Utility task vehicles also known as utility terrain vehicle (UTV) market experienced a momentous growth in both utility and sports sector in past few years and especially in the years 2016 and 2017. UTVs are agiler than traditional sports utility vehicles (SUV) and are packed with capability of carrying more payload than all-terrain vehicle (ATV).
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The Utility Task Vehicles Market is anticipated to develop with a significant CAGR in the upcoming years. The market is segmented on the basis of Type into Sports UTVs, Load Carrier UTVs and Multipurpose UTVs. On the basis of Application into Conventional Fuel UTVs and Electric UTVs.
UTVs are establishing their applications across various end-use verticals off-road adventure and recreational activities. This grabbed the attention of several leading off-road vehicle manufacturers to initiate a business which is predicted to grow the market growth rapidly.