Global Utility Task Vehicles Market Overview:
The increasing consumer disposable income and improving living standards will help to boost global Utility Task Vehicles market. Utility Task Vehicles are also known as side-by-sides are vehicles capable of commuting over rough terrains and are powered by IC engines or electric motors. Utility Task Vehicles are driven with the help of steering’s and can accommodate two or more people and additional loads. Additionally, it can also tow small to medium size loads and hence are gaining popularity for several end-use applications including mining, farming, and search and rescue operations. In addition, UTVs are greatly admired by adventure lovers and off-road racers. The demand from agriculture, defense, and mining sectors have improved, further boosting the market development. Supportive initiatives from governments as well as private organizations to encourage sports activities have accelerated the adoption of these vehicles all over the world. Some of the key players profiled in the study are Polaris Industries (United States), Kawasaki Heavy Industries Motorcycle & Engine Company (Japan), Suzuki Motor Corporation (Japan), Yamaha Motor Company, Limited (Japan), Honda Motor Co., Ltd. (Japan), Deere & Company (Japan), Husqvarna AB (Sweden), Kubota Corporation (Japan), Case IH (United States) and Bobcat Company (United States).
On the basis of geography, the market of Utility Task Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Utility Task Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Sports UTVs will boost the Utility Task Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel Type, the sub-segment i.e. Conventional Fuel UTVs will boost the Utility Task Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- High Demand In Sports Sectors
- The Growing Demand for Sports and Adventure Activities
Market Trend
- High Adoption of Electrical Utility Task Vehicles
- Growing Popularity of Off-Road Recreational Activities
Restraints
- High Cost Associated With Utility Task Vehicles
Opportunities
- High Adoption of Due to Rising Popularity Off-Roading Activities in Developing Countries
- Huge Demand Due To Technological Innovations with Upgraded Performance and Efficiency
Challenges
- Rough and Unsafe Driving Of These Vehicles Influence the Consumers’ Discretion
Major Market Developments:
On 10th December 2018, Polaris Commercial has launched utility task vehicles (UTVs) purpose-built for work: the all-new PRO XD. The PRO XD line from Polaris offers three diesel-powered models built to withstand the tough duty cycles and usage on the worksite, boasting industry-leading payload and towing capabilities and unmatched durability, serviceability and safety tailored to the commercial working customer.
The global Utility Task Vehicles market is dominated by some of the biggest automotive and utility vehicle manufacturing enterprises. Major automotive manufacturers recognized the market potential and henceforth are facing fierce rivalry among each other to claim their market share. Key players are also eyeing to grab defense and military contracts to offer UTV for surveillance and rescue operations.
Target Audience:
Utility Task Vehicles Manufactures, Suppliers and Distributors, Industry Associations, Government and Private Research Organizations, Government Regulatory Bodies and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Utility Task Vehicles market on the basis of product [
] , application [Sports, Mining, Entertainment, Agriculture, Defense and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Utility Task Vehicles market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Utility Task Vehicles industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are Mahindra & Mahindra Limited (India) and Caterpillar Inc. (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Utility Task Vehicles market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.