In recent years, the global ATV and UTV market has gained immense popularity, surging its growth rate at 6.15% between 2021 and 2028. The trend of recreational activities and adventure sports in several countries and support from tourism councils as a tourist attraction is attributed as revenue-generating in both developed and developing markets. Also, with favorable government regulations and expanding variations, the market is positively welcomed in diverse industries, notably in the military, survey, forestry, agriculture, sports, etc.
The market competition has intensified tremendously. Companies are contending on two direct factors: global expansion and high-quality standards with cost-effective prices. However, the ban on ATV and UTV driving in wildlife areas and high maintenance costs are challenges these players can overcome with innovation.
Below listed are Few Noteworthy contenders of the ATV and UTV market:
1. POLARIS
Polaris Industries, headquartered in Medina, Minnesota, is an American manufacturer of ATV, snowmobiles, and electric vehicles and manufactures and designs power sports vehicles. It offers all-terrain vehicles, utility vehicles, snowmobiles, motorcycles, passenger vehicles, commercial vehicles, low emission vehicles, and light-duty hauling vehicles. Moreover, the company also provides snow bike conversion kit systems and supplies numerous spare parts and accessories. Polaris markets its launches under the Turbo DYNAMIX, Timbersled, Polaris ACE, RANGER XP, RZR XP, Indian Motorcycles, Slingshot, DAGOR, MRZR, Pro Armor, Sportsman MV, and Tail tech brands.
2. YAMAHA
Headquartered in Iwata, Shizuoka, Yamaha Motor Co. is a Japanese manufacturer of motorcycles, marine products, industrial machinery and robots, power products, and other motorized products. It provides recreational vehicles, commuter vehicles, all-terrain vehicles, off-highway vehicles, and snowmobiles. The company’s offerings also include marine engines, wakeboard towing boats, power-assisted bicycles, generators, industrial robots, automobile engines, electric wheelchairs, unmanned helicopters, and golf cars. Yamaha introduced its first 3-wheeled ATV in the U.S in 1980 and its 4-wheeled ATV in 1984. Since then, the popular brand has developed an extensive line of sport utility and side-by-side ATVs.
3. KAWASAKI
Kawasaki Heavy Industries, Ltd engages in motorcycle and engine, ship and offshore structure, aerospace, rolling stock, gas turbine and machinery, precision machinery, and plant & infrastructure business. Its motorcycle and engine segment provides motorcycles, utility vehicles, all-terrain vehicles, personal watercraft, and general-purpose gasoline engines. Founded in 1878, headquartered in Tokyo, Japan, it sells its products in Japan, United States, Europe, Asia, and many places worldwide.
4. KYMCO
Kwang Yang Motor Co, Ltd is a Taiwanese company that designs and manufactures a wide range of ATVs, motorcycles, motor scooters, and utility vehicles worldwide. The company produces more than 570,000 vehicles annually and has additional reach in production facilities in Shanghai, Jakarta, Changsha, Petaling Jaya, and Chengdu. In addition, it serves over 600 locations across the United States with an extensive line of ATV models.
5. SUZUKI MOTOR CORPORATION
Suzuki is one of the top notable names in the automobile industry. The company manufactures automobiles, marine, motorcycles, and power products. It provides standard-sized vehicles, mini-vehicles, all-terrain vehicles, sub-compact vehicles, motorized wheelchairs, outboard motors, and electro senior vehicles. Moreover, it also provides premium luxury cars and sports utility vehicles (SUVs). Headquartered in Hamamatsu, Japan, Suzuki has 133 distributors in 192 countries and 35 production facilities in 23 countries.
6. BRP INC.
Originally known as Bombardier (BRP), Can-Am is headquartered in Valcourt, Canada, founded in 1937. The company manufactures recreational vehicles such as Sea-Doo watercraft, Can-Am ATVs, Rotax engines, Spyder roadsters, and many more. The company, with its subsidiaries, designs, manufactures, develops, distributes, and markets marine products and power sport vehicles worldwide. It launched its first side-by-side ATV in 2002 and is still developing its line of ATVs suitable for ranchers or farmers, focusing on a strong, utility ATV to fasten their work.
7. TEXTRON INC. (ARCTIC CAT)
Founded in 1960 and headquartered in Thief River Falls, Minnesota, Arctic Cat is now a part of Textron Inc. The company designs, manufacture, and distributes ATVs, snowmobiles, and related parts. It produced its initial ATV in 1996 and today boasts an extensive range of ATVs. On March 6, 2017, Textron acquired Arctic Cat, a manufacturer of all-terrain vehicles, snowmobiles, and side-by-sides. Textron Inc. serves telecommunications, construction, maintenance, electrical, data communications, utility, and plumbing industries.
8. HISUN MOTORS CORPORATION
Hisun Motors Corporation is one of the fastest flourishing companies in the USA market. The company aims at delivering a wide range of unique and versatile ATVs and UTVs, surpassing the industry expectations. In addition, it offers technical support, housing final assembly, and parts distribution. In the US, Hisun Motors is the largest provider of powersports vehicles.
Conclusion
The global ATV and UTV market is projected to see excitement in the years ahead as companies lien on technology for innovation. The opportunistic areas for the operating players include the production of safety features & advanced control systems. Also, the rise in brands and OEM manufacturers will turn favorable to market growth.