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Utility Vehicles Market

Delivered July 11, 2019. Contributor: Hillary O.

Goals

You are interested in the following:
  • The market size of utility vehicles in the US.
  • The key players in the US utility vehicle industry and their market share.
  • The retail distribution of US utility vehicles.
  • Trends in the US utility vehicle industry.

Early Findings

  • The global market size for utility task vehicles (UTV) was $4.35 billion in 2017 and is expected to reach $5.3 billion by 2023. North America — the US, Canada, and Mexico — had a 72.3% share of the market which means its UTV market size in 2017 was $3.1 billion.  
  • Pickup trucks account for 16.4% of the US light vehicle market while sport utility vehicle (SUV) have an 8.6% share, and vans have a 5.3% share.
  • The US companies dominating the UTV industry include Polaris Industries and Bobcat Company. 
  • Polaris Industries manufactures snowmobiles and ATV. The company's CEO is Scott Wine. His Linked profile can be found here.
  • Bobcat manufactures industrial & construction equipment such as excavators, loaders, and other utility companies. Its CEO is Scott Park.  
  • The main factors driving the UTV market include the increase in the number of youths participating in recreational activities like hunting in the US.

Proposed next steps:

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