Off-Road Vehicles Market Size By Vehicle (ATV, SSV/UTV, Off-road Motorcycles, Snowmobiles), By Application (Utility, Sports, Recreation, Military), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Sweden, China, India, Japan, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Increasing demand for off-road vehicles among consumers owing to surging adventure & sporting events significantly boosting industry penetration. Rising spending on recreation and leisure practices are strongly supporting product demand. In 2017, Georgia Department of Natural Resources announced 14 grants with USD 2.3 million financial support for recreation facilities such as golf, hiking, fishing, and camping in the state. These key factors are anticipated to boost off-road vehicles market during the forecast period.
Improved government spending on recreational infrastructure for driving off-road automobiles along with national parks & state parks across the country exceeding market revenue share. High performance in rough terrains owing to strong vehicles structure benefits encouraging adoption in several countries instigating industry share.
Manufacturing companies such as Polaris and Kawasaki are focusing on installing improved technology such as GPS tracking and mobile tracking in the off-road vehicles for capturing market share. Improved riding performance along with advanced technological features supporting product profile will drive the off-road vehicles market share from 2018 to 2024.
All-Terrain Vehicles Safety Institute (ATVSI) is strongly promoting the usage of helmet and seatbelt while driving to avoid accidental damages. Rising number of accidents owing to avoidance of safety measure while driving vehicles are majorly hampering the business growth. Complex structure, large tires, and four-wheel drivetrain system affect automobile performance limiting off-road vehicles market expansion.
SSV market share is expected to witness growth at around 6% from 2018 to 2024. This can be credited to the benefits offered such as increased mobility, rollover protecting bars and storage facility. In 2017, Dakar Rally held in South America, introduced the special category as a side-by-side vehicle class along with cars, trucks, and bikes.
Recreation segment accounted for over USD 3.5 billion in 2017. Rising product demand owing to improved leisure and touring activities among consumers primarily driving industry growth. Electric ATV has captured the strong attention from consumers owing to improved performance, easy to operate and less maintenance thereby propelling product landscape.
Military segment is likely to witness significant gains at around 5.5% from 2018 to 2024. Surging product adoption owing to highly mobile, enhanced durability and effectively conveyance personal & cargo are the key benefits strongly supporting off road vehicle demand. Border security, combat operations and consignment transport are among key applications mainly instigating product demand from this segment.
North America off-road vehicles are expected to capture over 55% industry share by 2024. Augmented government expenditure for improving recreational activities to attract more consumers stimulating industry share. Huge consumer base along with presence of infrastructure for using ATVs are primarily boosting the product demand. The rising popularity of off-road sports events such as Lucas Oil Off Road Racing Series, The Off-Road Championship (TORC), Grand National Cross Country are instigating the business growth.
Off-road vehicles industry has the presence of prominent players including Polaris, Kawasaki, Honda, Yamaha, Arctic Cat, Suzuki, and Can-Am. Other notable companies are Kubota Corporation, John Deere, Caterpillar, Bombardier, KYMCO, Taiwan Golden Bee, and Shoupu. Manufacturing companies are investing heavily on R&D for product development to enhance the overall performance and efficiency of the products.