Report Id: SNS/AUTO/1077 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Off-Road Vehicles Market Size was valued at USD 16.63 billion in 2021 and is expected to reach USD 27.33 billion by 2028 and grow at a CAGR of 7.35% over the forecast period 2022-2028.
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.
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.
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.
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.
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.
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.
IMPACT OF COVID-19:
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.
KEY MARKET PLAYERS:
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.
Market, By Displacement:
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 2021, 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.
Market, By Vehicle Type:
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.
Market, by End-user Vertical:
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.
Less than 400 (CC)
400 to 800 (CC)
More than 800 (CC)
By Vehicle Type:
By End-user Vertical:
In 2021, 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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 16.63 Billion|
|Market Size by 2028||US$ 27.33 Billion|
|CAGR||CAGR of 7.35% From 2022 to 2028|
|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.
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
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
10. Global Off-Road Vehicles Market Segmentation, by End-user Vertical
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Honda Motor Co., Ltd.,
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
12.6 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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.