The off-road vehicles market may garner over USD 25 billion by 2027. Off-road activities are on the rise as they allow people to spend time with family and friends. Vehicles designed for such terrains provide high stability and enhanced mobility, as well as four-wheel drive technologies and anti-lock braking systems. Off-road vehicles also have low insurance cost, low maintenance cost, and decreased fuel consumption.
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The off-road vehicles market is anticipated to witness exponential growth credited to a surge in recreational sports, tourism and travel. Off-road vehicles are being used in versatile applications given to their enhanced safety features and high performance on challenging surfaces and terrains. The industry has experienced a steady growth in the second half of 2020 owing to an increase in recreational activities and change in consumer preferences towards off-road vehicles.
There is a robust adoption of UTVs/SxSs, and ATVs in utility applications like construction, forestry, and agriculture as these vehicles offer high torque, better performance on rugged terrain, and high payload capacity. The military segment is likely to witness an extensive usage of snowmobiles, UTV/SxS, and ATVs in the upcoming years as these vehicles have better mobility over rugged terrains. Increasing deployment of steering controlled off-road vehicles for combat and tactical operations could propel the usage of UTVs/SxS and ATVs in the military.
Several off-road vehicle manufacturers are working on creating new and advanced automotive variants. For instance, in 2020, key industry player Yamaha Motor Corp., announced the launch of its new off-road line of two and four-seat SxS models offering extreme capability, versatility, higher performance, and power delivery.
APAC off-road vehicles market is also projected to grow rapidly as the construction and agriculture industries are burgeoning in India, Japan, and South Korea. Rising population and quick infrastructure development in these countries is likely to boost off-road vehicle usage over the forecast period. Several initiatives taken by organizations like the FAO (Food & Agriculture Organizations) to expand agriculture production could further regional off-road vehicles industry.
Meanwhile, the global off-road vehicles market is dominated by leading firms such as Wildcat, Yamaha Motor Co., KTM AG, BRP, Caterpiller, Kawasaki Motors Corp, Deere & Company, Massimo Motors, Suzuki Motors Corp, Honda Motor Co., Tomcar Australia, and Arctic Cat. New product launches and innovations are the key business strategies utilized by these firms.
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Some Point from Table of Contents:
Chapter 5 Off-Road Vehicles Market, By Vehicle
5.1 Key trends, by vehicle
5.2 ATV
5.2.1 Market estimates and forecast, 2016 – 2027
5.3 SSV/UTV
5.3.1 Market estimates and forecast, 2016 – 2027
5.4 Off-road motorcycles
5.4.1 Market estimates and forecast, 2016 – 2027
5.5 Snowmobiles
5.5.1 Market estimates and forecast, 2016 – 2027
Chapter 6 Off-Road Vehicles Market, By Application
6.1 Key trends, by application
6.2 Utility
6.2.1 Market estimates and forecast, 2016 – 2027
6.3 Sports
6.3.1 Market estimates and forecast, 2016 – 2027
6.4 Recreation
6.4.1 Market estimates and forecast, 2016 – 2027
6.5 Military
6.5.1 Market estimates and forecast, 2016 – 2027
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