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.
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.
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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, Kässbohrer Geländefahrzeug, 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.
Report Scope:
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:
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle (SSV)
- Off-Road Motorcycles
- Market, by Product Type:
- Utility Vehicle
- Sports Vehicle
- Others
- Market, by Application:
- Sports
- Entertainment
- Agriculture
- Others
- Market, by Region:
- Asia-Pacific
- China
- Australia
- India
- Japan
- New Zealand
- Europe & CIS
- Russia
- Germany
- United Kingdom
- France
- Italy
- Portugal
- North America
- United States
- Mexico
- Canada
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
- South America
- Brazil
- Argentina
- Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in global off-road vehicles market.
Available
Customizations:
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:
Company Information
- Detailed analysis and profiling of additional market
players (up to five).
In case you don’t find what
you are looking for, please get in touch with our custom research team at sales@techsciresearch.com