The off-road vehicles market is anticipated to witness exponential growth credited to a surge in recreational sports, tourism and travel. Off-road vehicles are being used in versatile applications given to their enhanced safety features and high performance on challenging surfaces and terrains. The industry has experienced a steady growth in the second half of 2020 owing to an increase in recreational activities and change in consumer preferences towards off-road vehicles.
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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.
Off-road activities are on the rise as they allow people to spend time with family and friends. Vehicles designed for such terrains provide high stability and enhanced mobility, as well as four-wheel drive technologies and anti-lock braking systems. Off-road vehicles also have low insurance cost, low maintenance cost, and decreased fuel consumption. Off-road vehicles market size is set to exceed USD 25 billion by 2027.
The industry share from off-road military vehicles is slated to witness considerable traction in the coming few years. 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.
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.
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.
Asia Pacific off-road vehicles market is also projected to grow rapidly as the construction and agriculture industries are burgeoning in India, Japan, and South Korea. Rising population and quick infrastructure development in these countries is likely to boost off-road vehicle usage over the forecast period. Several initiatives taken by organizations like the FAO (Food & Agriculture Organizations) to expand agriculture production could further regional off-road vehicles industry.
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.
Several off-road vehicle manufacturers are working on creating new and advanced automotive variants. For instance, in 2020, key industry player Yamaha Motor Corp., announced the launch of its new off-road line of two and four-seat SxS models offering extreme capability, versatility, higher performance, and power delivery.
Prominent companies operating in global off-road vehicles market 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:
Chapter 5 Off-Road Vehicles Market, By Vehicle
5.1 Key trends, by vehicle
5.2.1 Market estimates and forecast, 2016 – 2027
5.3.1 Market estimates and forecast, 2016 – 2027
5.4 Off-road motorcycles
5.4.1 Market estimates and forecast, 2016 – 2027
5.5.1 Market estimates and forecast, 2016 – 2027
Chapter 6 Off-Road Vehicles Market, By Application
6.1 Key trends, by application
6.2.1 Market estimates and forecast, 2016 – 2027
6.3.1 Market estimates and forecast, 2016 – 2027
6.4.1 Market estimates and forecast, 2016 – 2027
6.5.1 Market estimates and forecast, 2016 – 2027
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