U.S. Utility Terrain Vehicles (UTV) Market to amass hefty proceeds by 2027
Utility Terrain Vehicles (UTV) Market activities are witnessing a marked rise owing to increased disposable incomes and per capita GDP
Utility Terrain Vehicles (UTV) Market activities are witnessing a marked rise owing to increased disposable incomes and per capita GDP. Also, an exponential rise in urban and environmentally conscious population has encouraged manufacturers to develop ecological UTVs. Shifting focus towards off-road leisure activities has expedited off-road vehicle demand, which will impel U.S. utility terrain vehicles market growth. Powersports vehicles are gaining traction in recent times due to surging recreational activities, including motorcycle riding, adventure sports, and trail sports.
Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/4542
Enlisted below are a few trends propelling U.S. utility terrain vehicles market:
Escalating demand for UTVs in military
Utility terrain vehicles are equipped with a myriad range of features and improved safety, resulting in high demand for these vehicles in military & defense applications. The U.S. government is outlaying heavy amounts to deploy new UTVs and install novel features in the existing vehicles for their modernization.
This can be validated by the announcement made by the U.S. Marine Corps (USMC) in December 2019 to upgrade its UTVs. The company had apparently declared to integrate about 250 vehicles with new canopies, tires, floorboards, and other accessories to advance vehicle functioning and safety.
Rising adoption of 400-800 cc UTVs
Based on displacement, U.S. utility terrain vehicles industry is segmented into below 400 CC, 400-800 CC, and above 800 CC. Among these, the 400-800 cc segment is expected to accrue considerable revenue in the total U.S. UTV market share. This is on account of the fact that 400-800 cc UTVs are equipped with a multitude of features and improved safety, which makes them suitable for off-road desert championships.
These vehicles generate minimal chances for injuries & fatalities owing to the roll cage structure offered by them for better vehicle safety. U.S. UTV industry participants are endeavoring to develop innovative utility terrain vehicles to cater to spiraling demand for 400-800 cc vehicles.
Recreational events organized by companies
In recent times, numerous companies have been organizing racing events and other recreational programs for employees. Michigan and Minnesota house several UTV companies, that are pouring in substantial capital in organizing and promoting outdoor recreational activities and off-road competitions.
For example, in February 2017, Yamaha Motor Corp. endowed $350,000 to 26 recipients under Yamaha Outdoor Access Initiative (YOAI) for encouraging the use of UTVs in outdoor recreation. The YOAI is also striving to promote projects that offer an entertaining and satisfactory experience to the UTV riders.
Technological advancements and collaborations to define the strategic roadmap
U.S. utility terrain vehicles market players are working consistently to develop safety measures, including covered roof for rollover conditions, all-terrain airless tires, effective toggling between 2WD and 4WD, sustainability in unpredictable weather conditions, and independent suspensions for improved stability. Companies are prioritizing various strategies, such as collaborations, product launches, mergers & acquisitions to strengthen their market foothold.
Request for Customization @ https://www.gminsights.com/roc/4542
Some of the eminent U.S. UTV market players include Yamaha Motor Co., Ltd., Polaris, Inc., BRP, Inc., Hisun Motors, Kawasaki Motors Sports, LLC, KYMCO, Caterpillar Inc., Arctic Cat, Inc., and Deere & Company amongst others.