Rising recreational and sports activities across the globe will drive off-road vehicles market during forecast period. Growing urban population in conjunction with increasing youth inclination towards motorsports activities will enhance product penetration.
— The Off-Road Vehicles Market is set to grow from its current market value of more than $19.5 billion to over $28 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Rising recreational facilities and participants across the globe will boost off-road vehicles market over projected timeframe. Initiatives such as National Wildlife Refuge System is attracting youth towards activities including hunting and forest trails. Growing high performance vehicles demand for rugged terrains will enhance product penetration. Further, increasing credit availability in conjunction with growing distribution channel for off road vehicles in emerging regions will propel industry growth.
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Improved fuel efficiency, low carbon emissions, advent electric powered alternatives, and lower maintenance costs of such vehicles will strengthen the product demand over the forecast period. Diversified applications including construction, agriculture, and sports activities owing to their superior technical advantages including advanced four-wheel drive systems, enhanced power and torque, and differential locking will fuel the off-road vehicles market share over the study timeframe.
Advancements in technologies including the emphasis on reducing the excessive sound from the engines of the off-road vehicles will propel the off-road vehicles market share over the forecast timeframe. For instance, in 2015, Polaris Industries initiated work on hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with enhanced noise damping capabilities and amplified power. Development of hybrid engines with improved efficiency and minimal emissions along with the introduction of light weight models will further stimulate the industry growth till 2024.
Recreation segment accounted for over USD 3.5 billion in 2017. Rising product demand owing to improved leisure and touring activities among consumers primarily driving industry growth. Electric ATV has captured the strong attention from consumers owing to improved performance, easy to operate and less maintenance thereby propelling product landscape.
Military segment is likely to witness significant gains at around 5.5% from 2018 to 2024. Surging product adoption owing to highly mobile, enhanced durability and effectively conveyance personal & cargo are the key benefits strongly supporting off-road vehicles market demand. Border security, combat operations and consignment transport are among key applications mainly instigating product demand from this segment.
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North America off-road vehicles market will exhibit around 5% CAGR from 2018 to 2024 owing to presence of major manufacturers such as Polaris Industries, Kawasaki and Bombardier Recreational Products (BRP). Growing consumer preference for leisure activities including mountain hiking, snow sports, adventure racing and motocross events will surge the regional demand.
Sports segment will account for more than 40% revenue share over the projected timeframe. This can be credited to proliferation of sport events such as woods and sand rides across the globe. Multiple configurations including enhanced power and torque outputs, diversified engine options coupled with lower maintenance costs are fueling the segment growth.
KTM, Yahama Motor Co., Suzuki Motors Corporation, Honda Motor. Co., Caterpillar, Bombardier Recreational Products, Kawasaki Motors Corp., Deere & Company (John Deere), and Polaris Industries Inc., are among the major off-road vehicles market participants. Other players in the off-road vehicles market include Arctic Cat Inc., Wildcat, Kässbohrer Geländefahrzeug, Kubota Corporation, Massimo Motors and Tomcar Australia.
Browse key industry insights spread across 300 pages with 305 market data tables & 9 figures & charts from the report, “Off-Road Vehicles Market Size By Vehicle (ATV, SSV/UTV, Off-road Motorcycles, Snowmobiles), By Application (Utility, Sports, Recreation, Military), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Sweden, China, India, Japan, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Glimpse of Table of Content (ToC)
Chapter 5. Off-Road Vehicles Market, By Application
5.1. Global off-road vehicles market share by application, 2017 & 2024
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013–2024
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013–2024
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast, by region, 2013–2024
5.5.1. Market estimates and forecast, 2013 - 2024
5.5.2. Market estimates and forecast, by region, 2013–2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/off-road-vehicles-market
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