Off-Road Vehicles Market Size By Vehicle (ATV, SSV/UTV, Off-Road Motorcycles, Snowmobiles), By Application (Utility, Sports, Recreation, Military), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Off-Road Vehicles (ORV) Market size surpassed USD 15 billion in 2020 and is anticipated to grow at 7% CAGR between 2021 and 2027. The rising popularity of recreational and sports activities including ATV races and snowmobile championships across the globe will propel the industry growth. High power and torque offered by off-road vehicles are supporting their market demand in utility applications.
 

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Rising urbanization is positively influencing construction activities across the globe. Construction agencies are deploying ATV and SSVs to improve work output and productivity. Off-road utility vehicles have a robust structure and can easily perform on rough terrains and construction sites. According to the market forecast, superior advantages offered by these vehicles such as enhanced mobility, traction and four-wheel drive technologies with anti-lock braking systems will boost the adoption of off-road vehicles. Additionally, low maintenance costs, reduced fuel consumption, and low insurance costs will aid the demand for these vehicles in the construction industry.
 

Market players are focusing on launching new products with improved features at competitive price points to attract sport enthusiasts. New technological developments such as electric drive trains will create new growth opportunities to the off-road vehicles market. The growing popularity of electric off-road vehicles owing to the rising emission concerns will spur the off-road vehicles industry.
 

The growing number of ATVs, UTVs, and off-road motorcycles related accidents is a major factor restraining the off-road vehicles demand. Factors such as violation of rules & regulations, ignorance toward safety measures, and underage driving can lead to injuries & fatalities. According to the market data reported by the U.S. Consumer Product Safety Commission (CPSC), in September 2020, a total of 2,258 deaths associated with off-highway vehicles were reported between 2015 and 2017.
 

COVID-19 Impact Analysis

The COVID-19 pandemic has negatively impacted the off-road vehicles market demand. The travel restrictions imposed by government authorities globally led to a decline in recreational & motorsports activities during the first half of 2020. However, during the second half of 2020, market leaders witnessed a steady growth in unit shipments due to a shift in consumer preferences for off-road vehicles. The industry statistics gradually gained momentum with the easing of lockdown measures and shift in consumer inclination toward outdoor recreational activities.
 

Higher stability and enhanced maneuverability on a challenging terrain will drive the demand for All Terrain Vehicles (ATVs)

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The North America ATV market is likely to register a CAGR growth of over 6.5% in the off-road vehicles market from 2021 to 2027. The rising demand for ATVs in military, construction, agriculture, and sports activities will support segment growth. ATVs are designed to operate in harsh environmental conditions & terrains including concrete roads, rough terrain, grasslands, and desert areas. Enhanced maneuverability, higher stability at slower speed in rugged terrain, and lower footprint is poised to foster the adoption of ATVs.
 

Growing participation in recreational activities to propel the segment growth

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The recreation segment in Europe accounted for more than 35% of the off-road vehicles market in 2020 led by the increasing demand for motorsports, hiking, and camping activities. The increasing tourism & leisure activities have led to the proliferation of off-road vehicles in the tourism sector. The growing tourism industry in Australia, the U.S., and Canada will boost market growth. The growing demand for snowmobiles, ATVs, and UTVs for several recreational sports activities by tourists is driving the market statistics.
 

Presence of numerous adventure trails will augment market revenue in North America

The North America off-road vehicles market size crossed USD 10 billion in 2020, with over 1 million new off-road vehicles sold. High disposable income and favorable government policies to promote the adoption of ATVs and UTVs through grants and subsidies will boost the regional market growth. The increasing participation in recreational & motorsport activities propelled by the presence of numerous adventure trails & clubs across the region will augment the market revenue.
 

The presence of several national & state parks with increasing number of off-road trails is attracting tourists and adventure enthusiasts. For instance, Oregon Parks and Recreation Department provide a diverse range of ATV trails. The presence of deserts, dunes, single track trails, wooded trail makes Oregon a suitable and attractive place for off-road vehicle enthusiasts. The growing prominence of some popular off-road trails in the U.S. including Ride Royal Blue Resort and Ocala National Forest will create new market opportunities.
 

High focus of off-road vehicles market players on new product launches

Market leaders are launching new models of off-road vehicles to enhance their global presence. For instance, in August 2020, Polaris launched all-new Sportsman 450 H.O. and Sportsman 570 ATVs. These models are designed to provide an enhanced customer value with a smoother driving experience and versatile features. The new Sportsman 450 H.O. and 570 feature high towing capabilities & clearance, powerful battery, large & durable tires, and upgraded engine braking systems. The new model aided the company to enhance its market share.
 

The major companies in off-road vehicles (ORV) market are Suzuki Motors Corporation, Massimo Motors, Caterpillar, Deere & Company, Wildcat, KTM, Kawasaki Motors Corp., Yamaha Motor Co. Ltd., Tomcar Australia, Honda Motor Co., Bombardier Recreational Products (BRP), Polaris Industries Inc., and KTM AG.  
 

This off-road vehicles market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:

Market, By Vehicle:

• ATV
• SSV/UTV
• Off-Road Motorcycles
• Snowmobiles

Market, By Application:

• Utility
• Sports
• Recreation
• Military

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Thailand
  • Malaysia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa