Utility Terrain Vehicles Market for Side-by-side vehicles offering increased seating capacities coupled with quieter riding experience are further strengthening the utility terrain vehicles market share. For instance, in October 2018, Textron specialized vehicles launched the new Prowler Pro XT series, providing three-bench passenger seating capacities and quieter gas engines.
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North America will continue to dominate the Utility Terrain Vehicles market owing to the presence of numerous adventure trails and clubs. The rapid urbanization in conjunction with the growing construction activities is driving the demand for utility terrain vehicles across the region. Proliferating recreational activities coupled with rising disposable income are providing a positive outlook for market expansion.
The exponential growth map of the global utility terrain vehicles market can be aptly credited to the rising preference for a UTV in numerous in utility activities. In an effort to diversify their product offering, major UTV manufacturers are lately focusing on developing vehicles that can address different requirements from a varied array of application segments, including agriculture, construction & forestry, which serve to further propel the utility terrain vehicles market growth over the forthcoming years. Moreover, to keep these vehicles relevant for a particular application, industry players are also introducing new accessories, machines & attachments, which makes these already popular vehicles a must-have tool, thereby ensuring sustained growth for the Utility Terrain Vehicles (UTV) market.
Technological advancements in vehicles for enhancing vehicle performance and offer comfortable riding experience are supporting utility terrain vehicles market growth over the study timeframe. Improved transmission and suspension systems delivering multi-drive mode functions are increasing the demand for new UTVs.
Increasing deployment of military utility vehicles for tactical and combat operations is bolstering the segment growth. Advanced side-by-side vehicles providing higher payload and multi-mission capabilities along with enhanced drivability are leveraging the side-by-side vehicles market share over the forecast timeframe. For instance, in May 2018, the U.S. army purchased 20 MRZR X vehicles for soldier trials, providing modular & multi-mission support platforms.
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Higher displacement engines above 800 cc offer superior torque, improved power delivery capabilities, and enhanced volumetric efficiencies, thereby supporting the segment share over the study timeframe. Shifting preferences for using higher displacement engines for sports activities along with the introduction of advanced models targeting a wide customer base will further escalate the utility terrain vehicles market share until 2025. For instance, in November 2017, Mahindra introduced new Retriever UTV equipped with 83-horsepower 1,000 cc gas engine, providing enhanced power and towing capacity.
Increasing preference of youth to indulge in sports and leisure activities is providing a positive outlook for utility terrain vehicles market growth over the study timeframe. The availability of numerous camping destinations provides potential opportunities for adventure enthusiasts to participate in recreational activities. Off-road racing events and championships are gaining a higher visibility in the market. For instance, the UTV world championship 2019 organized by Polaris is to be held in April 2019, positively influencing the market growth.
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Few industry players in the Utility Terrain Vehicles (UTV) market include Arctic Cat, Inc, Deere & Company (John Deere), Polaris Industries, Inc, Kubota Corporation, Kawasaki Motors Corp., Honda Motor. Co., Ltd., and Bombardier Recreational Products. Manufacturers are emphasizing on developing new side-by-side vehicles, offering easier customization options resulting in advanced vehicle capabilities.