This development can be ascribed to the increasing popularity of entertaining and adventurous activities and sports, fewer noise emissions, and low price of possession, and the increasing usage of such vehicles for military drives.
With the intention of providing a zero-emission possibility, the power sports business, just like the automotive sector, needs to study other propulsion tactics, including all-electric platforms.
Two-seater types of quad bikes are the most commonly used kind of UTVs, holding approximately 50% industry share in 2021, this category will grow with a CAGR of 20.5% in the coming few years. Two-seaters are generally bought due to their adaptability and excessive value. These automobiles provide tandem and solo riding choices and can be utilized for fun riding, carrying passengers and cargo, and towing.
In 2021, the utility-terrain vehicles category had the larger market share, and also it is projected to advance at a CAGR of 22.4% in the coming few years, as UTVs are stronger and smoother than ATVs.
Because of their capability to transport payload and goods, also direct complex terrain, UTVs are gaining more traction among hunters, farmers, and ranchers.
Such vehicles are quite commonly utilized in universities and colleges, where they are usually utilized for ferrying athletes and sports, commuting, and other simple jobs.
In 2021, the Outdoor recreational applications category had the electric ATV and UTV market share, of approximately 50%, and it is projected to advance at a CARG of 20.1% during the forecast period. This can be credited to the growth in ATV riding happenings as a form of outdoor recreation, mainly in advanced regions, like Europe and North America.
Such regions are experiencing improvement in per-capita income and level of comfort, along with being housed in changing terrain, ranches, farms, and unpaved roads.
North American contributed the highest revenue, approximately, USD 457.9 million. This can be credited to the acceptance of adventure sports and the existence of key firms that market and manufacture quad bikes.
Furthermore, government organizations throughout the continent have amplified the investments for the building of off-road trails, in an effort to motivate outdoor tourism and advance the continent's adventure sports offerings.
