The Off-Road Vehicles Market Size was valued at USD 22.9 billion in 2023 and is expected to reach USD 35.14 billion by 2031 and grow at a CAGR of 5.5% over the forecast period 2024-2031.
An off-road vehicle is a sort of mobility solution that can travel on both public highways and rugged terrain. Open treads, big tires with deep treads, and a flexible suspension are all hallmarks of off-road vehicles. To meet operational requirements, the majority of off-road vehicles are equipped with a four-wheel-drive (4WD) or all-wheel-drive (AWD). Off-road vehicles have numerous applications in cargo transportation, agricultural purposes, and passenger transportation. Electric off-road vehicles have grown in popularity in recent years as a result of their high fuel efficiency and low noise levels.
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Off-road vehicles are used for tasks that require them to travel off the established path or on unpaved surfaces. These trucks go across rough and uneven surfaces or on land for any of the activities and construction operations.
Off-road vehicles are used for tasks that require them to travel off the established path or on unpaved surfaces. These trucks go across rough and uneven surfaces or on land for any of the activities and construction operations. Big tires with deep, wide treads, adaptable suspension, and even caterpillar tracks are some of its standout features.
KEY DRIVERS:
The off-road vehicle market is predicted to develop as the trend of recreational activities and adventure sports grows
The penetration of AWD and 4WD cars
RESTRAINTS:
The expensive expense of off-road vehicle maintenance, as well as
A ban on ATV and UTV driving due to terrain damage is limiting the market growth
High frequency of accidents
The demand may be hampered by subsequent legislation
OPPORTUNITIES:
The development of electric off-road vehicles
The expansion of dealer networks to increase product reach is expected to provide profitable growth prospects
New opportunities will arise as a result of the positive perspective on off-road vehicles
CHALLENGES:
Distinct regions have different trade barriers.
The exorbitant price of off-road vehicles.
Concerns about off-road vehicles' safety
Off-roading has an environmental impact.
Due to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain interruptions, 2020 was a negative performing year for the off-road vehicle industry. Due to operations with limited staff capacity, inadequate health safety measures, and shifting customer emotions, the overall production activities of industry players have decreased in 2020. Due to its strong demand forecast and green mobility measures, the off-road vehicle is most likely to gain sales momentum in the second half of 2021.
However, due to a shift in customer preferences for off-road vehicles, industry leaders saw a sustained rise in unit shipments in the second half of 2020. With the relaxation of lockdown measures and a shift in customer preference for outdoor recreational activities, industry statistics progressively gained traction.
The global market is divided into Less than 400 (CC), 400 to 800 (CC), and more than 800 (CC) based on the Displacement segment. With a sales share of over 48.2% in 2023, the 400cc-800cc engine segment led the market. The rising popularity of these vehicles for utility purposes is to blame for the increase. To serve a broader spectrum of consumers and uncover new application areas, leading manufacturers in the market are launching 400cc-800cc ATVs.
According to the vehicle type segment, the global market is divided into ATV, UTV, NEV, and Snowmobiles. Because most ATVs and UTVs are not permitted to operate on motorways and other major roads, governments throughout the world have increased budgetary commitments to develop new off-road paths.
Based on the End-user Vertical segment, the global market has been divided into Agriculture, Sports, Military, and others. Off-road vehicles are becoming more important as the popularity of off-road sports grows, as does the demand for rugged, compact equipment. Furthermore, because off-road vehicles have a wide range of customers in agricultural, mining, construction, and other industries, they are predicted to increase rapidly.
By Displacement:
Less than 400 (CC)
400 to 800 (CC)
More than 800 (CC)
By Vehicle Type:
ATV
UTV
NEV
Snowmobiles
By End-user Vertical:
Agriculture
Sports
Military
Others
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In 2023, North America was the most important market. ATV adoption has increased significantly in the United States and Canada due to a variety of causes, including inhabitants' better discretionary income, the developed economy, government laws governing ATVs, and impending off-road vehicle projects. Many off-road trails and parks, such as Northwest Off-Highway Vehicle Park, Rocky Ridge Ranch, and River Valley Motocross, are located in the region, and these off-road trails and parks attract many tourists, resulting in market expansion. Furthermore, because of cheap production costs, rising military spending, and a big addressable market, the Asia Pacific area offers considerable growth potential for ATV makers.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The study analyses the market's leading players and their significant business strategies to acquire a competitive perspective. BRP Inc., Deere & Company, CFMOTO, Honda Motor Co., Ltd., Can-am, Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Polaris Inc., Mahindra & Mahindra Limited, Textron Inc., and Yamaha Motor Co., Ltd. is among the key players profiled in the off-road vehicle market research.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 22.9 Billion |
| Market Size by 2031 | US$ 35.14 Billion |
| CAGR | CAGR of 5.5% From 2023 to 2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Displacement (Less than 400 (CC), 400 to 800 (CC), More than 800 (CC)) • by Vehicle Type (ATV, UTV, NEV, Snowmobiles) • by End-user Vertical (Agriculture, Sports, Military, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | BRP Inc., Deere & Company, CFMOTO, Honda Motor Co., Ltd., Can-am, Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Polaris Inc., Mahindra & Mahindra Limited, Textron Inc., and Yamaha Motor Co., Ltd. |
| Key Drivers | •The off-road vehicle market is predicted to develop as the trend of recreational activities and adventure sports grows. •The penetration of AWD and 4WD cars. |
| RESTRAINTS | •The expensive expense of off-road vehicle maintenance, as well as •A ban on ATV and UTV driving due to terrain damage is limiting the market growth. |
Off-Road Vehicles Market Size was valued at USD 22.9 billion in 2023.
The forecast period the of Off-Road Vehicles Market is 2024-2031.
The CAGR of the Off-Road Vehicles Market is 5.5% over the forecast period 2024-2031.
North America region dominating the Off-Road Vehicles Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Off-Road Vehicles Market Segmentation, by Displacement
8.1 Less than 400 (CC)
8.2 400 to 800 (CC)
8.3 More than 800 (CC)
9. Global Off-Road Vehicles Market Segmentation, by Vehicle Type
9.1 ATV
9.2 UTV
9.3 NEV
9.4 Snowmobiles
10. Global Off-Road Vehicles Market Segmentation, by End-user Vertical
10.1 Agriculture
10.2 Sports
10.3 Military
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Honda Motor Co., Ltd.,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 BRP Inc.
12.3 Deere & Company
12.4 CFMOTO
12.5 Can-am
12.6 Kawasaki Heavy Industries, Ltd.
12.7 KUBOTA Corporation
12.8 Polaris Inc.
12.9 Mahindra & Mahindra Limited
12.10 Textron Inc.
12.11 Yamaha Motor Co., Ltd.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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