Off-Road Vehicles Market Size Share, Growth Report & Forecast 2032

Off-Road Vehicles Market Insights

Zion Market Research has published a report on the global Off-Road Vehicles Market, estimating its value at USD 5.41 Billion in 2023, with projections indicating that it will reach USD 14.29 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 11.4% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Off-Road Vehicles Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Off-Road Vehicles Market Size

The global off-road vehicles market size was worth around USD 16.1 Billion in 2020 and is predicted to grow to around USD 28.3 Billion by 2028 with a compound annual growth rate (CAGR) of roughly 7.2% between 2021 to 2028. The report offers assessment and analysis of the Off-Road Vehicles market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

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Off-Road Vehicles Market: Overview

Off-road vehicles have the ability of driving off & on stony as well as tiled surfaces. These vehicles possess huge tires with deep, flexible, and open tread suspensions. Generally, off-road automotive is utilized for travelling in regions that do not have roads made from asphalt. Moreover, firms manufacturing off-road vehicles are focusing on launching of products with added features for attracting new consumers along with gaining competitive edge in the business. Rise in use of off-road vehicles will prop up expansion of off-highway automotive sector in upcoming years. Increase in driving & sports activities in terrain regions has enlarged popularity of all-terrain vehicles, thereby prompting production & demand for off-road vehicles.

Off-Road Vehicles Market: Growth Drivers

Surge in industrialization & rise in mining activities across globe will embellish expansion of off-road vehicles industry over assessment period. A prominent increase in construction projects along with use of ATV & SSVs in construction sector for improving output will drive market trends. In addition to this, large number of benefits offered by off-road automotive due to its toughness will provide new growth avenues for off-road vehicles industry during forecast period. Apparently, an exploding population rate resulting in massive need for raising crop production will translate into humungous expansion of off-road vehicles market in upcoming years. Apart from this, off-road vehicles possess beneficial features like enhanced mobility and anti-locking braking systems. This, in turn, will boost market demand in next few years.

Moreover, low maintenance charges, less fuel emission, and low insurance costs will augment size of off-road vehicles market during 2021-2028. Furthermore, escalating trend of using electric off-road automotive due to increase in fuel emissions from vehicles will open new paths of growth for off-road vehicle industry over upcoming years. However, increase in number of road collisions can put brakes on use of off-road automotive, thereby resulting in decrement of off-road vehicles market revenue in near future.

Off-Road Vehicles Market: Report Scope

Global Off-Road Vehicles Market Regional Landscape

North American Off-Road Vehicles Market Revenue To Witness Prominent Surge By 2028

The expansion of off-road vehicles market in North America during forecast timeframe can be attributed to massive sale of these vehicles in countries such as the U.S. In addition to this, rise in purchasing power of consumers has resulted in high acceptance & use of UTVs and ATVs, thereby driving regional market trends. Rise in participation of people in motorsport events & other leisure activities during weekends and holidays will carve a profitable roadmap for off-road vehicles market in region. With increasing inclination towards adventure sports among young & millennial population in Canada and the U.S. & surging popularity of recreational activities in North America will exponentiate regional market value. Growing tourist activities and presence of national and state parks will result in huge market penetration in sub-continent. Rise in number of off-road trails in outskirts of countries like the U.S. and Canada will contribute significantly towards size of off-road vehicle market in North America.

Global Off-Road Vehicles Market Competitive Landscape

Key participants profiled in report and impacting business space include 

• Yamaha Motor Co. Ltd.
• Kawasaki Motors Corp.
• Suzuki Motors Corporation
• Polaris Industries Inc.
• Massimo Motors
• Honda Motor Co.
• Caterpillar
• Tomcar Australia
• Deere & Company
• Wildcat
• Bombardier Recreational Products (BRP)
• KTM AG.  

The global Off-Road Vehicles Market is segmented as follows:

By Vehicle

• ATV
• OFF-ROAD MOTORCYCLES
• SSV/UTV
• SNOWMOBILES

By Application

• Utility
• Military
• Recreation
• Sports

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa