Off-Road Vehicle Market Research Report on Current Status and Future Growth Prospects to 2030 – GBS News

Off-road vehicle market : Application (sports, entertainment, agriculture, military and defense, hunting and forestry), type (utility ATV, sports ATV), seating (one seat, two seat), fuel type (gasoline, electric ATV) – size of the global sector, Growth, Trends, Opportunities and Forecasts (2020-2025)

The Off Road Vehicle Market report includes an in-depth analysis of the market dynamics, business models, segmental / regional analysis and respective market shares and strategies of the major market players operating in the global market. It includes an in-depth analysis of the factors influencing the global market and market statistics showing an analysis of market share / regional and segment growth. The study of the report will represent one of the most comprehensive analyzes of the market, covering all aspects of the Off-road Vehicle market.

Global Off-Road Vehicle Market Research Report, 2018-2025 (billions of dollars)
Introduction to the off-road vehicle industry

All Terrain Vehicle (ATV), also known as a heavy-duty four-wheeler vehicle according to the American National Standards Institute (ANSI). All Terrain Vehicle is an all terrain vehicle that is strong on a variety of terrains. All off-road vehicles can be driven through different landscapes filled with earth, sand, mud, gravel and rocks. It was originally designed for a single passenger, but today ATVs are designed to accommodate multiple passengers along with the operator. It rides like a motorcycle, except with increased stability and mobility on rough and unstable terrain, and has four wheels. However, off-road vehicles cannot travel on roads or highways in major countries of the world.

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Off-road vehicles: market dynamics

Many factors are driving global demand for the off-road vehicle market, including an increase in recreational activities and off-road events, theme parks and snow parks. Furthermore, growing tourism in developing countries around the world is one of the key drivers behind the growth of the off-road vehicle market. In addition to the increasing use of off-road vehicles for recreational purposes, these vehicles are also finding favor in sporting, military, mining and agricultural activities. Electric off-road vehicles are expected to create new opportunities in the market. Additionally, active government support and incentives to develop off-road tracks would increase the popularity of off-road vehicles for years to come.

The growing number of deaths, injuries and accidents caused by ATVs are the key factors that should hinder the growth of the off-road vehicle market. Furthermore, stringent emission standards for diesel and petrol vehicles can hinder the market for off-road vehicles based on internal combustion engines. Environmental issues such as greenhouse gas emissions are also a significant constraint on the growth of traditional off-road vehicles. The impact of COVID-19 on ATV is estimated to have a significant impact on the vehicle supply chain and demand market. Furthermore, changes in consumer purchasing behavior due to uncertainties surrounding the pandemic could have a significant impact on production in the near future.

scope of the report

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The report outlines the study of the ATV market by product type, application, seating capacity and fuel type.

Based on the product type, the ATV market is segmented as follows:

Based on the application, the off-road vehicle market is segmented into the following:

  • Sports
  • entertainment
  • agriculture
  • Military and Defense
  • Hunting and forestry

Based on seating capacity, the ATV market is segmented

Based on the type of fuel, the ATV market is segmented into:

Off-Road Vehicle Market, By Product Type, 2018-2025 (USD Million)

Source: MSG analysis, 2020

Off-road vehicle market: regional perspectives

By region, the global off-road vehicle market is segmented into Europe, North America, South America, Asia-Pacific and the Middle East and Africa. North America is estimated to dominate the global off-road vehicle market, followed by Europe and Asia-Pacific. The growing demand for off-road defense and leisure vehicles across the region is a key factor driving the growth of the North American off-road vehicle market. Additionally, electric ATVs have become a popular replacement for gasoline and diesel ATVs in North America.

Off-Road Vehicles Market Growth by Regions, 2020-2025

Source: MSG analysis, 2020

Europe also has a significant percentage of off-road vehicles due to the increase in outdoor recreation such as camping and forest adventures and an increase in the tourism industry. Asia Pacific is the fastest growing off-road vehicle market during the forecast period as the number of off-road parks and trails have become tourist hubs. This factor should fuel the growth of the off-road vehicle market. In addition, major companies in the region sponsor and coordinate off-road racing and adventure sports to increase the sales of their off-road vehicles.

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Off-road vehicle market: competitive landscape

Major players in the off-road vehicle market include Honda Motor Company Limited, Polaris Industries Incorporation, Yamaha Motor Company Limited, Bombardier Recreational Products, and Arctic Cat Incorporation (Textron). The other significant players are Kawasaki Heavy Industries Limited, Suzuki Motor Corporation, CFMOTO Powersports Incorporation, KTM AG and BMW AG, Linhai, Deere and Co. Many companies have introduced new product developments and mergers to gain a competitive edge in the ATV market.

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