Utility Terrain Vehicles (UTV) Market is growing rapidly due to newly introduced advanced vehicle capabilities such as hydrostatic transmissions and disc brakes.
Albany, NY -- (SBWIRE) -- 05/09/2019 -- Major players in the utility terrain vehicles market are expanding product portfolios to gain a larger share of the market. Additionally, they are also enhancing the current products in the market with notable improvements. Improvements such as quality air suspension and multi drive mode functions are essential for major players to strengthen their foothold in the market. The global utility terrain vehicles market is also witnessing advanced customization trends in vehicles, led by increasing consumer demand. Similarly, newly introduced advanced vehicle capabilities such as hydrostatic transmissions and disc brakes have also raised consumer interest in the global utility terrain vehicles market.
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The Transparency Market Research (TMR) report provides an insightful analysis of the global utility terrain vehicles market, which includes a detailed analysis of growth indicators and demand parameters that could influence the growth of this market. Key market parameters such as demand drivers and challenges of global utility terrain vehicles market are discussed at length in this report.
Global Utility Terrain Vehicles (UTV) Market: Key Trends
Natural patchy terrains and mud-filled roads in the outskirts make the use of utility terrain vehicles necessary for farmers and other people living in the areas. Additionally, roadblocks and heavy lifting also requires the use of utility terrain vehicles in construction. High powered utility terrain vehicles provide the much-needed stability and traction during construction and agricultural activities. Moreover, these can also be used to carry heavy loads. Hence, the global utility terrain vehicle market continues to register growth.
Moreover, the utility terrain vehicles market is driven by advancing product capabilities and increasing customization. The growing global oil prices and instable oil supply are driving major players in the utility terrain vehicles market to adopt new measures to appeal to consumers.
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These new measures in recent past have included advancements and improvement such as increased mileage, lower maintenance and insurance costs, and higher load carrying capacities. For example, Caterpillar introduced CUV102D and CUV82. These two offered 2,000 and 1,000 pound rear cargo capacity respectively. This large cargo capacity is growing in demand in the construction industry wherein large constructions in remote places mandate the use of Off-Road Vehicles (ORVs).
Global Utility Terrain Vehicles (UTV) Market: Regional Outlook
Utility terrain vehicles market in North America region bagged the largest share of the global utility terrain vehicles market in 2016. Rising interest in adventure activities, new product launches, and advanced customizations in vehicles are expected to drive the global utility terrain vehicles market further. Moreover, the military sector is also expected to drive demand for high mobility coupled with increased payload carrying capacity ORVs in the North America utility terrain vehicles market.