All updated as on -
From 2022-2030, the off-road vehicle market is forecast to expand from US$22.79 billion to US$33.44 billion, representing a compound annual growth rate (CAGR) of 5.9%.
An off-road vehicle is a type of vehicle that can go on both paved highways and unpaved trails. Open treads, deep tires, and a pliable suspension are all hallmarks of a good off-road vehicle. Most off-road vehicles use some sort of four-wheel-drive (also written as "4WD") or all-wheel-drive (also written as "AWD") system to get where they need to go. Furthermore, off-road vehicles have numerous uses, including transporting goods, farming, and commuting. Off-road vehicles powered by electricity have been gaining popularity in recent years due to their low environmental impact and quiet operation. Use of off-road vehicles are restricted by stringent government laws and regulations for increased safety.
The off-road vehicle industry is projected to expand thanks to a number of factors, including the rising popularity of extreme and extreme-style sports and the increasing prevalence of all-wheel-drive and four-wheel-drive automobiles. Costly repairs for off-road vehicles and restrictions on the use of ATVs and UTVs in wildlife preserves due to damage to the terrain slow the expansion of the market. However, the industry is expected to expand at a healthy clip thanks to developments in electric powered off-road vehicles and the rise of the dealer network to ensure effective product distribution.
Increases in disposable income combined with a global uptick in interest in outdoor activity fuel growth in the off-road vehicle market. Recreational uses for off-road vehicles include exploring new areas, going on trail rides, and competing in sports. The worldwide off-road vehicle market is being propelled by the increasing need for all-terrain vehicles in the agricultural and landscaping sectors. Field plowing, lawn mowing, and seed spreading are just a few of the many uses for all-terrain vehicles in farming and gardening. The widespread adoption of off-road vehicles by farmers and vacationers alike is a key driver fueling the expansion of the market. People in wealthy countries like the United States, Canada, Germany, and France are spending more time and money outside, which includes more time spent off-roading. All throughout the world, people who share a passion for off-roading have banded together to organize and attend various gatherings.
However, market expansion is stunted by the vehicles' hefty price tags and high production costs. The global off-road vehicle market is anticipated to be driven by the rising popularity of adventure sports activities and the increase in expenditure on recreational activities. The U.S. Bureau of Economic Analysis estimates that in 2021, Americans will spend US$454.0 billion on outdoor leisure, or 1.9% of the country's GDP. The global industry is being driven by the rising demand for adventure tourism in the wake of the COVID-19 pandemic. The rising demand for entertainment alternatives and the rising spending on recreational activities have both contributed to the market's expansion. Consumers are spending increasingly large amounts of money on tourism experiences that emphasize outdoor activities like hiking, trailing, and off-road travel.
The demand for off-road vehicles is rising due to the rising popularity of off-road sports and the requirement for durable, compact equipment. Furthermore, positive expansion is anticipated for off-road vehicles because of the diverse range of industries in which they are used. The construction industry will benefit from the cars' low insurance premiums, low fuel consumption, and low maintenance expenses.
Since ATVs and UTVs are not permitted on highways and other important roads, authorities have increased funding for the construction of new off-road paths, which might be enjoyable for recreational enthusiasts and increase adventure sports activities around the world. The market will likely be propelled by this. The introduction of new products with enhanced features is another strategy that businesses are trying to increase their market share. New technology breakthroughs, including as electric drive trains, will generate new growth potential for the off-road vehicles market. The off-road vehicle market will benefit from the increasing demand for electric vehicles, which is being driven by increased emission concerns.
Report Coverage
Global Off-road Vehicles research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Off-road Vehicles report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Off-road Vehicles competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Off-road Vehicles market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Off-road Vehicles market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Off-road Vehicles market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
CFMOTO, KUBOTA CORPORATION, YAMAHA MOTOR CO., LTD., DEERE & COMPANY, HONDA MOTOR CO., LTD., TEXTRON INC., KAWASAKI HEAVY INDUSTRIES, LTD., MAHINDRA & MAHINDRA LTD., BRP INC., POLARIS INC.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Off-road Vehicles market based on the below-mentioned segments:
Global Off-road Vehicles Market, By Vehicle Type
ATV
UTV
Snowmobiles
NEV
Global Off-road Vehicles market, By Displacement
Less than 400 (CC)
400 to 800 (CC)
More than 800 (CC)
Global Off-road Vehicles Market, By End User
Agriculture
Military
Sports
Others
Global Off-road Vehicles market, Regional Analysis
An off-road vehicle is a type of vehicle that can go on both paved highways and unpaved trails. Open treads, deep tires, and a pliable suspension are all hallmarks of a good off-road vehicle. Most off-road vehicles use some sort of four-wheel-drive (also written as "4WD") or all-wheel-drive (also written as "AWD") system to get where they need to go. Furthermore, off-road vehicles have numerous uses, including transporting goods, farming, and commuting. Off-road vehicles powered by electricity have been gaining popularity in recent years due to their low environmental impact and quiet operation. Use of off-road vehicles are restricted by stringent government laws and regulations for increased safety.
