The Global Off-Road Vehicles market is expected to register a CAGR of 4.8% during the forecast period 2018–2027. Side by side vehicles (SSV) segment to dominate the off-road vehicles market size accounting more than 40% value share.
Vehicles which can be driven on off-road and rugged conditions are acknowledged as off-road vehicles. Off-road vehicles generally have big tires with supple suspension and exposed, deep treads. Common use of such off-road vehicles is for exploration activities in areas which do not have proper tar roads. Usage of higher power vehicles and higher clearance area enables access to trails and forest roads that have truncated traction and bumpy surfaces. Furthermore, off-road vehicles are employed in the military and for utility purposes are off-road vehicles. Among all industries, the sports industry held a prominent share of the off-road vehicle market. Retrieval of the global economy and growing disposable income, increasing recreational and touring activities, an advancement in the off-road vehicle technology, and increasing usage of off-road vehicles in the recreational and military operations are the chief factors thriving the demand for off-road vehicles globally. The US is the largest off-road vehicles market due to its long stretches of natural terrain, unpaved roads, and large ranches and farms across the country.
On the basis of vehicle type, the market can be categorized as All-terrain vehicles (ATV), Side by side vehicles (SSV), Off-road motorcycles, and Snowmobiles. Side by side vehicles (SSV) segment is expected to dominate the off-road vehicles market over the forecast period, regarding value, which accounted for more than 40% value share in 2027.
On the basis of fuel, the market is segmented into diesel, electric, and gasoline. The segment, diesel in an off-road vehicles market accounted for the highest market share of more than 60% in 2017. The segment electric is expected to grow remarkably over the forecast period.
On the basis of application, the market is segmented into utility, sports, recreation and military. Sports segment accounted for the highest market share in 2017. However, the recreation segment is expected to register a healthy CAGR of more than 5% during the forecast period due to the increase in recreational activities across the developing economies.
The Latin America region and Japan is expected to register relatively low growth in the off-road vehicles market, as the region is currently sustaining economic crises and has less scope of further development. APEJ market is developing at a rapid pace with an increasing application of off-road vehicles across all major sectors.
Analysis by Region:
On the basis of region, the global Off-Road Vehicles market is segmented into North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan(APEJ) and MEA. Among these regions, the APEJ off-road vehicles market is projected to exhibit relatively higher growth in the global off-road vehicles market with a CAGR of over 5.0% during the forecast period.
Revenue from the off-road vehicles market in APEJ and Europe is expected to collectively account for more than 40% of the global off-road vehicles market revenue in 2018.
Global Off-Road Vehicles industry is currently witnessing complete change in manufacturing concept. Chief factor propelling the growth of the off-road vehicles market are increasing adoption of off-road vehicles in military and recreational operations. Off-road trucks are used in military operations to transport cargo, fuels, ammunition etc. These vehicles are also utilized for transportation of heavy loaded weapons during wars. Utility off-road vehicles are utilized for agricultural operations for instance in crop plotting and scouting, for picking rocks, for irrigation purpose etc. Off-road vehicles perform farm work efficiently thus, describing the labor costs associated with these tasks. Furthermore, advanced technologies such as GPS on these vehicles, for creating field boundaries and marking field lines, permits to decrease soil compaction and save planting time by plotting the lines. Thus, increasing adoption of utility vehicles in agriculture is anticipated to surely impact growth of the off-road vehicle market.
Furthermore, the globalization coupled with the growing demand for off-road vehicles from the youth section of the society across the world is further propelling the demand for off-road vehicles. Additionally, growing preferences for hybrid and electric off-road vehicles is highly expected to drive the demand for off-road vehicles over the forecast period.
The vendors offering off-road vehicles are investing huge amounts in offering advanced off-road vehicles. The companies are aiming to offer the highly efficient off-road vehicles, which are low in cost and highly effective and can provide maximum mileage and comfort. For instance, Mahindra introduced off-road Roxor, an open top jeep vehicle that is 148 inches and powered by 2.5 liter 62 HP turbo diesel engine with a five-speed manual gearbox, in the United States. The Roxor is being assembled at the new Mahindra Automotive North America (MANA) plant at Auburn Hills, Michigan which has started its production in the first quarter of 2018. Thus, rising vendor investment in off-road vehicles is expected to contribute significantly to the market growth during the forecast period.
Key competitors in off-road vehicles market are as Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company, Kawasaki Motors Corp., Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yahama Motor Co., Ltd., Bombardier Recreational Products, Kässbohrer Geländefahrzeug, Textron Specialized Vehicles Inc., Wildcat Automotive, Massimo Motor Sports, LLC, KTM AG and Mahindra & Mahindra Ltd.
Vendors in the Off-Road Vehicles market are focusing on launching new products with advanced features to gain a competitive edge in the market. In 2015, Polaris begun work on hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with superior noise damping capabilities and amplified power.
