USD 16.13 Billion
Off-road Vehicles Market Size, Share, Growth Analysis, By Vehicle(All-Terrain Vehicle (ATV), Utility Terrain Vehicle (UTV) and Off-road motorcycle), By Propulsion(Gasoline, Diesel, and Electric), By Application(Utility, Sports, Military and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2101 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
89
|Figures:
69
Off-road Vehicles Market Insights
Global Off-road Vehicles Market size was valued at USD 16.13 Billion in 2022 and is poised to grow from USD 17.12 Billion in 2023 to USD 27.56 Billion by 2031, at a CAGR of 6.13% during the forecast period (2024-2031).
The global off-road vehicles market has experienced significant growth in recent years. The primary reason behind the market growth is expansion of the tourism sector across the world. As the vehicles are more important for tourism such as safaris and hill stations explorations.
For wildlife safaris, off-road vehicles are more popular in explorational activities for wildlife safaris. Off-road vehicles allow tourists to get up close to wildlife in their natural habitats while causing the least amount of disturbance to the animals.
Additionally, these vehicles are equipped with features like open views options and customized seats for better visibility. Additionally, hill stations and mountainous regions are often attractive places for adventure seeking tourists.
Off-road vehicles are also popular for hill station activities, such as jeep safaris, mountain biking and trekking experiences. Off-road vehicles are used for activities like off-roading, rock crawling and exploring difficult routes.
This adds a sense of adventure to the tourism experience, which appeals to people looking for an adrenaline rush. The primary trend for the market is improved infrastructure.
Many tourism destinations are investing in improving their off-road infrastructures and experiences. As ORV’s can help to generate economic benefits for tourism destinations, it is being most adopted in the tourism sector.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Utility
Fastest Growth
Military
Growth Rate
6.13% CAGR
Global Off-road Vehicles Market ($ Bn)
Country Share for North America Region (%)
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Off-road Vehicles Market Segmental Analysis
Global off-road vehicles market is segmented on the basis of vehicle, propulsion, application and region. By vehicle, the market is segmented into ATV’s, UTV’s and off-road motorcycles. By propulsion, it is segmented into gasoline, diesel and electric. By application, the market is segmented into utility, sports, military and others. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Analysis By Vehicle
The largest market segment is the all-terrain vehicle (ATV’s) segment in the off-road vehicles market. The versatile sectors such as utility, tourism, sports, military sectors are using ATV’s for their vehicle transmission. Another reason behind its dominating nature, is ATVs are the most versatile type of off-road vehicle, and they can be used for a wide range of activities, such as recreation, work and hunting. They can be used in various terrains, from mud and sand to rocky trails, making them interesting to a broad customer base. Additionally, ATVs are a cost effective segment in comparison to UTVs. This affordability makes UTVs a more attractive option for a wide range of consumers.
On the other hand, the UTV’s segment is experiencing rapid growth and is considered as the fastest growing segment in the global off-road vehicle market. UTS’s are not only limited to recreational use, but also utilized in transportation. UTV’s are a more reliable option for safe tourism with covered and open view features. Additionally, UTV’s are often outfitted with cargo beds and multiple passenger seating capacity making them appropriate for various activities, including farming, construction, landscaping, etc.
Analysis By Application
The utility segment has emerged as a dominating segment for the global off-road vehicles market in recent years. The utility segment was typically the largest segment by application, encompassing applications such as agriculture, construction forestry, and mining. These off-road vehicles are in high demand in these industries due to their essential roles in various industrial and agricultural activities. UTV’s are normally built more durable, reliable, with four-wheel drive, high ground clearance and towing capability.
The military segment is the fastest growing segment for the global off-road vehicle market. The primary reason is due to increasing demand from governments around the world for these off-road vehicles to be used in various military activities such as border patrolling, transporting troops, and rescuing activities. Military vehicles are often designed to be highly agile and capable of operating in adverse situations.
Global Off-road Vehicles Market By Application
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Off-road Vehicles Market Regional Insights
In 2022, North America has emerged as the largest market for the global off-road vehicles market due to the robust culture of outdoor recreational activities, including off-roading, camping, hunting and other adventure sports. Off-road vehicles are popular choices for these activities which boost the market in North America. North America has a diverse and challenging terrain, from desert and mountains as well as snow-covered areas. The diversity of landscapes provides an ideal environment for off-road vehicle enthusiasts, making these vehicles a practical and exciting way to explore the continent.
