Off-Road Vehicle Market Introduction and Overview
According to SPER Market Research, the Global Off-Road Vehicle Market is estimated to reach USD 28.11 billion by 2033 with a CAGR of 7.51%.
The report includes an in-depth analysis of the Global Off-Road Vehicle Market, including market size and trends, product mix, Applications, and supplier analysis. An off-road vehicle is a form of mobility solution that may be used on both public highways and unpaved areas. Large, deep tyres, a flexible suspension system, and open treads are hallmarks of off-road vehicles. To meet the operational requirements, the majority of off-road vehicles are outfitted with either an all-wheel drive (AWD) or four-wheel drive (4WD) system. Furthermore, off-road vehicles can be used for a variety of tasks in agriculture, passenger transportation, and freight transporters. Off-road electric cars have gained popularity recently due to their fuel-efficient operation and high degree of noise reduction. Strict government laws and regulations control the use of off-road vehicles in order to increase safety.
- March 2021: BRP (Bombardier Recreational Products) declared in March 2021 that it will electrify its current product lines by the end of 2026 with a substantial investment of USD 300 million over the next five years. The Rotax modular electric powerpac technology was created internally by BRP and may be applied to all product lines.
- February 2022: Polaris Inc. and Wallbox N.V., a global leader in electric vehicle (EV) charging and energy management systems, partnered in February 2022. Wallbox is now able to offer Polaris electric car charging options across the US and Canada thanks to this partnership.
Market Opportunities and Challenges
AWD and 4WD vehicle penetration as well as the growing popularity of adventure sports and leisure activities are among the factors predicted to propel the off-road vehicle market's expansion. According to projections, the market players will have profitable growth opportunities due to the development of electric powered off-road vehicles and the expansion of dealer networks for effective product reach. Some of the main factors driving the market growth are the growing popularity and availability of off-road vehicles through online and offline sales channels, the growing adoption of these vehicles for recreational activities like sports and trail riding, and the rising demand for All-Terrain Vehicles (ATVs) for farming and gardening tasks like lawn mowing, field ploughing, and seed spreading. Moreover, growing customer desire for electric vehicles (EVs) for both normal commuting and recreational uses, together with increased attempts to develop battery-powered off-road vehicles, are anticipated to drive market expansion throughout the forecast period.
However, off-road vehicles, when used irresponsibly or in delicate ecosystems, can have detrimental effects on the environment. These negative impacts encompass habitat destruction, soil erosion, noise pollution, and disruption of wildlife. As society becomes more environmentally aware and regulations become more stringent, the off-road vehicle industry and users face the challenge of adopting sustainable practices to reduce their ecological footprint. Environmental concerns, public safety, and conflicts with other land uses have led to increased restrictions on access to off-road trails and recreational areas. Government bodies, private landowners, and conservation organizations often impose rules to safeguard sensitive regions and prevent off-road vehicle-related damage. Unfortunately, these limitations can impede enthusiasts' enjoyment of their vehicles and stifle the growth of the off-road vehicle market.
Market Competitive Landscape
The Global Off-Road Vehicle market is characterised by prominent players and is consolidated. These companies provide a vast array of goods to the mining and construction, agriculture, and defence sectors. Major manufacturers are concentrating on producing off-road vehicle components with extended range. These companies' primary tactics continue to be the introduction of new products and the improvement of their current line of off-road vehicles. The major players in the market include: BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., Yamaha Motor Co., Ltd., Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Displacement, By Vehicle Type, By End User
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., Yamaha Motor Co., Ltd., Others
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COVID-19 Impact on Global Off-Road Vehicle Market
The majority of nations imposed restrictions on foreign travel to stop the virus's transmission, which resulted in severe business operations uncertainty and high financial losses for the entire mobility industry during COVID-19. The COVID-19 crisis limits and supply chain interruptions caused a negative demand and supply outlook for the off-road vehicle market, making 2020 a disappointing year for sales. In order to weather the short-term financial crisis, off-road vehicle market participants are implementing specific operational management strategies, such as slashing budgets, extending equipment lifecycles, reducing staff sizes, and lowering compensation.
