The Global Off-Road Vehicle Market size was estimated at USD 15.4 billion in 2021 and is expected to hit around USD 25.96 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 6.13% from 2022 to 2031.
Global Off-Road Vehicle Market: Breakup by Region, (USD Billion) 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The industry that includes the manufacturing, marketing, and use of automobiles intended for off-road use—that is, use outside of traditional paved roads—is known as the worldwide off-road vehicle market. All-terrain vehicles (ATVs), dirt bikes, dune buggies, off-road trucks, and utility task vehicles (UTVs) are just a few examples of the many different kinds of off-road vehicles. These vehicles are designed with features that allow them to go across difficult terrain, like rocky surfaces, muddy tracks, sand dunes, and rough landscapes. Demand from a range of consumer categories, such as farmers, industrial users, military personnel, and recreational enthusiasts, defines the market.
Growing disposable incomes, growing interest in outdoor recreational activities, and technological developments in off-road vehicles have all contributed to the market's notable expansion in recent years for off-road vehicles worldwide. The market for high-performance off-road vehicles has been further stimulated by the growing appeal of adventure sports and off-road racing competitions. In response to these developments, manufacturers are releasing cutting-edge off-road cars with cutting-edge technology, frequently featuring upgraded suspension systems, long-lasting tyres, and sophisticated navigation systems.
Numerous significant developments are influencing the current state of the off-road vehicle market globally. First of all, as the automobile industry moves towards more environmentally friendly and sustainable solutions, there is an increasing focus on electric off-road vehicles. The development of electric ATVs and UTVs is receiving significant investment from manufacturers due to strict emissions laws and growing environmental consciousness. This trend appeals to a consumer base looking for greener options for their off-road excursions, in addition to being in line with global initiatives to lessen carbon footprints.
Second, the market for off-road vehicles is seeing a noticeable trend towards the incorporation of cutting-edge technologies. Smart technologies that improve the user experience overall, such as telematics, connections, and GPS navigation systems, are starting to become mainstream. Furthermore, the use of autonomous off-road vehicles is growing, particularly in industrial settings, which helps to increase productivity and safety in industries like mining and agriculture.
Thirdly, with manufacturers providing an extensive selection of accessories and aftermarket parts, customisation is becoming more and more popular in the off-road vehicle market. Off-road fans' desire to customise their cars and make them feel special and unique is what's driving this trend. Performance improvements, cosmetic modifications, and equipment tailored to off-road activities are examples of customisation choices. Additionally, since more people choose to hire off-road vehicles for recreational purposes rather than buy them, the off-road rental business is growing. The desire of occasional users to access off-road vehicles without the long-term commitment of ownership and the rising expense of these vehicles are driving this trend. Renting services are taking advantage of this demand by offering people looking for off-road experiences a flexible and affordable option.
Recent Developments:
The use of electric off-road vehicles (e-ORVs) has significantly increased in recent years within the worldwide off-road vehicle market. In response to the increasing consumer desire for environmentally friendly options, manufacturers are releasing ATVs, UTVs, and dirt bikes that run on electricity. This move is in line with the larger automotive industry's movement towards electrification and is motivated by environmental concerns and the need for lower carbon emissions. Businesses are spending money on R&D to improve the efficiency and range of electric off-road vehicles while tackling issues with battery technology and infrastructure for charging.
Furthermore, telematics and connection improvements have become standard equipment in off-road vehicles. The user experience and safety are improved by the integration of GPS navigation systems, real-time tracking, and remote diagnostics. These solutions optimise fleet administration and operating efficiency, serving not just recreational users but also the commercial and industrial sectors.
Table of Content
Global Off-Road Vehicle Market Research Report, 2020-2031.
