
Global Off-Road Vehicle Market Research Report: Forecast (2023-2028)
By Vehicle Type (All-Terrain Vehicle, Utility Task Vehicles, Snowmobiles, Neighborhood Electric Vehicle (NEV), Off-Highway Motorcycles/ Dirt Bikes, Others (Four Wheel Drive Vehicle...s, Snowmobiles)), By Propulsion Type (Gasoline, Diesel, Electric), By Engine Displacement (Less than 400CC, 401 to 800CC, More than 800CC), By Application (Sports, Entertainment, Agriculture, Military, Utility/Recreation, Others (Hunting & Forestry, Tourism, etc.)), By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific), By Company (Honda Motor, Yamaha Motor Co., Kubota Corporation, Kwang Yang Motor co., Arctic Cat Inc., Polaris Industries, Bombardier Recreational Products, Deere & Company, Caterpillar, Kassbohrer Gelandefahrzeug, BRP INC., Mahindra & Mahindra Ltd., Textron Inc., CFMOTO, HISUN Motors) Read more
- Automotive
- Feb 2023
- 180
- PDF, Excel, PPT
Market Definition
Off-road vehicles, also overland or adventure vehicles, are designed with characteristics such as open treads and oversized tires with deep and flexible suspension to operate on public roads and rough terrain. In addition, overland vehicles are majorly equipped with a four-wheel drive system (4WD) or all-wheel drive (AWD) to attain operational requirements. Also, these vehicles perform a wide range of applications, such as good carriers, agricultural applications, passenger commutes, and more.
Market Insights & Analysis: Global Off-Road Vehicle Market (2023-28)
The Global Off-Road Vehicle Market is projected to grow at a CAGR of around 5.8% during the forecast period, i.e., 2023-28. The market growth is attributed to the various applications of off-the-road vehicles in different sectors, including agriculture, construction, military, and recreational activities. In addition, the surging popularity of adventurous events, tournaments, and sports among youth and vehicle enthusiasts has also positively influenced the industry. Besides, the research & development in the industry by many key market players to add & launch smooth modification has again added to the industrial expansion.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2018-21 |
Base Year: 2022 | |
Forecast Period: 2023-28 | |
CAGR (2023-2028) | 5.8% |
Regions Covered | North America: US, Canada, Mexico |
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
South America: Brazil, Argentina, Rest of South America | |
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
Key Companies Profiled | Honda Motor, Yamaha Motor Co., Kubota Corporation, Kwang Yang Motor co., Arctic Cat Inc., Polaris Industries, Bombardier Recreational Products, Deere & Company, Caterpillar, Kassbohrer Gelandefahrzeug, BRP INC., Mahindra & Mahindra Ltd., Textron Inc., CFMOTO, HISUN Motors |
Unit Denominations | USD Million/Billion |
Moreover, 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. Integrating electric vehicles and hybridization opens the scope for further product modifications, like artificial intelligence, battery advancement, and others. Along with this, the paradigm shift to an electric vehicle will likely bode well for the market. For instance,
- On March 2021, Honda introduced an Overhead valve (OHV) air-cooled 229cc engine, which is longitudinally mounted for more efficient power transfer.
However, the trade restriction over different regions and the stigma of off-road vehicles being unsafe and high maintenance are likely to restrain the market expansion. On the contrary, the budding interest of consumers in various adventurous activities and the vehicles easing human labor in multiple industries offer robust opportunities to the market.
Market Dynamics
Key Driver: Sports Events and Multiple Applications in Different verticals
The additional safety features have increased the number of recreational events and sports tournaments, driving the market forward. Sports organizations arrange tournaments on state and national levels with titles and awards, spreading the popularity of such events and the market. Additionally, the fabricated applications of the vehicles in agriculture, construction, military, and other sectors have been driving the manufacturer to deliver better-optimized products and continue doing research and development with the needs of each industry as goals. For instance,
- in September 2020, John Deere updated its legendary Gator Utility Vehicles (UVs) line. Likewise, with hikes in military budget globally and successful application of ATVs in operations due to offered modularity and functionality, the industry has been expanding fortuitously.
