Off-Road Vehicle Market Growth, Size, Share, Trends, Revenue, Demand and Future Competition
Off-Road Vehicle Market Size- By Displacement, By Vehicle Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Nov-2023 | Report ID: AMIN23169 | Pages: 1 - 234 | Formats*: |
| Category : Automotive & Transportation | |||
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 |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| 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 |
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 Vehicle Type: |
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| By End User: |
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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 report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Off-Road Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Off-Road Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type6.2. 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, 2023-2037.2. Less than 400 (CC7.3. 400 to 800 (CC7.4. 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, 2023-20338.2. ATV8.3. UTV8.4. Snowmobiles8.5. 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, 2023-20339.2. Agriculture9.3. Military9.4. Sports9.5. 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-Pacific15.3.1. Australia15.3.2. China15.3.3. India15.3.4. Japan15.3.5. South Korea15.3.6. Rest of Asia-Pacific15.4. Europe15.4.1. France15.4.2. Germany15.4.3. Italy15.4.4. Spain15.4.5. United Kingdom15.4.6. Rest of Europe15.5. Middle East and Africa15.5.1. Kingdom of Saudi Arabia15.5.2. United Arab Emirates15.5.3. Rest of Middle East & Africa15.6. North America15.6.1. Canada15.6.2. Mexico15.6.3. United States15.7. Latin America15.7.1. Argentina15.7.2. Brazil15.7.3. Rest of Latin America
16. Company Profile
16.1. BRP Inc.16.1.1. Company details16.1.2. Financial outlook16.1.3. Product summary16.1.4. Recent developments16.2. CFMOTO16.2.1. Company details16.2.2. Financial outlook16.2.3. Product summary16.2.4. Recent developments16.3. Deere & Company16.3.1. Company details16.3.2. Financial outlook16.3.3. Product summary16.3.4. Recent developments16.4. Honda Motor Co., Ltd.16.4.1. Company details16.4.2. Financial outlook16.4.3. Product summary16.4.4. Recent developments16.5. Kawasaki Heavy Industries, Ltd.16.5.1. Company details16.5.2. Financial outlook16.5.3. Product summary16.5.4. Recent developments16.6. KUBOTA Corporation16.6.1. Company details16.6.2. Financial outlook16.6.3. Product summary16.6.4. Recent developments16.7. Mahindra & Mahindra Limited16.7.1. Company details16.7.2. Financial outlook16.7.3. Product summary16.7.4. Recent developments16.8. Polaris Inc.16.8.1. Company details16.8.2. Financial outlook16.8.3. Product summary16.8.4. Recent developments16.9. Textron Inc.16.9.1. Company details16.9.2. Financial outlook16.9.3. Product summary16.9.4. Recent developments16.10. Yamaha Motor Co., Ltd16.10.1. Company details16.10.2. Financial outlook16.10.3. Product summary16.10.4. Recent developments16.11. 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.
Frequently Asked Questions About This Report
Off-Road Vehicle Market is projected to reach USD 28.11 billion by 2033, growing at a CAGR of 7.51% during the forecast period.
Off-Road Vehicle Market grew in market size from 2023. The Market is expected to reach USD 28.11 billion by 2033, at a CAGR of 7.51% during the forecast period.
Off-Road Vehicle Market CAGR of 7.51% during the forecast period.
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Off-Road Vehicle Market size is USD 28.11 billion from 2023 to 2033.
Off-Road Vehicle Market Segment is Covered By Displacement, By Vehicle Type, By End User
The North America region is anticipated to have the highest market share in Off-Road Vehicle Market.
The key players in the market include 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
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.
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