Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The surging popularity of off-road activities and adventure sports is a pivotal driver behind the increasing demand for Utility Task Vehicles (UTVs) and their associated equipment and accessories. A noticeable uptick in the number of individuals seeking outdoor recreational experiences has been witnessed in recent years. Off-road enthusiasts now widely engage in activities such as trail riding, dune bashing, and rock crawling, contributing to the heightened appeal of UTVs. Their superior off-road capabilities compared to traditional passenger cars have significantly propelled the popularity of UTVs, aligning with the growing desire for novel and exhilarating outdoor experiences.
One of the primary factors fueling the expansion of off-road activities is the pursuit of unique and thrilling adventures. Off-road parks and trails have emerged in various locations, providing dedicated spaces for UTV owners to explore challenging terrains and revel in the excitement of off-roading. These destinations attract a considerable number of off-road enthusiasts, who, in turn, invest in UTVs and associated gear to enhance their off-road excursions. Real-world examples, such as Moab in Utah, USA, and the Rubicon Trail in California, USA, underscore the tangible growth in the off-road recreation industry. Moab, in particular, has evolved into a haven for off-road enthusiasts, boasting an extensive network of diverse and challenging trails that draw UTV riders from around the world.
The demand for specialized equipment capable of withstanding the rigors of harsh off-road conditions and enhancing vehicle performance and safety is a driving force behind the escalating demand for UTV components and accessories in these regions. The surge in off-road tournaments and events further showcases the versatility of UTVs across various off-road disciplines. UTV categories are prominently featured in events like the King of the Hammers, Baja 1000, and Dakar Rally, attracting both professional racers and amateur enthusiasts. These events create a ripple effect, inspiring more individuals to actively participate in off-road activities, leading to increased UTV purchases and gear acquisitions for both spectating and participation.
Beyond the realm of leisure, off-road activities are gaining traction in other markets, notably in adventure tourism. Businesses in this sector are increasingly utilizing UTVs to provide customers with guided off-road tours and immersive experiences. In a bid to ensure customer safety and enhance overall satisfaction, these adventure tourism enterprises invest in UTV fleets and equip their vehicles with specialized equipment and accessories. The multifaceted growth in off-road activities, spurred by a burgeoning interest in outdoor adventures, recreational events, and adventure tourism, collectively propels the demand for UTVs and their associated components and accessories.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By product, sales channel, and application |
Utility Terrain Vehicle Parts Accessories Market Highlights:
Utility Terrain Vehicle Parts & Accessories Market Overview
The Utility Terrain Vehicle Parts & Accessories Market Size was valued at USD 7,102.7 million in 2022. The global Utility Terrain Vehicle Parts & Accessories Market industry is projected to grow from USD 7,468.5 million in 2023 to USD 12,872 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.2% during the forecast period (2023 - 2032). UTVs are frequently utilized for various tasks, including utility labor, farming, and leisure riding. UTV parts and accessories improve the vehicle's functionality, comfort, and performance, enabling owners to modify their UTVs to suit their unique requirements and preferences.
The rising UTV ownership significantly fuels the market for UTV components and accessories. Numerous elements that have boosted UTV ownership rates can be blamed for this trend. The functionality and adaptability of UTVs have contributed to their appeal. They can go over various terrains, making a wide range of uses possible. UTVs are frequently used for outdoor exploration, off-road driving, and leisure activities. They are also used in the forestry, construction, and agriculture sectors to transport huge cargo, negotiate difficult terrain, and travel long distances. UTV ownership has expanded due to the wide range of consumers drawn by their versatility.
Global Utility Terrain Vehicle Parts & Accessories Market Size (USD MILLION) (2018-2032)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Utility Terrain Vehicle Parts & Accessories Market Trends
-
Rising Popularity of Electric UTVs and Related Accessories
Electric vehicles have drawn much interest as the globe emphasizes environmental sustainability and lowering carbon emissions, particularly in the UTV market. Several causes are behind the transition to electric UTVs. First of all, electric cars are considered more environmentally benign than cars with internal combustion engines. They have zero tailpipe emissions, lowering air pollution and having a minimal environmental impact. This fits with the global trend toward greener practices and cleaner mobility. The growing accessibility and development of electric vehicle technology are further factors influencing the appeal of electric UTVs. Electric UTVs now have longer ranges and better performance due to advances in battery technology. Additionally, the infrastructure for charging is growing, making it easier for UTV owners to refuel their vehicles. Consumer confidence and acceptance of electric UTVs as viable alternatives to conventional gasoline-powered models have increased due to the improved capabilities of these vehicles. The utility and pleasure industries are two areas where electric UTVs are becoming more and more popular. Off-road enthusiasts choose electric UTVs more frequently in leisure settings because of their environmental friendliness and quiet running. Polaris, a top UTV manufacturer, has produced electric versions like the Ranger EV and Ranger EV Li-Ion to appeal to customers looking for electric alternatives in the recreational sector.
