Global Off Road Vehicle Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Off Road Vehicle Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Off-road vehicles are considered to be any type of vehicle that can travel up and down the paved or gravel surface. It is typically characterized by a large open pedal, a flexible suspension or even a large tire of a track.

Market Overview:

The latest research study on the global Off Road Vehicle market finds that the global Off Road Vehicle market reached a value of USD 18259.7 million in 2022. It’s expected that the market will achieve USD 21550.7 million by 2028, exhibiting a CAGR of 2.8% during the forecast period.

Drivers

Off-road vehicles typically have large tires, soft suspensions and exposed deep treads. The common use of such off-road vehicles is to conduct exploration activities in areas without asphalt pavement. High-powered vehicles and large clearing areas can be used to access truncated and uneven roads and forest roads. Due to its superior technical advantages, including advanced fourwheel drive systems, enhanced power and torque, and differential locks, its diverse applications in construction and agriculture have fueled market growth. For example, the application of off-road vehicles in agricultural activities includes: crop mapping and surveying, rock harvesting, irrigation, etc. In addition, off-road trucks are used in military operations to transport goods, fuel, ammunition, etc. These vehicles were also used to transport heavy weapons during the war. Widespread use in these industries is the main reason for driving market growth.
More and more entertainment facilities and participants are the reason for the growth of the off-road vehicle market. Initiatives such as the National Wildlife Refuge System are attracting young people to participate in activities such as hunting and forest trails. The surge in demand for sports has had a positive impact on market growth, which can be attributed to increased sports events, such as the development of parks, beach rides and leisure roads around the world, for example, in all 50 states of the United States, of the 1,000 trails, an increase of 370 miles to 19 national leisure trails in 17 states has expanded leisure opportunities on public land. These recreational roads are designated to promote health, conversation and recreational activities such as driving off-road vehicles. In addition, some leisure parks also allow ATV rides, and the increase in these facilities has contributed to the growth of the off-road vehicle market.

Region Overview:

From 2023-2028, USA is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Honda Motors. Co., Ltd., Polaris Industries Inc. and Kubota Corporation with the revenue market share of 22.40%,19.93% and 11.43% in 2018.

Honda Motor Co., Ltd. is a Japanese public multinational conglomerate corporation primarily known as a manufacturer of automobiles, aircraft, motorcycles, and power equipment.

Polaris Industries is an American manufacturer of motorcycles, snowmobiles, ATV, and neighborhood electric vehicles. Polaris was founded in Roseau, Minnesota, USA, where it still has engineering and manufacturing. The company's corporate headquarters is in Medina, Minnesota.

Segmentation Overview:

Among different product types, Utility Terrain Vehicle segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Entertainment segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Off Road Vehicle market covered in Chapter 3:

Arctic Cat Inc.
BRP Inc.
Kubota Corporation
Polaris Industries Inc.
Honda Motors. Co., Ltd.
Kawasaki Motors Corp.
Yamaha Motors Co., Ltd.
Suzuki Motors
Kymco
John Deere

In Chapter 4 and Chapter 14.2, on the basis of types, the Off Road Vehicle market from 2018 to 2029 is primarily split into:

All-Terrain Vehicle
Utility Terrain Vehicle

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Off Road Vehicle market from 2018 to 2029 covers:

Agriculture
Entertainment
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)