To improve the website's functionality, we use cookies, including third-party cookies. Read our Privacy Policy for more information
I AgreeAnalysis of Recreational Off-Highway Vehicles market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global recreational off-highway vehicles market is estimated at USD 15.7 Billion in 2022 and is forecast to surpass USD 54.4 Billion by 2032, growing at a CAGR of 13.2% from 2022 to 2032.
Report Attributes |
Details |
Base Year Value (2021A) |
USD 13.9 Billion |
Estimated Year Value (2022E) |
USD 15.7 Billion |
Projected Year Value (2032F) |
USD 54.4 Billion |
Global Growth Rate (2022-2032) |
CAGR 13.2% |
North America Market Share in 2021 |
~27% |
North America Growth Rate (2022-2032) |
CAGR ~13.5% |
Collective Value Share (U.S, China, India) 2022: Top 3 Countries |
~46% |
Top 3 Companies Market Share in 2021 |
~19% |
Key Companies Profiled |
|
Don't Need a Global Report?
Save 40% on Country & Region specific reports
The sales of recreational off-highway vehicles (ROVs) is likely to increase in the forthcoming years because of the shifting trends of the consumers towards power sports leading to higher additional demand for all-terrain vehicles (ATVs). In addition to this, the consumers are spending heavily on leisure and sports activities because of inclination towards maintaining and preferring a healthy lifestyle globally.
Furthermore, the recreational and touring activities are being influenced by the expenditure on leisure and sports, influencing demand for recreational off-highway vehicles. The rise in disposable income of the consumers is placing demand at retail level and is also stimulating demand at the manufacturer level as well.
The future prospects of the market are likely to be positive at the back of demand for high-performance vehicles coupled with focus of manufacturers in accordance with sustainable technologies and designs.
Short-run (2022 Q2 to 2025): In the short run, the demand in the market is likely to grow at the back of rising consumer’s interest in recreational and other sports activities. The North American region is anticipated to pick up pace over this period because of rising interest of youth in sports and recreational activities.
Medium-run (2025-2028): In the medium-term, the demand is anticipated to grow in the Asia-Pacific region because of the manufacturers shifting their focus in the emerging economies to expand geographically.
Long-run (2028-2032): This period is anticipated to observe moderate growth in the market over the rising preference and interest of the consumers to participate in the recreational activities.
Fact.MR projects the recreational off-highway vehicles market is expected to witness exhibiting growth at 13.2% CAGR during 2022 and 2032 in comparison to a CAGR of 9.8% with which it grew from 2017 and 2021.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
The rising demand for recreational vehicles, with escalating preference among millennials, and augmented spending on outdoor recreational activities is influencing the recreational off-highway vehicles market. The demand for recreational vehicles is anticipated to increase in coming years, thereby supporting the market demand by 1.8X over the assessment period of 2022-2032.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
The progression in the development of electrical hybrid vehicles and systems is pacing up, with the rise in incorporation of sensors and electronics. The ongoing trend in the market are widening the scope of its application and is narrowing down the costs for facilitating and driving technological penetration in the market.
The ROVs industry is demonstrating a paradigm shift towards all-electric ROVs, that are being driven by the convergence of factors including fossil fuel dependency, ability of electric power to make vehicles more productive, recapturing energy by leveraging efficient hybrid systems etc. The vehicles are exploring multiple electrification levels, like mild hybridization, full electrification etc. coupled with effective strategies of alternative energy powering tools.
In addition to this, the integration of technologies like artificial intelligence (AI), battery advancement, combines electro-hydraulic actuators, etc. are likely to further accelerate turbocharge the electrification abilities in ROVs in coming years.
The high pricing of recreational off-highway vehicles is poised to restrict their adoption and demand owing to limited consumer base. In addition to this, the high cost also comes up with added cost of maintenance, thereby exerting a negative influence on the purchasing power of the consumer. Therefore, because of the higher initial cost of vehicle along with the maintenance costs is likely to have a substitution effect on the end-users. These factors are poised to hamper and restrict the sales of the vehicles, therefore, constraining the global recreational off-highway vehicles market growth by 0.6X during the forecast period of 2022-2032.
