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ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

Asia-Pacific Electric ATV and UTV Market by Vehicle Type (ATV, UTV) Market by Propulsion Type (Battery Electric ATV and UTV, Hybrid Electric ATV and UTV) Market by Displacement (≤400 (CC), 400-800 (CC), ≥800 (CC)) Market by Battery Capacity (Up to 48V, 48V to 72V, More Than 72V) Market by End-user (Recreational, Sports, Agriculture & Utility, Military & Defense, Other End-users) by Geography


MARKET OVERVIEW

The Asia-Pacific electric ATV and UTV market is expected to project a CAGR of 12.10% during the forecast period, 2024-2032, and is set to garner a revenue of $xx million by 2032.

The electric ATV and UTV market growth in Asia-Pacific is attributed to the rising popularity of power sports and the growing number of recreational activities. 

Whereas the Asia-Pacific electric ATV and UTV market growth is hindered by imposed import tariffs.

Asia-Pacific Electric ATV & UTV Market

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The Asia-Pacific electric ATV and UTV market growth evaluation includes the assessment of China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific. The expansion of the market in Japan can be credited to the rising interest in adventure sports, favorable government regulations, and a growing utilization of ATVs and UTVs in military operations, all contributing to the market’s advancement. Key ATV and UTV manufacturers in Japan, including Suzuki, Kawasaki, and Honda, actively promote market growth by introducing new off-road vehicle models to compete in the market. These vehicles find application in Japan’s rugged and hard-to-reach areas, serving purposes such as transportation from farms to cities and domestic travel.

Whereas ATVs and UTVs are widely used in the mountainous areas and islands of South Korea. The anticipation is that the demand for these vehicles will rise alongside the expansion of the power sports industry, driven by evolving consumer preferences. Additionally, the growing influence of key industry players is poised to enhance the demand for these vehicles.

The Asia-Pacific electric ATV and UTV market segmentation includes end-user, battery capacity, displacement, propulsion type, and vehicle type. The end-user segment includes military & defense, agriculture & utility, sports, recreational, and other end-users. 

Agriculture provides a new avenue for product manufacturers to enrich their product range. The utilization of utility vehicles for various tasks on the farm, including heavy lifting, transporting supplies, clearing brush and debris, feeding livestock, spraying pasture, fencing, and moving dirt and gravel, will markedly increase product demand in the agricultural sector in the foreseeable future. Additionally, opportunities for product usage extend to warehouses, factories, and shipyards, particularly for the transportation of goods and light-duty tasks. For instance, Alkè’s electric utility vehicle finds application in farms, greenhouses, nurseries, and vineyards.

Further, the increasing favorability of electric ATVs and UTVs within the military and defense industry is poised to present significant opportunities for manufacturers. Several companies are directing their efforts towards creating electric ATVs and UTVs that meet the specifications for military use. For instance, Eco Charger’s ‘Vizsla’ is recognized as the world’s inaugural fully electric quad for military purposes, unveiled at DSEI 2021 in London in September 2021.

Some of the leading companies in the Asia-Pacific electric ATV and UTV market are Suzuki Motor Corporation, Kawasaki Heavy Industries Ltd, Polaris Inc, etc.

Suzuki Motor Corporation manufactures and designs motorcycles, automobiles, and power & marine products. The company’s product portfolio includes electro-senior vehicles, motorized wheelchairs, all-terrain vehicles, standard-sized vehicles, etc. Its research & development covers the control, communication, electronics, information, environment, and energy applications. The company has operations in North America, Europe, and Asia, with headquarters in Hamamatsu-shi, Shizuoka, Japan.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
End-User, Battery Capacity, Displacement, Propulsion Type, and Vehicle Type
Countries AnalyzedChina, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific
Companies AnalyzedBRP Inc, CFMOTO, Eco Charger, Hisun Motors Corporation, Honda Motor Company Ltd, Kawasaki Heavy Industries Ltd, Polaris Inc, Suzuki Motor Corporation, Textron Inc (Arctic Cat), Yamaha Motor Co Ltd, DRR USA

