Overview and Scope
An off-road vehicle is a vehicle that is built to travel across rugged terrain. These vehicles can drive on and off paved or gravel surfaces. It is distinguished by enormous tires with deep, open treads, and flexible suspension.
Sizing and Forecast
The off-road vehicle market size has grown strongly in recent years. It will grow from $15.95 billion in 2023 to $17.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to recreational demand, rural and agricultural use, tourism and adventure tourism, industrial applications, infrastructure development.
The off-road vehicle market size is expected to see strong growth in the next few years. It will grow to $22.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising outdoor recreation trend, expansion in agriculture and construction, adventure tourism growth, increased urbanization, environmental conservation initiatives. Major trends in the forecast period include focus on environmental sustainability, integration of advanced safety technologies, customization and personalization trends, evolving regulatory standards for emissions, market expansion in emerging economies.
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Segmentation & Regional Insights
The off road vehicle market covered in this report is segmented –
1) By Product Type: Utility Vehicle, Sports Vehicle, Other Product Types
2) By Fuel: Diesel, Gasoline, Electric
3) By Displacement: Less Than 400 (Cc), 400 To 800 (Cc), More Than 800 (Cc)
4) By End User Vertical: Agriculture, Military, Sports, Other End User Verticals
North America was the largest region in the off-road vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the off-road vehicle market during the forecast period. The regions covered in the off-road vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growth in the trend of recreational activities and adventure sports is expected to propel the growth of the off-road vehicle market going forward. Recreation refers to all activities that individuals do to rejuvenate their bodies and minds and make their free time more exciting and enjoyable. Adventure sports or extreme sports refer to sports that are operated on land, in the water, or in the air and involve a significant level of risk. Off-road vehicles are used for recreational activities and adventure sports, which is boosting its demand. For instance, in 2023, according to reports published by the Outdoor Industry Association, a US-based trade association for businesses in the outdoor industry, There were in 2022, the number of outdoor recreation participants increased by 2.3 percent to a record 168.1 million, accounting for 55 percent of the US population aged six and above. Therefore, the trend of recreational activities and adventure sports is driving the growth of the off-road vehicle market.
Key Industry Players
Major companies operating in the off-road vehicle market report are Toyota Motor Corporation, Honda Motor Co Ltd., Gas Gas Motorcycles, Nissan Motor Co Ltd., Caterpillar Inc., Deere & Company, Suzuki Motors Corporation, KUBOTA Corporation, Yamaha Motor Co Ltd., Mahindra & Mahindra Limited, Textron Inc., Kawasaki Heavy Industries Ltd., BMS Motorsports Inc., Polaris Inc., Can-Am Off-Road (BRP), BRP Inc., The Toro Company, KTM AG, Piaggio & C. SpA, CFMOTO Powersports Inc., Zhejiang Chunfeng Power Co Ltd., TOMCAR Inc., Argo Inc., Exmark.com, Kandi Technologies Group Inc., Stealth Electric Bikes Pty. Ltd., HISUN Motors Corp, Alke, Massimo Motor Sports LLC, Haojue Holdings Co Ltd., Arctic Cat Inc., ODES Industries, Intimidator UTV
The off-road vehicle market report table of contents includes:
1. Executive Summary
2. Office Administrative Services Market Characteristics
3. Office Administrative Services Product/Service Analysis -Product/Service Examples
4. Office Administrative Services Market Trends And Strategies
5. Office Administrative Services Market - Macro Economic Scenario
...
68. Global Office Administrative Services Market Competitive Benchmarking
69. Global Office Administrative Services Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Office Administrative Services Market
71. Office Administrative Services Market Future Outlook and Potential Analysis
72. Appendix
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