Fact.MR offers a 10-year forecast for the Off-Road Vehicles between 2018 and 2027. In terms of value, the Off-Road Vehicles market is expected to register a CAGR of 4.8% during the forecast period (2018–2027). The study offers key trends that are currently influencing the growth of the offroad vehicles market. This newly published and insightful report shed light on key dynamics, which are expected to transform future of the off-road vehicles market, in turn, creating flourishing avenues for prominent companies as well as emerging players associated with the manufacturing of
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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Accordingly, various studies have perused helmet-wearing and other safety behaviors among juvenile ATV riders. Inadequate physical size and strength, novice drivers, immature motor and cognitive development and inclination to engage in thrilling behaviors all account for injury risks for children and youth operating ATVs.
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 growing use of off-road vehicles for recreation has had considerable economic value to local communities where off-road vehicles are popular. Accordingly, it has become hugely popular among stakeholders. Moreover, it also propels fuel efficiency, curbs carbon emission furthered by the advent of electric powered alternative
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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. 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.
On the basis of fuel, the market is segmented into diesel, electric, and gasoline. The segment, diesel in an off-road vehicles market accounted for the highest market share of more than 60% in 2017. The segment electric is expected to grow remarkably over the forecast period.
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. However, the recreation segment is expected to register a healthy CAGR of more than 5% during the forecast period due to the increase in recreational activities across the developing economies.
Off-Road Vehicles Market: Competitive Landscape
Key competitors in off-road vehicles market are 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.
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