Key Target Audience:
- Adventure Tourists
- Construction and Industrial Workers
- Farmers and Agricultural Workers
- Motorsport Enthusiasts
- Outdoor and Adventure Sports Businesses
- Outdoor Enthusiasts
- Others
Our in-depth analysis of the Off-Road Vehicle Market includes the following segments:
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By Displacement:
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Less than 400 (CC
400 to 800 (CC
More than 800 (CC)
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By Vehicle Type:
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ATV
UTV
Snowmobiles
NEV
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By End User:
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Agriculture
Military
Sports
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Key Topics Covered in the Report:
- Global Off-Road Vehicle Market Size (FY’2023-FY’2033)
- Overview of Global Off-Road Vehicle Market
- Segmentation of Global Off-Road Vehicle Market By Displacement (Less than 400, 400 to 800, More than 800)
- Segmentation of Global Off-Road Vehicle Market By Vehicle Type (ATV, UTV, Snowmobiles, NEV)
- Segmentation of Global Off-Road Vehicle Market By End User (Agriculture, Military, Sports, Others)
- Statistical Snap of Global Off-Road Vehicle Market
- Expansion Analysis of Global Off-Road Vehicle Market
- Problems and Obstacles in Global Off-Road Vehicle Market
- Competitive Landscape in the Global Off-Road Vehicle Market
- Impact of COVID-19 and Demonetization on Global Off-Road Vehicle Market
- Details on Current Investment in Global Off-Road Vehicle Market
- Competitive Analysis of Global Off-Road Vehicle Market
- Prominent Players in the Global Off-Road Vehicle Market
- SWOT Analysis of Global Off-Road Vehicle Market
- Global Off-Road Vehicle Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Off-Road Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Off-Road Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Off-Road Vehicle Market
7. Global Off-Road Vehicle Market, By Displacement (USD Million)
7.1. Global Off-Road Vehicle Market Value Share and Forecast, By Displacement, 2023-203
7.2. Less than 400 (CC
7.3. 400 to 800 (CC
7.4. More than 800 (CC)
8. Global Off-Road Vehicle Market, By Vehicle Type (USD Million)
8.1. Global Off-Road Vehicle Market Value Share and Forecast, By Vehicle Type, 2023-2033
8.2. ATV
8.3. UTV
8.4. Snowmobiles
8.5. NEV
9. Global Off-Road Vehicle Market, By End User (USD Million)
9.1. Global Off-Road Vehicle Market Value Share and Forecast, By End User, 2023-2033
9.2. Agriculture
9.3. Military
9.4. Sports
9.5. Others
10. Global Off-Road Vehicle Market Forecast, 2019-2033 (USD Million)
10.1. Global Off-Road Vehicle Market Size and Market Share
11. Global Off-Road Vehicle Market, By Displacement, 2019-2033 (USD Million)
11.1. Global Off-Road Vehicle Market Size and Market Share By Displacement (2019-2026)
11.2. Global Off-Road Vehicle Market Size and Market Share By Displacement (2027-2033)
12. Global Off-Road Vehicle Market, By Vehicle Type, 2019-2033 (USD Million)
12.1. Global Off-Road Vehicle Market Size and Market Share By Vehicle Type (2019-2026)
12.2. Global Off-Road Vehicle Market Size and Market Share By Vehicle Type (2027-2033)
13. Global Off-Road Vehicle Market, By Application, 2019-2033 (USD Million)
13.1. Global Off-Road Vehicle Market Size and Market Share By Application (2019-2026)
13.2. Global Off-Road Vehicle Market Size and Market Share By Application (2027-2033)
14. Global Off-Road Vehicle Market, By End User, 2019-2033 (USD Million)
14.1. Global Off-Road Vehicle Market Size and Market Share By End User (2019-2026)
14.2. Global Off-Road Vehicle Market Size and Market Share By End User (2027-2033)
15. Global Off-Road Vehicle Market, By Region, 2019-2033 (USD Million)
15.1. Global Off-Road Vehicle Market Size and Market Share By Region (2019-2026)
15.2. Global Off-Road Vehicle Market Size and Market Share By Region (2027-2033)
15.3. Asia-Pacific
15.3.1. Australia
15.3.2. China
15.3.3. India
15.3.4. Japan
15.3.5. South Korea
15.3.6. Rest of Asia-Pacific
15.4. Europe
15.4.1. France
15.4.2. Germany
15.4.3. Italy
15.4.4. Spain
15.4.5. United Kingdom
15.4.6. Rest of Europe
15.5. Middle East and Africa
15.5.1. Kingdom of Saudi Arabia
15.5.2. United Arab Emirates
15.5.3. Rest of Middle East & Africa
15.6. North America
15.6.1. Canada
15.6.2. Mexico
15.6.3. United States
15.7. Latin America
15.7.1. Argentina
15.7.2. Brazil
15.7.3. Rest of Latin America
16. Company Profile
16.1. BRP Inc.
16.1.1. Company details
16.1.2. Financial outlook
16.1.3. Product summary
16.1.4. Recent developments
16.2. CFMOTO
16.2.1. Company details
16.2.2. Financial outlook
16.2.3. Product summary
16.2.4. Recent developments
16.3. Deere & Company
16.3.1. Company details
16.3.2. Financial outlook
16.3.3. Product summary
16.3.4. Recent developments
16.4. Honda Motor Co., Ltd.
16.4.1. Company details
16.4.2. Financial outlook
16.4.3. Product summary
16.4.4. Recent developments
16.5. Kawasaki Heavy Industries, Ltd.
16.5.1. Company details
16.5.2. Financial outlook
16.5.3. Product summary
16.5.4. Recent developments
16.6. KUBOTA Corporation
16.6.1. Company details
16.6.2. Financial outlook
16.6.3. Product summary
16.6.4. Recent developments
16.7. Mahindra & Mahindra Limited
16.7.1. Company details
16.7.2. Financial outlook
16.7.3. Product summary
16.7.4. Recent developments
16.8. Polaris Inc.
16.8.1. Company details
16.8.2. Financial outlook
16.8.3. Product summary
16.8.4. Recent developments
16.9. Textron Inc.
16.9.1. Company details
16.9.2. Financial outlook
16.9.3. Product summary
16.9.4. Recent developments
16.10. Yamaha Motor Co., Ltd
16.10.1. Company details
16.10.2. Financial outlook
16.10.3. Product summary
16.10.4. Recent developments
16.11. Others
17. List of Abbreviations
18. Reference Links
19. Conclusion
20. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
