Acknowledging the kind of traction gained by this market, recently published a study report by industry data analytics asserts the global Caps and Closures for Non-carbonated Beverages Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 9.8% during the review period (2022 to 2027).
Utility terrain vehicles are majorly motivated by their capabilities of working as off-road vehicles and carrying equipment. Functioning off-road needs the unit to operate around difficulties and over rough terrains. Booming 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.The utility terrain vehicle can be modified in wide varieties as per the application. Owing to this factor, the UTVs are flattering a more popular option in the many industries for transmission tackle. The increasing demand for utility terrain vehicles for the agriculture, hunting processes, and edifice sector is probable to drive the market over the forecast period. The rising trend of customers towards off-road recreation doings is likely to propel the growth of the market.
The high cost of the utility terrain vehicle is expected to restrain the growth of the market over the forecast period. Also, rollover crash, inadequate occupant protection, and direction-finding features are some factors that are probable to be a limit to the usefulness terrain vehicle market. Rising outdoor chances is expected to be a major hindrance to the growth of the utility terrain automobile market.
The global UTV (Utility Terrain Vehicle) Market includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include Polaris, John Deere, Kawasaki, Yamaha Motor, Kubota, Arctic Cat, Honda, BRP, KYMCO, HSUN Motor, CFMOTO, Linhai Group.
March 2, 2022: Polaris Announces Expansion of Distribution Center in Wilmington, Ohio
Polaris Inc. (NYSE: PII) officially announced plans to expand its distribution facility in Wilmington, Ohio aimed at providing additional distribution capacity, expanding product assortment, improving delivery, customer service, and optimizing operations. The 165,000 square-foot expansion will bring the facility footprint to 465,000 square feet.
5 January 2022: John Deere Reveals Fully Autonomous Tractor at CES® 2022
John Deere revealed a fully autonomous tractor that’s ready for large-scale production. The machine combines Deere’s 8R Tractor, TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies. The autonomous tractor will be available to farmers later this year.
UTV (Utility Terrain Vehicle) Market is segmented based on the Type, Applications and Regions.
By Type, it is segmented into
By Applications, it is segmented into
North America region is anticipated to dominate the global production and sales of all types of utility terrain vehicles. Countries such as U.S. and Canada have a vast range of utility terrain vehicle manufacturers who are efficient in manufacturing extremely efficient utility terrain vehicles with advanced features. Utility terrain vehicle manufacturers grow 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 includes 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.
Forecast Period 2022 to 2028 CAGR
CAGR of 9.8% during the review period (2022 to 2027).
Polaris, John Deere, Kawasaki, Yamaha Motor, Kubota, Arctic Cat, Honda, BRP, KYMCO, HSUN Motor, CFMOTO, Linhai Group.
2017 to 2021
2022 to 2027
Number of Pages
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What is the CAGR of the global utility terrain vehicles (UTV) market?
The CAGR of the global utility terrain vehicles (UTV) market from 2022-2027 is above 9.8%.
Which is the major issue probable to utility terrain vehicles (UTV) market?
Rapid technological advancements in vehicle design, flourishing sports industry, and increasing demand usefulness form military business are major factors expected to drive the growth of global utility terrain vehicle market.
Which region is expected to account for utility terrain vehicles (UTV) market?
The North America is expected to account for significant revenue share in the global market.
Who are the key players of the utility terrain vehicle (UTV) market?
Arctic Cat (U.S.), BRP (Canada), Honda Motor Company, Ltd. (Japan), and Kwang Yang Motor Co, Ltd (Taiwan) are reputed names in the utility terrain vehicle (UTV) market.
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.