Press Release

Growing Appetite for Recreational Sports Propelling Off-Road Vehicle Market

The Global Off-Road Vehicle Market is projected to grow at a CAGR of 5.8% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The multitudes of applications of off-the-road vehicles in different sectors, including agriculture, construction, military, and recreational activities, favorably foster market growth. Additionally, the rising popularity of adventurous events, recreational activities, tournaments, and sports among youth and vehicle enthusiasts has positively influenced the industry.

Moreover, dedicated research and development by market players for added modifications and the emergence of electric and hybrid off-the-road vehicles has been fueling the market forward and is likely to prevail in the same direction, further states the research report, “Global Off-Road Vehicle Market Analysis, 2023.”

Segmentation Analysis

The market is broadly fragmented on the basis of Vehicle Type, Propulsion Type, Engine Displacement and Application. Further classification of Vehicle Type includes All-Terrain Vehicle, Utility Task Vehicles, Snowmobiles, Neighborhood Electric Vehicle (NEV), Off-Highway Motorcycles/ Dirt Bikes, and Others (Four Wheel Drive Vehicles, Snowmobiles). Based on Propulsion Type, the industry is segmented into Gasoline, Diesel, and Electric.

Additionally, on the basis of Engine Displacement, the market is divided amongst Less than 400CC, 401 to 800CC and more than 800CC. Finally, on the basis of Application, the industry bifurcates into Sports, Entertainment, Agriculture, Military, Utility/Recreation and others (Hunting & Forestry, Tourism, etc.)

Frequent Professional Championships Promoting Sports OTR Vehicles

Sports acquired the largest market share in the application segment, aided by the rising number of professional racing championships. In addition, racing, sports, and adventurous clubs procure different sports vehicles, expanding the product range and scope for alternatives resulting in a flow of new launches and editions with added technological features by market players. Moreover, key companies focusing on adding advanced modifications to vehicles to enhance and modify them into ultra-modern versions have been fueling the industry and are likely to help the market expand further.

The Global Off-Road Vehicle Market is projected to grow at a CAGR of 5.8% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The multitudes of applications of off-the-road vehicles in different sectors, including agriculture, construction, military, and recreational activities, favorably foster market growth. Additionally, the rising popularity of adventurous events, recreational activities, tournaments, and sports among youth and vehicle enthusiasts has positively influenced the industry.

Moreover, dedicated research and development by market players for added modifications and the emergence of electric and hybrid off-the-road vehicles has been fueling the market forward and is likely to prevail in the same direction, further states the research report, “Global Off-Road Vehicle Market Analysis, 2023.”

Segmentation Analysis

The market is broadly fragmented on the basis of Vehicle Type, Propulsion Type, Engine Displacement and Application. Further classification of Vehicle Type includes All-Terrain Vehicle, Utility Task Vehicles, Snowmobiles, Neighborhood Electric Vehicle (NEV), Off-Highway Motorcycles/ Dirt Bikes, and Others (Four Wheel Drive Vehicles, Snowmobiles). Based on Propulsion Type, the industry is segmented into Gasoline, Diesel, and Electric.

Additionally, on the basis of Engine Displacement, the market is divided amongst Less than 400CC, 401 to 800CC and more than 800CC. Finally, on the basis of Application, the industry bifurcates into Sports, Entertainment, Agriculture, Military, Utility/Recreation and others (Hunting & Forestry, Tourism, etc.)

Frequent Professional Championships Promoting Sports OTR Vehicles

Sports acquired the largest market share in the application segment, aided by the rising number of professional racing championships. In addition, racing, sports, and adventurous clubs procure different sports vehicles, expanding the product range and scope for alternatives resulting in a flow of new launches and editions with added technological features by market players. Moreover, key companies focusing on adding advanced modifications to vehicles to enhance and modify them into ultra-modern versions have been fueling the industry and are likely to help the market expand further.