The Asia Pacific region is experiencing growth in various industries, due to expansion of urbanization, infrastructure development, tourism and adventure sectors. Many Asian countries' rapid urbanization has led to the development and infrastructure, including recreational areas and off-road trails. This has allowed off-road vehicles in use to explore and enjoy various terrain. Asia Pacific has the diversified sectors to deploy off-road vehicles such as in deserts, hills, snowy lands and wildlife sanctuaries. Tourists seeking off-road adventures in a variety of locations, ranging from mountains to forests resulted in off-road vehicle demand in surge.
Global Off-road Vehicles Market By Region
- Largest
- Fastest
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Off-road Vehicles Market Dynamics
Drivers
Increasing tourism sectors
- One of the drivers for the off-road vehicle market is expansion of tourism sectors globally. Tourists are increasingly seeking eco-tourism and adventurous experiences. Off-road vehicles allow them to access remote and rugged areas that would otherwise be unreachable. Sustainable and eco-friendly practices should be a priority to minimize negative effects on the environmental and local communities, ensuring the long-term viability of off-road vehicles in tourism. This is increasing demand for the off-road vehicles market.
Restraints
Clean and Green Energy efficient power sources
- One restraint for the off-road vehicle market is the increasing awareness about environmental sustainability. As an off-road vehicle consumes higher fuel to run its engine, its most probable chances, that it will hit the off-road vehicle market in future. The world is continuously shifting to eco-friendly transportation options, there are plenty of options other than off-road vehicles. Additionally, stricter regulations and laws intended to reduce carbon footprints that can also place limitations on the manufacture and usage of off-road.
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Off-road Vehicles Market Competitive Landscape
The off-road vehicle market is described by strong rivalry among key players striving to capture a significant market share. Leading companies are consistently engaged in innovation, strategic partnerships, technological advancement and product development to maintain their competitive edge. These industry giants leverage their extensive portfolios to offer a range of solutions encompassing energy management, automation, security, and integrated building controls.
Top Player’s Company Profiles
- John Deere
- Tomcar
- Edag Group
- Ford
- Yamaha
- Kawasaki
- CFMoto USA
- Arctic Cat
- Suzuki
- Red Dot Engineering and Other
Recent Developments
- In August 2023, Honda announced a trio of new ATV models in the United States. Additionally, introducing two of its most popular miniMOTO models, the Monkey and the Super Cub C125.
- In February 2023, BRP announced its all new mid-cc Can-Am Outlander ATV recreational and utility models. It is designed and built with the emphasis of improving the rider experience at every touchpoint for both work and play.
- In September 2022, Suzuki Motor USA LLC launched its KingQuad ATV product line, and their near-legendary line of youth products for 2023. With the high-quality engineering and rock-solid construction, KingQuad ATVs continue with well-thought-out features and class-leading build quality that have galvanized the KingQuads’ reputation as ATVs to be relied on.
Off-road Vehicles Key Market Trends
- Powerful driving experiences across the tourism sector: ATV’s and UTV’s are made with powered engines for any difficult terrains. These vehicles are made for going off-road, across fields, trails, or even sand. UTV built for blasting through deserts and soaking up massive powers on a short course race. Each of these rides can be upgraded with UTV performance parts, which improve the performance within this category. off-road vehicles are different from ordinary utility vehicles. It can also be fitted with features and extras such as snow chains, bumpers, trackers and more.
Off-road Vehicles Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by robust secondary desk research.
According to our global Off-road Vehicles market analyses, the market is witnessing significant growth driven by a convergence of factors such as the increasing demand for adventurous transporting solutions, enhanced travel comfort, and efficient operations in various industries. North America has emerged as a dominating region with emerging several key players within the off-road vehicles market. These players continuously boost the market by launching one by one their new product lines of off-road vehicles such ATV’s and UTV’s. The tourism sector of this region is mostly adopting these vehicles because of its capability and efficiency. Moreover, UTV’s are popular because they provide adventure, fun, rugged, and efficient ways to get any job done, or challenge people on the trails.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 16.13 Billion |
| Market size value in 2031 | USD 27.56 Billion |
| Growth Rate | 6.13% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Off-road Vehicles Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Off-road Vehicles Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Off-road Vehicles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Off-road Vehicles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Off-road Vehicles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Off-road Vehicles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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