Off-Road Vehicle Market to Accelerate at 8.1% CAGR, Reaching US$ 47.4 Billion by 2033: Fact.MR Report
Rockville , Oct. 18, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its recently published research report, reveals that worldwide demand for off-road vehicles is predicted to increase at a CAGR of 8.1% through 2033. As a result, the global Off-Road Vehicle Market is forecasted to reach a value of US$ 47.4 billion by 2033-end.
Growing adoption of off-road vehicles for several types of recreational activities, including sports & trail riding, is predicted to generate decent revenue streams for manufacturers. In addition, substantial increase in the demand for all-terrain vehicles for gardening & farming activities, including field plowing, lawn mowing, and seed spreading, is also contributing to market expansion across regions.
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Key Segments of Off-Road Vehicle Industry Research Report
| By Type | By Propulsion | By Application | By Region |
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Key Takeaways from Market Study
- Worldwide demand for off-road vehicles reached a market value of US$ 20.1 billion in 2022.
- The global off-road vehicle market is estimated at US$ 21.73 billion in 2023.
- The market is projected to reach a valuation of US$ 47.4 billion by the end of 2033.
- Sales of off-road vehicles are projected to rise at a CAGR of 8.1% from 2023 to 2033.
- Worldwide demand for all-terrain vehicles is predicted to expand at a CAGR of 8.1% through 2033.
- Global sales of off-road vehicles with electric propulsion are forecasted to rise at a CAGR of 17.1% from 2023 to 2033.
- Sales of off-road vehicles for recreational purposes are set to reach US$ 16.1 billion by 2033-end.
- The North American market stood at US$ 12.1 billion in 2022.
“Rising traction for off-roading sports events, significant growth of the tourism industry, and growing consumer interest in off-road recreational activities are forecasted to drive opportunities for suppliers of off-road vehicles,” says a Fact.MR analyst.
Rising Demand for No-emission Vehicles Fueling Demand for Off-Road Vehicles with Electric Propulsion
Worldwide demand for off-road vehicles with electric propulsion is predicted to advance at a CAGR of 17.1% from 2023 to 2033. Governments from various countries around the world are taking initiatives to curb pollution and carbon emissions that are estimated to boost demand for electric vehicles.
Growing off-roading activities are projected to fuel demand for ORVs (off-road vehicles) due to the ability of electric motors to offer instant torque and power to vehicles.
Prominent Market Players
Arctic Cat Inc., Deere & Company, Honda Motor Co. Ltd., Kawasaki Motors Corp., Polaris Industries Inc., Kubota Corporation, Suzuki Motors Corporation, Bombardier Recreational Products, Yamaha Motors Co., Ltd., Kassbohrer Gelandefahrzeug, Wildcat Automotive, Textron Specialized Vehicles Inc., Massimo Motor Sports, Mahindra & Mahindra Ltd., and KTM AG are leading manufacturers of off-road vehicles.
| Report Attribute | Details | |
| Value Projection (2033) | USD 47.4 Billion | |
| Growth Rate (2023-2033) | 8.1% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 105 Tables | |
| No. of Figures | 84 Figures | |
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Market Competition
Suppliers in the off-road vehicle industry are implementing a variety of strategies for diverse objectives, such as innovating new products, ensuring product quality control, optimizing supply chain management, and more. Key strategies like introducing new products, forming partnerships, and engaging in collaborations are commonly employed by industry players to extend their market presence.
For example:
- In July 2022, Vlcon Inc. unveiled the Stag, a fully electric UTV designed for superior performance with reduced emissions and noise levels.
- BRP, in April 2022, announced upgrades to their Can-Am Spyder and Ryker models, aiming to improve the stability and overall performance of their three-wheeled motorcycle offerings.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the off-road vehicle market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (all-terrain vehicles (ATVs), side-by-side vehicles (SSVs), off-road motorcycles, snowmobiles), propulsion (diesel, gasoline, electric), and application (utility, sports, recreation, military), across major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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