Chapter 1. Introduction
1.1. Report description
1.2. Key market segments
1.3. Regional Scope
1.4. Executive Summary
Chapter 2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Secondary Analyst Tools and Models
Chapter 3. Market Dynamics
3.1. Market driver analysis
3.2. Market restraint analysis
3.3. Market Opportunity
3.4. Market Challenges
3.5. Impact analysis of COVID-19 on the Off-Road Vehicle Market
Chapter 4. Market Variables and Outlook
4.1. SWOT Analysis
4.1.1. Strengths
4.1.2. Weaknesses
4.1.3. Opportunities
4.1.4. Threats
4.2. Supply Chain Analysis
4.3. PESTEL Analysis
4.3.1. Political Landscape
4.3.2. Economic Landscape
4.3.3. Social Landscape
4.3.4. Technological Landscape
4.3.5. Environmental Landscape
4.3.6. Legal Landscape
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitute
4.4.4. Threat of New Entrant
4.4.5. Competitive Rivalry
Chapter 5. Off-Road Vehicle Market: Vehicle Type Estimates & Trend Analysis
5.1. Off-Road Vehicle Market value share and forecast, (USD Billion) (2020 to 2031)
5.2. Incremental Growth Analysis and Infographic Presentation
5.3. All-Terrain Vehicles
5.3.1. Market Size & Forecast, (USD Billion) 2020-2031
5.4. Utility Task Vehicles
5.4.1. Market Size & Forecast, (USD Billion) 2020-2031
5.5. Dirt Bikes
5.5.1. Market Size & Forecast, (USD Billion) 2020-2031
5.6. Dune Buggies
5.6.1. Market Size & Forecast, (USD Billion) 2020-2031
5.7. Off-Road Trucks
5.7.1. Market Size & Forecast, (USD Billion) 2020-2031
5.8. Others
5.8.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 6. Off-Road Vehicle Market: Fuel Type Estimates & Trend Analysis
6.1. Off-Road Vehicle Market value share and forecast, (USD Billion) (2020 to 2031)
6.2. Incremental Growth Analysis and Infographic Presentation
6.3. Gasoline-powered
6.3.1. Market Size & Forecast, (USD Billion) 2020-2031
6.4. Electric-powered
6.4.1. Market Size & Forecast, (USD Billion) 2020-2031
6.5. Diesel-powered
6.5.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 7. Off-Road Vehicle Market: Application Size Estimates & Trend Analysis
7.1. Off-Road Vehicle Market value share and forecast, (USD Billion) (2020 to 2031)
7.2. Incremental Growth Analysis and Infographic Presentation
7.3. Recreation
7.3.1. Market Size & Forecast, (USD Billion) 2020-2031
7.4. Sports
7.4.1. Market Size & Forecast, (USD Billion) 2020-2031
7.5. Agriculture
7.5.1. Market Size & Forecast, (USD Billion) 2020-2031
7.6. Military
7.6.1. Market Size & Forecast, (USD Billion) 2020-2031
7.7. Industrial
7.7.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 8. Off-Road Vehicle Market: Terrain Type Estimates & Trend Analysis
8.1. Off-Road Vehicle Market value share and forecast, (USD Billion) (2020 to 2031)
8.2. Incremental Growth Analysis and Infographic Presentation
8.3. Sand
8.3.1. Market Size & Forecast, (USD Billion) 2020-2031
8.4. Mud
8.4.1. Market Size & Forecast, (USD Billion) 2020-2031
8.5. Rock
8.5.1. Market Size & Forecast, (USD Billion) 2020-2031
8.6. Snow
8.6.1. Market Size & Forecast, (USD Billion) 2020-2031
8.7. Others
8.7.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 9. Off-Road Vehicle Market: Regional Estimates & Trend Analysis
9.1. Off-Road Vehicle Market value share and forecast, (USD Billion) (2020 to 2031)
9.2. Incremental Growth Analysis and Infographic Presentation
9.3. North America
9.3.1. Market Size & Forecast, (USD Billion) 2020-2031
9.4. Europe
9.4.1. Market Size & Forecast, (USD Billion) 2020-2031
9.5. Asia Pacific
9.5.1. Market Size & Forecast, (USD Billion) 2020-2031
9.6. Middle East & Africa
9.6.1. Market Size & Forecast, (USD Billion) 2020-2031
9.7. Latin America
9.7.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 10. Off-Road Vehicle Market: Country Estimates & Trend Analysis
