The Off-Road Vehicles Market is set to observe growth rate of over 7% till 2027. There has been a growing inclination of children and teens towards recreational activities and different types of motor sports. Seeing the opportunity, numerous industry participants are emphasizing on rolling out new products into the market. Additionally, there also exists a strong renovation and restoration niche where industry players are catering to the growing demand for classic off-road vehicles from booming adventure sports industry. The adventure sports include motorsports, extreme sports, and X Games, which involve various off-road two-wheeler, three-wheeler, and four-wheeler vehicles.
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Worldwide, demand for off-road vehicles is increasing at a considerable pace as more people turn to these automobile for addressing a versatile array of applications on difficult terrains. These vehicles are custom designed for offering smooth mobility on different kinds of landscapes.
In June of 2020, the U.S. Government Service Administration (GSA) and the U.S. Special Operation Command (USSOCOM) jointly signed a contract with Polaris, Inc. for the development of an off-road vehicle, named Polaris MRZR Alpha.
UTV/SXS, snowmobiles, and ATVs are among some of the most popular off-road military vehicles that provide smooth mobility even in rugged terrains. Government and military forces spend heavily on the deployment of steering controlled off-road vehicles to effectively tackle tactical and combat operations.
Asia Pacific is forecast to generate a significant growth impetus for global off-road vehicles market by 2027. Countries like India, Japan, and South Korea are witnessing substantial growth in their agriculture and construction sectors owing to surging population and extensive infrastructure development initiatives.
Growing investment to upgrade physical infrastructure and initiatives by food regulators, such as Food & Agriculture Organization (FAO) to uplift agriculture yields is likely to further augment the Asia Pacific off-road vehicles industry share.
Key features of off-road vehicles such as high torque, large wheels, thick tires, and abundance of space to carry goods, allow their extensive usability in numerous agriculture and construction activities.
Prominent companies operating in global off-road vehicles industry include Honda Motor Co., Suzuki Motors Corp, Deere & Company, Kawasaki Motors Corp, Bombardier Recreational Products (BRP), Yamaha Motor Co., Caterpillar, and KTM AG, among others. These leading off-road vehicle manufacturers are eyeing on integrating modern technology and durable components to develop a robust motor vehicle for an all-weather and rugged environment.
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Some Point from Table of Contents:
TABLE 1 Global off-road vehicles industry 360º synopsis, 2016 – 2027
TABLE 2 Global off-road vehicles market, 2016 – 2020 (USD Million)
TABLE 3 Global off-road vehicles industry, 2021 - 2027 (USD Million)
TABLE 4 Global off-road vehicles industry, 2016 – 2020 (Units)
TABLE 5 Global off-road vehicles industry, 2021 - 2027 (Units)
TABLE 6 Global off-road vehicles industry, by vehicle, 2016 – 2020 (USD Million)
TABLE 7 Global off-road vehicles market, by vehicle, 2021 - 2027 (USD Million)
TABLE 8 Global off-road vehicles market, by vehicle, 2016 – 2020 (Units)
TABLE 9 Global off-road vehicles industry, by vehicle, 2021 - 2027 (Units)
TABLE 10 Global off-road vehicles industry, by application, 2016 – 2020 (USD Million)
TABLE 11 Global off-road vehicles market, by application, 2021 - 2027 (USD Million)
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