasaki’s MULE is the best example of this type.
As the name implies All-terrain vehicle (ATV) is automotive equipment designed to handle terrain than most other vehicles. ATV also termed as quadricycle is the vehicle designed which operates on low-pressure tire with a seat fixed and handlebars for the steering purpose. Despite of similar applications, there are some differences between UTV and ATV. Variation in the load carrying capacity is the fundamental difference. Due to the varied structured difference UTV possess higher load carrying capacity. ATV can carry 125 to 200 lbs, while UTV has a higher payload of 800 to 1350 lbs.
Market Growth:
Technical advancement in the configurations like transmission design, electric start to increase the efficiency with the lowered cost is the significant factor propelling the market growth. For instance: On October 2017, Team Industries announced its innovation in the transmission design Continuous Variable Planetary (CVP), for the all-terrain and utility task vehicles. The major advanced features of CVP include the replacement of belts or gears with the spheres, thus achieving a lower NVH (noise, vibration and harness). Increased interest in the recreational and sport activities among the people is expected to drive the market. For instance: Lamborghini, an Italian automotive manufacturer specialised in sports car and SUV’s launched its first sports utility vehicle named “Urus” in India.
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Market Segmentation:
UTV and ATV market is segmented on the basis of displacement power and applications. On the basis of displacement power the market is segmented as: <400cc, 400-800 cc and >800c. Depending upon the application the market is bifurcated into: Defence, transportation, agriculture and sports. For instance: Polaris Government and defence, a subsidiary of Polaris industry specialised in manufacture of utility vehicles for the defence sectors has provided 10 new RANGER XP 1000 utility vehicle for the purpose of parades and patrolling in the urban areas.
Regional Analysis:
North America accounts for the largest share in the market due to the shifting trends of usage in the sectors like agriculture, sports and forestry. Increased interest towards the recreational activities is also propelling the market growth. Asia Pacific is the fastest growing region owing to its increasing demand in India and China. Increased purchasing power and defence budget especially in China and India is the significant factor behind the market growth. Based on the regions covered the market is analysed across:
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Competitive Analysis:
Increased competition between the prominent players and new entrants is expected to result in the innovation of products. The Major Key players are expected to adopt the strategies like mergers and acquisitions, innovation in the products, hence stimulating the market growth. The major key players in the UTV and ATV market are:
Latest News, Innovation:
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