North America recreational off-highway vehicles market accounts for the largest market share of 26.6%. The region is projected to register a CAGR of 13.5% during the forecast years. The growth is being attributed to the successful sales of the product in the region coupled with the significant growth in the all-terrain vehicles as per the preference for sports and recreational activities among youth.
The East Asia recreational off-highway vehicles market holds 21.2% of the overall market share and is bound to grow at the rate of 13.9% over the assessment period. On the other hand, the South Asia & Oceanic recreational off-highway vehicles market holds 20.1% market share and is bound to grow at a CAGR of 14.3% over the forecast years of 2022-2032.
The augmented recreational expenditure done by the end-users because of the rising participation of consumers in outdoor recreational activities and the rising number of off-roading events are some of the chief factors supporting the recreational off-highway vehicles market growth in the region. In addition to this, the availability of a wide range of products is further anticipated to enhance the growth of the market in the region during the forecast years of 2022-2032.
Furthermore, the manufacturers in the recreational off-highway vehicles market are focusing on expanding their operations and are establishing facilities in the emerging economies to expand their revenue base, creating growth potential for manufacturers in the market over the years.
Above image provides an outlook of the cross matrix analysis where the market share of fuel type, vehicle type, and regions have been provided in a nutshell. Of the recreational off-highway vehicles market, electric segment under fuel type dominates the demand pie of recreational off-highway vehicles market by holding 58.1% market share as of 2021.
The recreational off-highway vehicles under fuel type is segmented into gasoline, diesel, and electric. Amongst them, the electric segment dominates the market by holding 58.1% market share and is projected to witness CAGR of 15.3% during the forecast years.
The demand is attributed to the technological evolution in the recreational off-highway vehicles market to cater to changing demands of end-users and consumers. The advancement leading to cost-effectiveness and operational proficient transportation coupled with fuel-efficient mobility requirements by the manufacturers is supporting market growth. In addition to this, the vehicle emission norms to control greenhouse emissions across the globe is escalating demand for electric fuel type vehicles.
Under the vehicle type segment, the recreational off-highway vehicles market is segmented into all-terrain vehicles, utility task vehicles, snowmobiles, and others. Amongst them, the all-terrain vehicles dominates the market by holding 39.9% of the overall market share and is projected to register CAGR of 14.9% over the assessment period. This is basically attributed to the consumer’s interest in sports and recreational activities emerging as a significant driver coupled with vehicles manufacturers developing ATVs for multiple end-use applications. All these factors are poised to boost the market demand under this segment over the years.
The global recreational off-highway vehicles market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of recreational off-highway vehicles.
Fact.MR has provided detailed information about price points of key manufacturers in recreational off-highway vehicles market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
For instance:
- Premium Report Details -
- Let's Connect -
- Quick Contact -
- Get Started -
Get insights that lead to new growth opportunities
Buy NowGet A Special pricing for start-ups and universities
Enquiry Before Buying- Humble, Yet Honored -
- Related Reports -
The global value of recreational off-highway vehicles market is estimated to be worth over USD 15.7 Billion in 2022.
The demand is anticipated to surpass USD 54.4 Billion by 2032 end.
During 2017-2021, global recreational off-highway vehicles market grew at 9.8% CAGR.
Some of the prominent players in recreational off-highway vehicles market are Textron Specialized Vehicles Inc., New Holland, ODES UTVS, Polaris Industries Inc., Yamaha Motor Co. Ltd., KYMCO USA, Mahindra USA Inc., etc.
North America tops the global recreational off-highway vehicles market accounting for 26.6% of global market share in 2022.
Less than or equal to 750 cc under the engine capacity contributes 57.6% of market share in global sales of recreational off-highway vehicles.