Side-by-Side Vehicle (SSV) Segment to Dominate Global Off-Road Vehicles (ORVs) Market till 2024
Growing focus towards
entertainment and sports activities to drive global off-road vehicles market
through 2024
According
to TechSci Research report, “Global Off-Road Vehicles (ORVs) Market By Vehicle Type, By
Product Type, By Application, By Region, Competition, Forecast &
Opportunities, 2014 – 2024”, global off-road vehicles (ORVs) market is projected to grow
during the forecast period, owing to increasing recreational and touring
activities coupled with advancements in the ORV technology. Over the coming
years, major global ORV manufacturers are anticipated to come up with a wide
range of advanced and specifically designed off-road vehicles to meet varying
customer requirements. Growing number of off-roading ATV sports events and
widening application areas of ATVs in several industries including agriculture
are further likely to push demand for ORVs in the coming years.
Side-by-side vehicle (SSV) type dominated the market
in 2018 and the trend is likely to continue during the forecast period, on
account of additional features such as seat belts, rollover protection bars and
additional seating capacity in this vehicle segment. On the basis of product
type, global off-road vehicles market has been segmented into utility, sports
and others. Utility vehicles, followed by sports vehicles, is the leading product
segment in the off-road vehicles market, owing to their high load carrying
capacity, easy maintenance and economical pricing when compared with sports ORVs.
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Major players operating in global off-road
vehicles market are Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company
(John Deere), Kawasaki Motors Corp., Kubota Corporation and Polaris Industries
Inc., among others. Their continued research & development efforts to manufacture
technologically advanced and affordable ORVs are further anticipated to
intensify the market over the course of next five years. Increasing investments
and continuous product developments by automotive companies in the off-road
vehicles market is also expected to fuel the market.
“Growing use of ORVs in several applications such as sports, entertainment
and agriculture, in addition to increasing number of international brands and
reducing component manufacturing cost, is expected to boost the sales of ORVs
in the global market during the forecast period. Moreover, increasing focus of
manufacturers to develop advanced ORVs is expected to act as a catalyst for the
industry growth.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Off-Road
Vehicles (ORVs) Market By Vehicle Type, By Product Type, By
Application, By Region, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of global
off-road vehicles (ORVs) market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global off-road
vehicles (ORVs) market.
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