Utility Terrain Vehicle Parts & Accessories Market Segment Insights:
Utility Terrain Vehicle Parts & Accessories Market Product Insights
The Utility Terrain Vehicle Parts & Accessories Market segmentation, based on process type, includes Pre-cure and Mold-cure. Among them, parts segment is the held a largest market share of 66.6% in 2022.
UTV parts" refers to the particular parts and accessories intended to upkeep, fix, or improve utility terrain vehicles (UTVs). These components are necessary to ensure that UTVs operate and perform as intended. The following are some important product categories for UTV parts:
Belts: Essential for power transfer and performance, UTV belts ensure engine efficiency and prevent downtime.
Batteries: UTV batteries power electrical systems, providing ignition and lighting, crucial for reliable operation.
Shafts (Drive, Jack, Prop, Etc.): UTV shafts drive movement and power distribution, connecting key components for seamless performance.
Bearings: Bearings reduce friction and support rotating parts, enhancing UTV durability and smooth operation.
Air Filters / Filter Elements: These keep UTV engines clean by filtering out debris, maintaining optimal performance and longevity.
Global Utility Terrain Vehicle Parts & Accessories Market Size (USD Million) Product Size 2022 Vs 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Utility Terrain Vehicle Parts & Accessories Market Sales Channel Insights
According to sales channel, the segment is divided into OEM, and aftermarket. Further, OEM segmented held a largest market share of 57.4% in 2022.
In the Utility Terrain Vehicle (UTV) parts and accessories market, the OEM sales channel alludes to the distribution and selling of goods straight from UTV producers. The original equipment manufacturers (OEMs) of UTVs make and offer genuine components and accessories made especially for their vehicles. This sales channel covers the direct sale of parts and accessories through the official website or physical stores of the OEM and authorized dealerships.
The distribution and sales of goods not directly sourced from the original vehicle manufacturers occur through the aftermarket sales channel in the UTV parts and accessories sector. Third-party manufacturers and suppliers create aftermarket components and accessories, giving UTV owners several alternatives for modifying, replacing, or upgrading their vehicles. There are several reasons why UTV owners prefer the aftermarket sales channel. Aftermarket manufacturers offer various components and accessories with various features, styles, and price points to cater to unique client tastes and requirements. This gives clients more possibilities for personalizing and customizing their UTVs. The possibility for cost savings is another benefit of the aftermarket sales channel. Compared to OEM products, aftermarket parts, and accessories are frequently priced reasonably. Due to this accessibility, UTV owners can locate adequate substitutes without sacrificing performance or quality.
Global Utility Terrain Vehicle Parts & Accessories Market Size (USD Million) Sales Channel 2023 Vs 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Utility Terrain Vehicle Parts & Accessories Market Application Insights
The Utility Terrain Vehicle Parts & Accessories Market research segmentation, by application, the market is segmented into sports, entertainment, agriculture, military, hunting, others. Entertainment segment is dominating market in terms of revenue share of 40.5% in 2022.
UTVs are now a common option for outdoor amusement and leisure activities. UTV parts and accessories improve the experience and enjoyment of UTV rides. Audio systems, LED lighting kits, custom graphics, and aftermarket wheels are entertainment-related extras. These add-ons give UTV rides a fun and eye-catching feature that makes them appropriate for outings with the family, camping vacations, and off-road festivals.
Global Utility Terrain Vehicle Parts & Accessories Market Size (USD MILLION) vehicle type 2022 VS 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Utility Terrain Vehicle Parts & Accessories Market Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South and Central America.
North America accounted for the largest share of revenue in 2022. Utility Terrain Vehicle (UTV) parts and accessories are used in a variety of industries and recreational pastimes throughout North America due to its adaptability and capabilities. UTVs are essential in agricultural operations since they transport goods, haul them, and go off-road on farms and ranches. Farmers can carry tools, equipment, and supplies with the help of UTV attachments like cargo racks, sprayer systems, and tow hitches, which improves the efficiency of operations like fertilizing, spraying, and animal management. To precisely apply pesticides or fertilizers to crops, for instance, a farmer might employ a UTV with a sprayer system and GPS navigation, increasing yields and maximizing resource utilization.
