Press Release Description
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.”
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.
Well-Established Off-Road Industry Rewards North America with The Lion’s Share
North America dominates the Off-Road Vehicle Market with the largest share and is anticipated to prevail in the same trend during the forecast period, attributed to the higher participation of the region in recreational activities and elevated demand for off-road vehicles. Besides, the already established industry of off-road sports and vehicles in the US further fuels market expansion. Along similar lines, launching technologically advanced vehicles, coupled with the rising recreational expenditure and availability of a broader range of products, enhances the market expansion. In addition, the establishment of favorable regulations related to the use of ATVs and occupant safety by regulatory authorities to reduce hindrances and safety issues assists in the region’s market flow.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Honda Motor, Yamaha Motor Co., Kubota Corporation, Kwang Yang Motor co., Arctic Cat Inc., Polaris Industries, Bombardier Recreational Products, Deere& Company, Caterpillar, and Kassbohrer Gelandefahrzeug are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Off-Road Vehicle Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Off-Road Vehicle manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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