.png)
Possible Restraint: Regional Trade Restriction Combined with The Higher Cost of Overland Vehicles
The manufacturing and distribution industry is unevenly distributed globally, leading to various regulations and restrictions fragmented across different regions. For instance, China continues deploying several export restraints, such as quotas, licensing, minimum prices, duties, etc. Likewise, the US also implies various regulations on several raw materials, being the leading producer. Collectively, this leads to hikes in tariffs and product pricing between these regions.
Moreover, increasing the addition of features will also add up to product pricing and other regulations and duties to complete, combined with already high maintenance costs leading to restraining market flow and further affecting consumer buying behavior. Other than this, higher accident rates, safety concerns, and other dangers of off-roading activities could further hamper the market enlargement.
Growth Opportunity: Growing Appetitive for Recreational and Adventurous Trips
Off-the-road vehicles are gaining more popularity with rising interest in sports, recreational, adventurous, and leisure activities. With the ease in lockdowns and restrictions after the Covid-19 pandemic forcing people to stay inside, the overall appeal and participation in such activities surged, opening investment and other opportunities for various market players. After the electric revolution in passenger cars was received favorably by the industry, the introduction of different electric off-road vehicles has been going well for the market. For instance,
- in 2021, Polaris launched its EV ATV, Ranger XP Kinetic, a model it developed in collaboration with the Zero motorcycles company. It has a 14.9kWH battery and can travel 45 miles on a single full charge. Further development, specifically in UTV and ATV, is likely to shift buyers' interest favorably, posing a lucrative opportunity for the industry.
Key Trend: Rapid Adoption of Electric or Hybrid Off-The-Road Vehicles
The development of hybrid electric vehicles incorporating sensors and other modifications, such as integration of artificial intelligence (AI), battery advancement, the combination of electro-hydraulic actuators and more are anticipated to accelerate the market further. The industry is experiencing a paradigm shift to electronic vehicles for better productivity and hybridizing to obtain the best results. Such explorations are on the rise, effectively proposing favorable fluctuations to the market. For instance,
- In March 2021, BRP invested USD 300 million over the next five years to electrify its existing product lines by the end of 2026.
Market Segmentation Analysis
Based on Application
- Sports
- Entertainment
- Agriculture
- Hunting
- Military
- Others
Among them all, Sports acquired the largest market share and is expected to prevail in the same trend in the forecasting period. It is aided by the rising number of professional racing championships and series conducted globally, especially in North America, including The Grand National Cross-Country Series and more. Racing and Sports club procure different sports vehicles expanding the market through such events. Additionally, to stay relevant, various market participants ramp up their portfolios by launching new editions and adding new technologies and other features.
Moreover, Military and Agriculture are also anticipated to gain significant market share during the forecasting years. These vehicles offer maneuvering and mobility for strategic missions, including off-road transport, utility, combat applications, and more, further gaining grounds for market elevations. Overland vehicles have various applications in agriculture, making everything smoother, for instance, working on wet trenches, ditches, and more. The growth in agricultural activities promises a surge in market expansion.
Regional Projection
Geographically, the Global Off-Road Vehicle Market expands across:
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Globally, 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. This ascension attributes to the higher participation in recreational activities compared with other regions, resulting in elevated demand for OTR vehicles. Also, the well-established off-road industry of the US further fuels the market expansion, along with the launching of technologically advanced vehicles. Especially with the prosperous years in sales as the youth’s preference for sports and recreational activities surged by the end of the Covid-19 pandemic.
In addition, the rising recreational expenditure with increasing off-roading events combined with the vast availability of a broader range of products at varied prices further enhance the market development. Furthermore, to reduce hindrances and secure safety issues, regulatory authorities, such as the Recreational Off-Highway Vehicle Association (ROHVA), the United States Consumer Product Safety Commission (CPSC), and the US Environmental Protection Agency (EPA), have established numerous regulations related to the use of ATVs and occupant safety, collectively assisting in market expansion.
However, Europe also promises admirable ascension in the market in further years, aided by the rising consumer purchasing power and adoption of new technology. Likewise, the increasing interest in the sporting contest and utility activities combined with Europe being a hub of car makers and enthusiasts, with surging tourism and leisure activities are expected to continue to expand the industry.
