Upsurge in the recreational and sports activities across the world is anticipated to propel off-road vehicles market over the forecast period. Increasing urban population coupled with growth youth inclination towards motorsports activities will augment product penetration across the globe. Countries including the U.S, Canada, UK, France and Australia are taking initiatives to flourish outdoor activities such as hunting and trail driving. The U.S. Recreation Department offers over 150,000 miles of trails and around 440 wilderness areas, attracting participants, thereby augmenting the off-road vehicles market share from 2018 to 2027.
With ever-expanding recreation and trails areas, the importance of safety and responsibility apropos operating vehicles has increased. Despite painstaking efforts by governments and industry to promote safety and safer riding behaviors, debilitating injuries and deaths persist to occur. As of May 1, 2019, The Consumer Federation of America that leads a coalition of individuals and organizations devoted to curb deaths and injuries caused by off-highway vehicles (OHVs), identified 96 off-highway vehicles fatalities—comprised mostly of ATVs and ROVs.
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To provide off road vehicle insights, the market is segmented by vehicle type. It includes 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.
The defense budget across countries has skyrocketed in the recent past. Accordingly, countries are procuring growing number of off-road vehicles to transport cargo, fuels, arms and ammunition. The use of off-road vehicles in World War I & II and Gulf war attenuate the significance of the ORH.
Aimed at curbing labor cost, utility off-road vehicles are prevalently being used for agriculture operations such as crop plotting, picking rocks and irrigation purpose. As such, manufacturers have increased its investments in off-road vehicles.
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.
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The report also delineates executive summary, overview section, which are aimed at revealing a thorough analysis of the off-road vehicles market. Besides, the market overview section peruses into supply chain, cost structure and pricing analysis along with PESTLE analysis to present a thorough analysis on the off-road vehicles market. Moreover, the overview section also sheds light on Porters’ Five Force analysis which is known to help in assimilating competitive scenario with regards to off-road vehicles market.
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.
On the basis of fuel, the market is segmented into diesel, electric, and gasoline.
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.
Off-Road Vehicles Market: Competitive Landscape
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. The key market players in the off-road vehicles market are focusing on product development and collaboration. Vendors in the off-road vehicles market are focusing on developing technological advanced and innovative solutions that can meet the changing customer requirements.
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