Off-Road Vehicles Market Report Scope & Overview:

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.

Off-Road Vehicles Market Revenue Analysis

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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.



  • 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.


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.


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 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.

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.

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

Off-Road Vehicles Market Segment Analysis

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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.


  • 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.

Honda Motor Co .Ltd-Company Financial Analysis

Off-Road Vehicles Market Report Scope:
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.

Frequently Asked Questions

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.

  • 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.

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 US Canada Germany France United Kingdom China Japan South Korea 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


12.5 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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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.

Secondary Research

Step 2: Primary Research

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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.

Primary Research

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Data Bank Validation

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