The off-road vehicle industry is projected to expand thanks to a number of factors, including the rising popularity of extreme and extreme-style sports and the increasing prevalence of all-wheel-drive and four-wheel-drive automobiles. Costly repairs for off-road vehicles and restrictions on the use of ATVs and UTVs in wildlife preserves due to damage to the terrain slow the expansion of the market. However, the industry is expected to expand at a healthy clip thanks to developments in electric powered off-road vehicles and the rise of the dealer network to ensure effective product distribution.
Increases in disposable income combined with a global uptick in interest in outdoor activity fuel growth in the off-road vehicle market. Recreational uses for off-road vehicles include exploring new areas, going on trail rides, and competing in sports. The worldwide off-road vehicle market is being propelled by the increasing need for all-terrain vehicles in the agricultural and landscaping sectors. Field plowing, lawn mowing, and seed spreading are just a few of the many uses for all-terrain vehicles in farming and gardening. The widespread adoption of off-road vehicles by farmers and vacationers alike is a key driver fueling the expansion of the market. People in wealthy countries like the United States, Canada, Germany, and France are spending more time and money outside, which includes more time spent off-roading. All throughout the world, people who share a passion for off-roading have banded together to organize and attend various gatherings.
However, market expansion is stunted by the vehicles' hefty price tags and high production costs. The global off-road vehicle market is anticipated to be driven by the rising popularity of adventure sports activities and the increase in expenditure on recreational activities. The U.S. Bureau of Economic Analysis estimates that in 2021, Americans will spend US$454.0 billion on outdoor leisure, or 1.9% of the country's GDP. The global industry is being driven by the rising demand for adventure tourism in the wake of the COVID-19 pandemic. The rising demand for entertainment alternatives and the rising spending on recreational activities have both contributed to the market's expansion. Consumers are spending increasingly large amounts of money on tourism experiences that emphasize outdoor activities like hiking, trailing, and off-road travel.
The demand for off-road vehicles is rising due to the rising popularity of off-road sports and the requirement for durable, compact equipment. Furthermore, positive expansion is anticipated for off-road vehicles because of the diverse range of industries in which they are used. The construction industry will benefit from the cars' low insurance premiums, low fuel consumption, and low maintenance expenses.
Since ATVs and UTVs are not permitted on highways and other important roads, authorities have increased funding for the construction of new off-road paths, which might be enjoyable for recreational enthusiasts and increase adventure sports activities around the world. The market will likely be propelled by this. The introduction of new products with enhanced features is another strategy that businesses are trying to increase their market share. New technology breakthroughs, including as electric drive trains, will generate new growth potential for the off-road vehicles market. The off-road vehicle market will benefit from the increasing demand for electric vehicles, which is being driven by increased emission concerns.
Report Coverage
Global Off-road Vehicles research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Off-road Vehicles report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Off-road Vehicles competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Off-road Vehicles market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | CFMOTO, KUBOTA CORPORATION, YAMAHA MOTOR CO., LTD., DEERE & COMPANY, HONDA MOTOR CO., LTD., TEXTRON INC., KAWASAKI HEAVY INDUSTRIES, LTD., MAHINDRA & MAHINDRA LTD., BRP INC., POLARIS INC. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Off-road Vehicles Market from 2021 to 2030.
- Market Forecast for Off-road Vehicles Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Off-road Vehicles competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Off-road Vehicles
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Off-road Vehicles market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Off-road Vehicles market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
CFMOTO, KUBOTA CORPORATION, YAMAHA MOTOR CO., LTD., DEERE & COMPANY, HONDA MOTOR CO., LTD., TEXTRON INC., KAWASAKI HEAVY INDUSTRIES, LTD., MAHINDRA & MAHINDRA LTD., BRP INC., POLARIS INC.
Primary Target Market
- Market Players of Off-road Vehicles
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Off-road Vehicles market based on the below-mentioned segments:
Global Off-road Vehicles Market, By Vehicle Type
ATV
UTV
Snowmobiles
NEV
Global Off-road Vehicles market, By Displacement
Less than 400 (CC)
400 to 800 (CC)
More than 800 (CC)
Global Off-road Vehicles Market, By End User
Agriculture
Military
Sports
Others
Global Off-road Vehicles market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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