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
    5. MAJOR MARKET FINDINGS
      1. GROWING DEFENSE ACTIVITIES AND EXPENSES AID MARKET GROWTH
      2. SHIFTING FOCUS TOWARD ELECTRIC VARIANTS
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. LOW NOISE EMISSIONS FROM ELECTRIC ATVs AND UTVs IMPROVE THEIR APPLICABILITY
      2. INCREASING GLOBAL AWARENESS REGARDING EMISSION REDUCTION
    2. KEY RESTRAINTS
      1. VEHICLE RANGE AND BATTERY WEIGHT CONCERNS
      2. COSTLIER THAN INTERNAL COMBUSTION ENGINE ATVs AND UTVs
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
    4. MARKET CONCENTRATION ANALYSIS
    5. KEY BUYING CRITERIA
  5. MARKET BY VEHICLE TYPE
    1. ATV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. UTV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY PROPULSION TYPE
    1. BATTERY ELECTRIC ATV AND UTV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. HYBRID ELECTRIC ATV AND UTV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY DISPLACEMENT
    1. ≤400 (CC)
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. 400-800 (CC)
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. ≥800 (CC)
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  8. MARKET BY BATTERY CAPACITY
    1. UP TO 48V
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. 48V TO 72V
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. MORE THAN 72V
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  9. MARKET BY END-USER
    1. RECREATIONAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. SPORTS
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. AGRICULTURE & UTILITY
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    4. MILITARY & DEFENSE
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    5. OTHER END-USERS
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  10. GEOGRAPHICAL ANALYSIS
    1. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET DRIVERS
      3. ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET CHALLENGE
      4. KEY PLAYERS IN ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET
      5. COUNTRY ANALYSIS
        1. CHINA
          1. CHINA ELECTRIC ATV AND UTV MARKET SIZE & OPPORTUNITIES
        2. JAPAN
          1. JAPAN ELECTRIC ATV AND UTV MARKET SIZE & OPPORTUNITIES
        3. INDIA
          1. INDIA ELECTRIC ATV AND UTV MARKET SIZE & OPPORTUNITIES
        4. SOUTH KOREA
          1. SOUTH KOREA ELECTRIC ATV AND UTV MARKET SIZE & OPPORTUNITIES
        5. AUSTRALIA & NEW ZEALAND
          1. AUSTRALIA & NEW ZEALAND ELECTRIC ATV AND UTV MARKET SIZE & OPPORTUNITIES
        6. REST OF ASIA-PACIFIC
          1. REST OF ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET SIZE & OPPORTUNITIES
  11. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. PRODUCT LAUNCHES & DEVELOPMENTS
      2. PARTNERSHIPS & AGREEMENTS
      3. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. BRP INC
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      2. CFMOTO
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTH & CHALLENGES
      3. HONDA MOTOR COMPANY LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      4. KAWASAKI HEAVY INDUSTRIES LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      5. POLARIS INC
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTH & CHALLENGES
      6. SUZUKI MOTOR CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTH & CHALLENGES
      7. TEXTRON INC (ARCTIC CAT)
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      8. YAMAHA MOTOR CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – ELECTRIC ATV AND UTV

TABLE 2: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 4: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY DISPLACEMENT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY DISPLACEMENT, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 8: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY BATTERY CAPACITY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY BATTERY CAPACITY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 10: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY END-USER, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY END-USER, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 12: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 14: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 15: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 16: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2023

FIGURE 7: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY ATV, 2024-2032 (IN $ MILLION)

FIGURE 8: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY UTV, 2024-2032 (IN $ MILLION)

FIGURE 9: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2023

FIGURE 10: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY BATTERY ELECTRIC ATV AND UTV, 2024-2032 (IN $ MILLION)

FIGURE 11: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY HYBRID ELECTRIC ATV AND UTV, 2024-2032 (IN $ MILLION)

FIGURE 12: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY DISPLACEMENT, IN 2023

FIGURE 13: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY ≤400 (CC), 2024-2032 (IN $ MILLION)

FIGURE 14: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY 400-800 (CC), 2024-2032 (IN $ MILLION)

FIGURE 15: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY ≥800 (CC), 2024-2032 (IN $ MILLION)

FIGURE 16: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY BATTERY CAPACITY, IN 2023

FIGURE 17: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY UP TO 48V, 2024-2032 (IN $ MILLION)

FIGURE 18: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY 48V TO 72V, 2024-2032 (IN $ MILLION)

FIGURE 19: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY MORE THAN 72V, 2024-2032 (IN $ MILLION)

FIGURE 20: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY END-USER, IN 2023

FIGURE 21: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY RECREATIONAL, 2024-2032 (IN $ MILLION)

FIGURE 22: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY SPORTS, 2024-2032 (IN $ MILLION)

FIGURE 23: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY AGRICULTURE & UTILITY, 2024-2032 (IN $ MILLION)

FIGURE 24: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY MILITARY & DEFENSE, 2024-2032 (IN $ MILLION)

FIGURE 25: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, BY OTHER END-USERS, 2024-2032 (IN $ MILLION)

FIGURE 26: ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)

FIGURE 27: CHINA ELECTRIC ATV AND UTV MARKET, 2024-2032 (IN $ MILLION)

FIGURE 28: JAPAN ELECTRIC ATV AND UTV MARKET, 2024-2032 (IN $ MILLION)

FIGURE 29: INDIA ELECTRIC ATV AND UTV MARKET, 2024-2032 (IN $ MILLION)

FIGURE 30: SOUTH KOREA ELECTRIC ATV AND UTV MARKET, 2024-2032 (IN $ MILLION)

FIGURE 31: AUSTRALIA & NEW ZEALAND ELECTRIC ATV AND UTV MARKET, 2024-2032 (IN $ MILLION)

FIGURE 32: REST OF ASIA-PACIFIC ELECTRIC ATV AND UTV MARKET, 2024-2032 (IN $ MILLION)

FAQ’s