Global Off-Road Vehicles (ORVs) Market Overview
Global Off-Road Vehicles (ORVs) market is projected to grow from $ 16.16 billion in 2018 to $ 23.08 billion by 2024, exhibiting a CAGR of over 6% during the forecast period, owing to increasing industrialization. Off-road vehicles have large tires with deep suspension and can be driven on off-road or rugged conditions. Generally, these vehicles are employed for farming and entertainment purposes. Surging demand for sports activities is positively impacting market growth. Low carbon emissions, enhanced fuel efficiency and low maintenance cost of off-road vehicles are expected to boost the demand for these vehicles, globally, during forecast period.
Global Off-Road Vehicles (ORVs) Market Segments
In terms of vehicle type, global off-road vehicles market can be segmented into all-terrain vehicles (ATV), side-by-side vehicles (SSV) and off-road motorcycles. Off-road motorcycles segment dominated the market in 2018, as popularity of off-road sports activities is increasing, and young generation is showing interest in such activities. Moreover, the SSV segment is anticipated to witness strong growth through 2024, owing to seating capacity for more passengers with improved mobility and storage facility. Based on the product type, the market for ORV can be segmented into utility vehicle, sports vehicle and others. Utility vehicle is the leading segment in the off-road vehicle market and the segment is anticipated to continue its dominance during the forecast period. Sports vehicle accounts for the second largest market share, backed by high demand for increasing tourism and recreational activities. Off-road vehicles are used for a variety of application including sports, entertainment, agriculture and others. Entertainment and sports are the leading segments, on account of rising disposable income and increasing off-roading sports activities.
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Global Off-Road Vehicles (ORVs) Market Regional Insights
Global off-road vehicles market is led by the North America region. Increasing off-road activities and rising preference for off-road motorcycling and dirt bike events are some of the major factors contributing to the regional growth. Europe is the second largest market for off-road vehicles, globally, owing to increasing agricultural activities in the region.
Global Off-Road Vehicles (ORVs) Market Competitive Landscape
Major players operating in global off-road vehicles market include Arctic Cat Inc., Honda Motor Co. Ltd., Yamaha, Deere & Company (John Deere), Kawasaki Motors Corp., Kubota Corporation, Polaris Industries Inc., etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Players such as Kawasaki and Polaris have launched low-cost models in order to compete in the off-road vehicles market.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast global off-road vehicles (ORVs) market size.
- To classify and forecast global off-road vehicles (ORVs) market based on vehicle type, product type, application and regional distribution.
- To identify drivers and challenges for global off-road vehicles (ORVs) market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global off-road vehicles (ORVs) market.
- To conduct the Market Attractiveness Index for global off-road vehicles (ORVs) market.
- To identify and analyze the profile of leading players operating in global off-road vehicles (ORVs) market.
Some of the leading players in global off-road vehicles (ORVs) market are Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company (John Deere), Kawasaki Motors Corp., Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yahama Motor Co., Ltd., Bombardier Recreational Products, K?ssbohrer Gel?ndefahrzeug, etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated global off-road vehicles (ORVs) market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Off-Road Vehicles (ORVs) manufacturers and other stakeholders
- Government bodies such as regulating authorities and policymakers
- Organizations, forums and alliances related to off-road vehicles (ORVs) market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, partners and end users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
In this report, global off-road vehicles (ORVs) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, by Vehicle Type:
o All-Terrain Vehicle (ATV)
o Side-by-Side Vehicle (SSV)
o Off-Road Motorcycles
- Market, by Product Type:
o Utility Vehicle
o Sports Vehicle
- Market, by Application:
- Market, by Region:
? New Zealand
o Europe & CIS
? United Kingdom
o North America
? United States
o Middle East & Africa
? South Africa
? Saudi Arabia
o South America
Company Profiles: Detailed analysis of the major companies present in global off-road vehicles market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).