Recent Developments in the Market
- In September 2022, Arctic Cat unveils all-new catalyst snowmobile chassis at Hay Days.
- In March 2022, Polaris Industries expanded their distribution facility in Wilmington, Ohio.
- In September 2021, Yamaha designed Grizzly 90 for young ATV riders ages ten and above. It is a sports model with a low-maintenance 90cc engine that utilizes wet-sump lubrication and is air-cooled.
Do You Require Further Assistance?
- The sample report seeks to acquaint you with the layout and the overall research content.
- The deliberate utilization of the report may further streamline operations while maximizing your revenue.
- To gain an unmatched competitive advantage in your industry, you can customize the report by adding more segments and specific countries suiting your needs.
- For a better understanding of the contemporary Market scenario, feel free to connect to our knowledgeable analysts.
Frequently Asked Questions
- Market Segmentation
- Introduction
- Product Definition
- Research Process
- Assumptions
- Executive Summary
- Global Off-Road Vehicle Market Voice of Customer
- Brand Awareness
- End User Expectation
- Key Factors Impacting Vendor Selection
- Key Issues Encountered
- Vendor’s Receptiveness to Address Key Customer Issues
- Future Requirements
- Global Off-Road Vehicle Market Trends & Developments
- Global Off-Road Vehicle Market Dynamics
- Growth Drivers
- Challenges
- Global Off-Road Vehicle Market Regulations & Policy
- Global Off-Road Vehicle Market Supply Chain Analysis
- Global Off-Road Vehicle Market Hotspots & Opportunities
- Global Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues (USD Million)
- By Unit Sold (Thousand Units)
- Market Share & Analysis
- By Vehicle Type
- All-Terrain Vehicle
- Utility Task Vehicles
- Snowmobiles
- Neighborhood Electric Vehicle (NEV)
- Off-Highway Motorcycles/ Dirt Bikes
- Others (Four Wheel Drive Vehicles, Snowmobiles)
- By Propulsion Type
- Gasoline
- Diesel
- Electric
- By Engine Displacement
- Less than 400CC
- 401 to 800CC
- More than 800CC
- By Application
- Sports
- Entertainment
- Agriculture
- Military
- Utility/Recreation
- Others (Hunting & Forestry, Tourism, etc.)
- By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
- By Company
- Competition Characteristics
- Revenue Shares
- By Vehicle Type
- Market Size & Analysis
- North America Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Propulsion Type
- By Engine Displacement
- By Application
- By Country
- The US
- Canada
- Mexico
- The US Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Canada Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Mexico Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Market Size & Analysis
- South America Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Propulsion Type
- By Engine Displacement
- By Application
- By Country
- Brazil
- Argentina
- Rest of South America
- Brazil Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Argentina Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Market Size & Analysis
- Europe Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Propulsion Type
- By Engine Displacement
- By Application
- By Country
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
- Germany Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- The UK Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- France Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Italy Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Spain Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Market Size & Analysis
- Middle East & Africa Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Propulsion Type
- By Engine Displacement
- By Application
- By Country
- The UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- The UAE Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Saudi Arabia Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- South Africa Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Market Size & Analysis
- Asia-Pacific Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Propulsion Type
- By Engine Displacement
- By Application
- By Country
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- China Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- India Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Japan Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- South Korea Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Australia Off-Road Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues
- By Unit Sold
- Market Share & Analysis
- By Vehicle Type
- By Application
- Market Size & Analysis
- Market Size & Analysis
- Global Off-Road Vehicle Market, Key Strategic Imperatives for Success & Growth
- Competition Outlook
- Competition Matrix
- Product Portfolio
- Target Markets
- Research & Development
- Strategic Alliances
- Strategic Initiatives
- Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
- Honda Motor
- Yamaha Motor Co.
- Kubota Corporation
- Kwang Yang Motor co.
- Arctic Cat Inc.
- Polaris Industries
- Bombardier Recreational Products
- Deere & Company
- Caterpillar
- Kassbohrer Gelandefahrzeug
- BRP INC.
- Mahindra & Mahindra Ltd.
- Textron Inc.
- CFMOTO
- HISUN Motors
- Competition Matrix
- Disclaimer
