The rise of the adventure sports and leisure activities trend, the rise of the adventure sports trend and favorable government regulations are driving the global off-road vehicle market.
PORTLAND, Ore., September 19, 2022 /PRNewswire/ — Allied Market Research recently published a report entitled “Off-road vehicle market by type (off-road utility vehicle, sporty off-road vehicle, other), by fuel type (gasoline-powered, diesel-powered, electric-powered, solar-powered), by displacement (less than 400cc, between 400cc and 800cc, more than 800cc), by End Use (Agriculture, Military, Mountaineering, Other): Global Opportunity Analysis and Industry Forecast, 2021–2031”. According to the report, the global Off-Road Vehicles Market industry has been taken into account $3.2 billion in 2021 and is expected to be achieved $5.0 billion to 2031, growing at a CAGR of 4.8% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes and competitive scenarios.
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Main determinants of market growth
The increasing trend towards adventure sports and leisure activities as well as favorable government regulations have fueled the growth of the global off-road vehicle market. However, high maintenance costs and the ban on ATV riding in wild areas are hampering the market growth. On the contrary, the production of safer ATVs would open up new possibilities in the future.
- The rapid spread of Covid-19 has had a major impact on the market due to the global drop in demand for vehicles. Various ATV manufacturers and automakers faced several challenges such as labor shortages and lack of components such as semiconductor chips.
- The pandemic has forced companies to temporarily close their manufacturing facilities to comply with government social distancing and lockdown regulations.
- For example, the Yamaha Motor Corporation closed its plant in Newnan, USA
The sporty off-road vehicle segment dominated the market
By type, the sport off-road vehicle segment held the largest share in 2021, accounting for almost three-fifths of the global off-road vehicle market and is forecast to maintain its leading position throughout the forecast period. This is due to the increasing demand for ATVs in sport applications, the increasing number of sport racing events and the increasing availability of groomed trails.
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The EV segment is projected to have the highest CAGR by 2030
By fuel type, the electric-powered segment is projected to show the highest CAGR of 9.6% from 2022 to 2031. Growing environmental concerns and fluctuating diesel and gasoline prices are driving demand for electric-powered ATVs. However, the gasoline-powered segment had the largest share in 2021, accounting for nearly 90% of the global off-road vehicle market, driven by the launch of a new range of gasoline-powered ATVs with improved performance through engine improvements and additional safety measures.
The mountaineering segment had the largest share
By end-use, the mountaineering segment held the largest share in 2021, contributing nearly three-fifths of the global all-terrain vehicle market. The increase in mountain adventure activities such as ATV rock climbing, ATV hill climbing and rock racing as well as the increase in adventure seeker activities are driving the growth of the segment. However, the military segment is expected to register the highest CAGR of 7.0% during the forecast period, as the demand for ATVs in military applications due to their superior mobility and high maneuverability, flexibility and superior navigational power significantly increases the growth of the segment .
North America held the lion’s share
The global off-road vehicle market is segmented by region North America dominated in 2021 and accounted for almost half of the market owing to the racing championships organized by leading ATV clubs and the launch of new models of such vehicles by key players driving the growth of the ATV market in the region. However, the market is cross Asia Pacific is expected to register the highest CAGR of 6.2% during the forecast period. The launch of all-terrain vehicles in line with defense applications and the launch of a new series of all-terrain vehicle models are fueling the growth of the market in Asia Pacific. Furthermore, the incorporation of off-road vehicle driving circuits and the increase in spending on leisure activities in developing countries complemented the market growth.
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Important market participants
- BRP Inc.
- Deer & Company
- Hisun Motors Corp.
- Honda Motor Co.,Ltd.
- Kawasaki Heavy Industries Ltd.
- KUBOTA Corporation
- Kwang Yang Motor Co.,Ltd.
- Polaris Industries, Inc.
- Suzuki Motor Corp
- Textron Inc.
- Yamaha Motor Co.,Ltd.
The report analyzes these major players of the global off-road vehicle market. These players have applied various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, business segments, product portfolio and developments of each market player.
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