Asia Pacific is expected to dominate the market in terms of CAGR in upcoming period. In Asia Pacific, UTVs are often used in agricultural operations. UTVs are used by farmers to carry crops, irrigate fields, and apply pesticides in difficult terrain. UTV accessories increase productivity, including sprayers, seeders, and harvesting attachments. For instance, UTVs with sprayers are utilized in nations like China and India to apply pesticides precisely and efficiently in large-scale farming operations.
Further, the countries considered in the scope of the Utility Terrain Vehicle Parts & Accessories Market are the US, Canada, Mexico, Germany, UK, Italy, Denmark, China, India, Japan, Indonesia, Australia, Vietnam, Myanmar, Saudi Arabia, UAE, South Africa, Brazil, Argentina.
Global Utility Terrain Vehicle Parts & Accessories Market SIZE (USD MILLION) REGION 2022 VS 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Utility Terrain Vehicle Parts & Accessories Market Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Utility Terrain Vehicle Parts & Accessories Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Utility Terrain Vehicle Parts & Accessories Market industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Key Companies in the Utility Terrain Vehicle Parts & Accessories Market include
- Polaris Inc.
- Can-Am
- Yamaha Motor Pvt. Ltd
- Honda Motor Company
- Kawasaki Motors Pvt. Ltd
- Hisun
- Bennche LLC
- BMS Motorsports, Inc
- CFMOTO
- Arctic Cat Inc.
Utility Terrain Vehicle Parts & Accessories Market Industry Developments
August 2023: Polaris Off-Road announced its 2023 lineup, which includes an exciting combination of rider-inspired vehicle developments, new looks, and the expansion of RIDE COMMAND+ – a mobile application that developed on its RIDE COMMAND technology to provide connected vehicle services.
December 2019: Yamaha Announces New Accessories for Proven Off-Road Vehicles.
Intended Audience
- UTV Manufacturers
- UTV Parts & Components Manufacturers
- Distributors/Wholesalers
- Technology Investors
- Regulatory Industries
- Government Bodies
- Transportation Industry
- Manufacturing Industry
- Automobile Industry
- Environment Regulators
- Others
Utility Terrain Vehicle Parts & Accessories Market Segmentation:
Utility Terrain Vehicle Parts & Accessories Market Product Outlook (USD Million, 2018-2032)
-
Parts
- Belts
- Batteries
- Shafts, (Drive, Jack, Prop, Etc)
- Bearings
- Air Filters / Filter Elements
- Halfhafts
- Shocks, Struts Etc.
- Brake Parts & Pads
- Oil Filters
- Bushings
- Spark Plug
- Sprocket
- Engines & Engine Parts (ASM/Short Blocks, Engine Parts, Pistons)
- Gearcase
- Cab, Fender, Body, Plastic
- Clutch Drives & Parts
- Electric Harnesses, Parts, Switches
- Gaskets
- Fasteners
- Steering Parts Misc
- Pumps: Oil, Water, Fuel, Etc.
- Chassis
- Gauges
- Torque Arms And A Arms
- Ignition System
-
Accessories
- Doors
- Windshields
- Cab Comfort
- Winch
- Roofs
- Audio
- Protection
- Rear Panels
- Lighting
- Wheel & Tire
- Plows
- Racks
- Storage
- Tracks
- Youth
Utility Terrain Vehicle Parts & Accessories Market Sales Channel Outlook (USD Million, 2018-2032)
- OEM
- Aftermarket
Utility Terrain Vehicle Parts & Accessories Market Application Outlook (USD Million, 2018-2032)
- Sports
- Entertainment
- Agriculture
- Military
- Hunting
- Others
Utility Terrain Vehicle Parts & Accessories Market Regional Outlook
-
North America
-
US
-
Canada
-
Mexico
-
Europe
-
Germany
-
UK
-
Italy
-
Denmark
-
Rest of Europe
-
Asia-Pacific
-
China
-
India
-
Japan
-
Australia
-
Indonesia
-
Vietnam
-
Myanmar
-
Rest of Asia-Pacific
-
Middle East & Africa
-
Saudi Arabia
-
South Africa
-
Rest of Middle East & Africa
-
South America
-
Brazil
-
Argentina
-
Rest of South America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
