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growth were importers / distributors like BMS Motorsports, Coleman and Massimo.

For 2024, CFMOTO was the lone secondtier brand within the top 10 most- sold brands. How, and why? While CFMOTO has focused on growing a traditional dealer network, PPM believes past growth in a few of the other brands correlates with their availability at big- box retailers, which have in recent years become a major outlet for lower- cost vehicles that couldn’ t be found at traditional multi- line powersports dealerships.

MASS RETAILERS An often overlooked segment of the market is that supplied by big- box retailers, the top three being Lowe’ s, Home Depot and Tractor Supply. But others such as Rural King, Atwoods, Walmart, Cabela’ s, Tracker Off- Road( Bass Pro) and other on- line retailers are also notable suppliers.

According to PPM analysis, UTV retail sales from non- traditional- brand suppliers through big- box retail locations has grown substantially, from what had been an average of 5− 10,000 units 10 years ago to 20,000 units in 2020, 43,000 units in 2021 and 42,000 units in 2022. In 2023 sales dropped significantly back to 25,500 as the post-Covid bubble seems to have subsided, and in 2024 sales slid further to 19,040 units or 3.5 % of total market volume. As with the customers of leading brands, the price- conscious consumers of these second- tier brands were also ultimately impacted by both persistent high interest rates and inflation.

Home Depot retails multiple models sourced from Hisun; Lowe’ s retails product

Enclosed cab designs that keep the elements out have become popular in the utility market. i2024’ 25.( Photo: CFMOTO)

from Hisun, Kandi America and Massimo; Tractor Supply stocks multiple models of BMS Motorsports, Bighorn Powersports and Massimo; and Rural King offers product from Hisun and Kandi America.

NEIGHBORHOOD ELECTRIC VEHICLES

The neighborhood electric vehicle( NEV) market, which includes street- legal electric golf cars modified to serve as personal transport vehicles( PTVs) limited to between 15 and 19 mph, and low- speed Vehicles( LSVs) limited to 20 to 24 mph, is another segment that has grown in recent years, although a separate market altogether from UTVs.

Demand for UTVs was high during the height of the Covid− 19 pandemic, and with inventories low, PPM reported that some consumers searching for hard- to- find lowercost UTV models instead opted for the purchase of NEVs, outfitting them with lift kits and off- road wheel / tire sets. The segment has also benefited from an aging population

seeking an alternative form of transportation within their communities.

NEV sales for 2024 totaled an estimated 262,000 new units, down −5.2 % from 276,500 units in 2023, which was down −5.4 % from an all- time high of 292,000 units sold in 2022. Also important to note is that another 60,000− 70,000 used golf carts on average are reconditioned and upgraded to PTV and LSV speed ratings each year and sold into the consumer market, mostly to retirement communities but also local areas where these vehicles are sanctioned on 35 mph roads, according to certain state regulations.

While leading companies in the golf car market— E- Z- Go, Club Car and Yamaha— play a key role in NEV production, here too we find non- traditional brands marketed by importers / distributors making waves in the market with product sourced from China. Among the leading newcomers are brands like EVolution Electric Vehicles, ICON EV, Denago, Bintelli and newcomer Kandi America, each of which has been making great strides in market share.

Up until 2021, nearly all the NEV volume was going through Golf / Golf Accessory dealerships. With the rapid growth of the market in the last four years, PPM estimates that perhaps 20 % − 30 % of the NEV sales increase went through powersports dealerships and other independents like marine and RV retailers.

WHAT’ S NEXT FOR UTVS? Dealer inventories have become more manageable, though higher interest rates and inflation are raising purchase costs. With consumer confidence teetering, what’ s next?

Given the external forces shaping the economy, PPM projects 2025 North American retail UTV sales to be essentially flat with 2024, based off the research firm’ s Monthly Tracking report for U. S. UTV retail sales. Whereas the 2025 calendar year started out slow versus 2024 through April, down −6 %, sales picked up between May through August 5 % and it was appearing that the market might end up in the plus 3 % range for the year. However, September and October were disappointing months, both slumping about flat compared to 2024 with year- to- date October 2025 slightly down, less than −1 %, versus the 10− month 2024 retail. We project November and December to offset each, with November down and December up and 2025 to end the year at about flat to perhaps up less than 1 %.

Power Products Marketing( PPM), a Minneapolis- based research firm, has curated its powersports retail sales data for more than 20 years. PPM provides detailed market share data and research services to the global power equipment industry.