GLOBAL ATV AND UTV MARKET FORECAST 2023-2032

1. ATV and UTV Market: What are the Major Differences? All-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs) are gaining incredible popularity worldwide for their various applications. UTVs & ATVs have been conventionally used for recreation and sports, with riders riding through various hiking trails as well as natural parks. These vehicles are also useful in various areas, including warehouses, shipping yards, and agriculture. Inkwood Research anticipates that the global ATV and UTV market will propel with a 4.64% CAGR by the end of the forecasted years 2023- 2032. Factors such as increasing ATV & UTV use in the military, the growing popularity of adventure sports, and government regulations supporting the use of these vehicles are expected to contribute to the market growth. Besides, there has been a growing demand for off-road vehicles for military activities, including transporting troops and driving on rugged terrain. Other factors, such as superior navigation, high maneuverability, and flexibility, have increased the demand for such vehicles, augmenting the ATV and UTV market demands. Based on these demands, companies are developing superior vehicles with optimum features. Some of the advanced product launches are listed below: In November 2022, Suzuki Motor Corporation launched the all-new GSX-8S street fighter and V- STROM 800DE sport adventure tourer at the EICMA 2022. Both models offer an optimized balance of rideability required in daily commuting and touring. In March 2021, Polaris introduced two RZR Pro XP Rockford Fosgate Limited Edition machines. These vehicles offer an incredible audio experience for outdoor adventures with their Sport and Ultimate model and are available in four-seat and two-seat configurations. Key Differences Between UTVs and ATVs In Features: All-terrain vehicles or ATVs are four-wheeled off-road vehicles with a mountable seat, handlebar steering, and a single rider. Also known as four-wheelers or quads, ATVs are generally smaller than UTVs, and with physically intensive operations. On the other hand, UTV boasts four to six wheels, bucket seating or a bench with seatbelts for 4 to 6 passengers. The driver operates the machine with foot pedals and steering wheels. Moreover, it is shielded by a cage or a roll bar, with options to add rear as well as front windshields or enclose the cab for additional protection. In Size: ATVs are comparatively smaller than UTVs and are often better for quick turns and tight spaces. Mostly used for racing, ATVs are physically demanding to ride, as drivers need a significant amount of strength to mount the seat and maintain balance for optimum control.

2. In contrast, since UTVs are larger, they are more comfortable and allow riding with multiple passengers due to their roll-cage-like enclosure with bucket seats. Also, most UTVs come with storage space which offers a reasonable way to pack gear. In Costs: When it comes to cost, stock ATVs are typically less expensive than UTVs, as UTVs require added safety features like seat belts, roll-cages, and windscreens. While both ATVs and UTVs can be modified for performance, popular UTV modifications, like power steering, four-wheel independent suspension, and specialty lighting, tend to carry a heavier price tag. Therefore, when budgeting for off-road vehicles, safety accessories and gear like gloves, heavy-duty boots, helmets, protective clothing, and loading ramps for easy transportation should also be considered. Future Relevance of Electric ATVs & UTVs According to our research, electric-powered ATVs and UTVs are expected to be the fastest-growing fuel- type segment, with a CAGR of 8.90% by the end of 2032. As battery technology advances and electric vehicle (EV) payload capacity and range improved, electric ATVs and UTVs are anticipated to surge significantly through the next decade. In 2021, BRP Inc declared its five-year plan to develop electric models in each product line by the end of 2026. BRP has also planned to invest around $300M over five years in specialized equipment, infrastructure, facilities, production tooling, and product development. On the other hand, Optimus Ride and Polaris Inc announced a partnership in 2021 to bring fully autonomous Greenhouse Gas Emissions Model (GEM) vehicles to the market. An exclusive range of Polaris GEM electric low-speed vehicles (LSVs) are planned to be manufactured to incorporate Optimus Ride’s autonomous hardware & software suites directly from the factory for deployment in academic & corporate campuses, residential communities and other localized environments. Such initiatives by market players are expected to propel the global ATV and UTV market growth. Frequently Asked Questions (FAQs) 1.Which country leads the global ATV and UTV market in terms of revenue? A: China leads the global ATV and UTV market in terms of revenue. 2.What are the end-users analyzed in the global ATV and UTV market? A: Military & defense, recreational, sports, agriculture & utility, and other end-users are analyzed in the global ATV and UTV market.