Progress of hybrid engines with upgraded efficiency and negligible emissions accompanied by the introduction of light weight models will further encourage the industry growth till 2027.
Fact.MR offers a 10-year forecast for the Off-Road Vehicles between 2018 and 2027. In terms of value, the Off-Road Vehicles market is expected to register a CAGR of 4.8% during the forecast period (2018–2027). The study offers key trends that are currently influencing the growth of the off-road vehicles market. This newly published and insightful report shed light on key dynamics, which are expected to transform future of the off-road vehicles market, in turn, creating flourishing avenues for prominent companies as well as emerging players associated with the manufacturing of off-road vehicles.
The off-road vehicles market study is a sinuous market intelligence on key revenue growth drivers, challenges, industry trends, and opportunities, which will eventually influence the growth trajectory of the off-road vehicles market. The report initially imparts an overview of the off-road vehicles market, considering current and prospects in the transport and automobile growth, to reveal attractive facets relating to the adoption of off-road vehicles across key regional markets.
An in-depth assessment on prominent off-road vehicles manufacturers offered in the report permits the report readers to gain detailed insights that are derived from the off-road vehicles manufacturers across the regional markets incorporated in the report. A list of key companies operating in the off-road vehicles market provided in the report adds to the credibility of this exhaustive research study.
Off-Road Vehicles Market: Report Summary and Scope
The study offers detailed intelligence on different factors influencing demand, sales and revenue generation in the off-road vehicles market across the globe. The opportunity analysis included in the report is beneficial for the readers to understand better opportunities in the sector, which will, in turn, trigger the adoption of the off-road vehicles.
A detailed forecast on the off-road vehicles market has also been offered by the analysts, who have categorized the market forecasts in terms of a likely scenario, conservative scenario, and an optimistic scenario regarding production and sales of the off-road vehicles during the period of forecast. Segmentation based on the most attractive sites of the off-road vehicles market has been provided in the form of a taxonomy table in the report.
Key Segments Covered in Off-Road Vehicles Report:
On the basis of vehicle type, the Off-Road Vehicles market can be segmented into:
- All-terrain vehicles (ATV)
- Side by side vehicles (SSV)
- Off-road motorcycles
On the basis of fuel, the Off-Road Vehicles market can be segmented into:
On the basis of application, the Off-Road Vehicles market can be segmented into:
On the basis of region, the Off-Road Vehicles market can be segmented into:
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
Off-Road Vehicles Market: Analysis on Market Size Evaluation
Current and future prospects of the off-road vehicles market, containing current, as well as future projected values and volume forecast and analysis on region-wise demand trends, have been incorporated in the report. Assessment offered on the factors mentioned above are comprehensive and dedicated weighted chapters have been delivered on the same.
Market value at a global and regional scale and volume at a global scale for the off-road vehicles is offered in terms of “(US$ Mn)” and “(000’ Units)”. A Y-o-Y growth comparison on key off-road vehicles market segments, along with the market attractiveness assessment quantifies insights delivered in the report. Aforementioned metrics are also tracked based on off-road vehicles vehicle type, fuel, and application where Off-Road Vehicles witnesses high demand.
Off-Road Vehicles Market: Scrutinized Assessment on Regional Segments
Weighted chapters have been included in the report on the off-road vehicles market, which imparts forecast on the regional markets. These chapters illuminate the regional macros (business, economic, and political environment outlook), which are most likely expected to have a significant impact on the growth of the off-road vehicles market in the near future.
Country-specific assessment on demand for the off-road vehicles has been provided for each regional market, along with the market size valuation and forecast, and impact analysis of key regional and country-wise dynamics. The Y-o-Y growth projections have also been offered on all regional markets incorporated in the report.
Off-Road Vehicles Market: In-depth Analysis on Competitive Landscape
The report concludes with a weighted chapter on the competitive landscape of the off-road vehicles market, which profiles key companies contributing to the market expansion. Up-to-date and important data as well as knowledge related to the market players, who predominantly engage in the production and distribution of the off-road vehicles, has been delivered with the help of a dashboard view. Market share comparison and analysis on these market players offered in the report enables the report readers to devise strategic steps forward for their businesses.
Company profiles are also incorporated in the report, which exerts company details along with a comprehensive product offering by each player identified. The intensity mapping of the market players operating in the off-road vehicles market provides readers with actionable intelligence, which helps in understanding the current market status, and prospects determining the competition levels in the Off-Road Vehicles market.
Fact.MR has profiled some of the most prominent company’s active in the global Off-Road Vehicles market such as Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company, Kawasaki Motors Corp., Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yahama Motor Co., Ltd., Bombardier Recreational Products, Kässbohrer Geländefahrzeug, Textron Specialized Vehicles Inc., Wildcat Automotive, Massimo Motor Sports, LLC., KTM AG and Mahindra & Mahindra Ltd.
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