10.1. Off-Road Vehicle Market value share and forecast, (USD Billion) (2020 to 2031)
10.2. Incremental Growth Analysis and Infographic Presentation
10.3. U.S.
10.3.1. Market Size & Forecast, (USD Billion) 2020-2031
10.4. Canada
10.4.1. Market Size & Forecast, (USD Billion) 2020-2031
10.5. Mexico
10.5.1. Market Size & Forecast, (USD Billion) 2020-2031
10.6. UK
10.6.1. Market Size & Forecast, (USD Billion) 2020-2031
10.7. France
10.7.1. Market Size & Forecast, (USD Billion) 2020-2031
10.8. Germany
10.8.1. Market Size & Forecast, (USD Billion) 2020-2031
10.9. Russia
10.9.1. Market Size & Forecast, (USD Billion) 2020-2031
10.10. Italy
10.10.1. Market Size & Forecast, (USD Billion) 2020-2031
10.11. Spain
10.11.1. Market Size & Forecast, (USD Billion) 2020-2031
10.12. China
10.12.1. Market Size & Forecast, (USD Billion) 2020-2031
10.13. India
10.13.1. Market Size & Forecast, (USD Billion) 2020-2031
10.14. Japan
10.14.1. Market Size & Forecast, (USD Billion) 2020-2031
10.15. Indonesia
10.15.1. Market Size & Forecast, (USD Billion) 2020-2031
10.16. South Korea
10.16.1. Market Size & Forecast, (USD Billion) 2020-2031
10.17. Australia
10.17.1. Market Size & Forecast, (USD Billion) 2020-2031
10.18. Brazil
10.18.1. Market Size & Forecast, (USD Billion) 2020-2031
10.19. Argentina
10.19.1. Market Size & Forecast, (USD Billion) 2020-2031
10.20. Saudi Arabia
10.20.1. Market Size & Forecast, (USD Billion) 2020-2031
10.21. UAE
10.21.1. Market Size & Forecast, (USD Billion) 2020-2031
10.22. South Africa
10.22.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 11. Competitive Landscape
11.1. Company Market Share Analysis
11.2. Vendor Landscape
11.3. Competition Dashboard
Chapter 12. Company Profiles
12.1. Business Overview, Product Landscape, Financial Performanceand Company
Strategies for below companies
12.2. Polaris Inc.
12.2.1. Company Overview
12.2.2. Financial Performance
12.2.3. Product Benchmarking
12.2.4. Geographic Footprint
12.2.5. Strategic Initiatives
12.3. Honda Motor Co., Ltd.
12.3.1. Company Overview
12.3.2. Financial Performance
12.3.3. Product Benchmarking
12.3.4. Geographic Footprint
12.3.5. Strategic Initiatives
12.4. Yamaha Motor Co., Ltd.
12.4.1. Company Overview
12.4.2. Financial Performance
12.4.3. Product Benchmarking
12.4.4. Geographic Footprint
12.4.5. Strategic Initiatives
12.5. BRP Inc.
12.5.1. Company Overview
12.5.2. Financial Performance
12.5.3. Product Benchmarking
12.5.4. Geographic Footprint
12.5.5. Strategic Initiatives
12.6. Kawasaki Heavy Industries, Ltd.
12.6.1. Company Overview
12.6.2. Financial Performance
12.6.3. Product Benchmarking
12.6.4. Geographic Footprint
12.6.5. Strategic Initiatives
12.7. Arctic Cat Inc.
12.7.1. Company Overview
12.7.2. Financial Performance
12.7.3. Product Benchmarking
12.7.4. Geographic Footprint
12.7.5. Strategic Initiatives
12.8. Suzuki Motor Corporation
12.8.1. Company Overview
12.8.2. Financial Performance
12.8.3. Product Benchmarking
12.8.4. Geographic Footprint
12.8.5. Strategic Initiatives
12.9. Kubota Corporation
12.9.1. Company Overview
12.9.2. Financial Performance
12.9.3. Product Benchmarking
12.9.4. Geographic Footprint
12.9.5. Strategic Initiatives
12.10. John Deere
12.10.1. Company Overview
12.10.2. Financial Performance
12.10.3. Product Benchmarking
12.10.4. Geographic Footprint
12.10.5. Strategic Initiatives
12.11. KTM AG
12.11.1. Company Overview
12.11.2. Financial Performance
12.11.3. Product Benchmarking
12.11.4. Geographic Footprint
12.11.5. Strategic Initiatives
12.12. Mahindra & Mahindra Ltd.
12.12.1. Company Overview
12.12.2. Financial Performance
12.12.3. Product Benchmarking
12.12.4. Geographic Footprint
12.12.5. Strategic Initiatives
12.13. Can-Am
12.13.1. Company Overview
12.13.2. Financial Performance
12.13.3. Product Benchmarking
12.13.4. Geographic Footprint
12.13.5. Strategic Initiatives
12.14. CFMOTO
12.14.1. Company Overview
12.14.2. Financial Performance
12.14.3. Product Benchmarking
12.14.4. Geographic Footprint
12.14.5. Strategic Initiatives
12.15. Textron Inc.
12.15.1. Company Overview
12.15.2. Financial Performance
12.15.3. Product Benchmarking
12.15.4. Geographic Footprint
12.15.5. Strategic Initiatives
12.16. Bobcat Company
12.16.1. Company Overview
12.16.2. Financial Performance
12.16.3. Product Benchmarking
12.16.4. Geographic Footprint
12.16.5. Strategic Initiatives
Chapter 13. Conclusion
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