Off-Road Vehicles Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI2321
Off-Road Vehicles (ORVs) Market size will witness notable gains owing to shifting trend towards power sports and rising demand for all-terrain vehicles (ATVs). Increasing consumer spending on sports & leisure due to changing lifestyles will support the industry growth. Moreover, growing touring and recreational activities will support product demand.
Strong outlook in military, sports, leisure and agricultural applications will propel off-road vehicles market growth. Rising product adoption in customized applications across several difficult terrains for transportation and military operations will drive industry demand. Inclination towards ORVs as effective substitute over tractors & other heavy equipment vehicles for agricultural activities will drive industry size.
Rising demand for high performance automobiles, subjected to rough environments and landscapes have enhanced manufacturer focus towards sustainable designs & technologies. Furthermore, growing emphasis on innovative automotive designs, stringent emission regulations and decrease in fossil fuel levels are major factors influencing off road vehicles price trend. Ensuring higher degree of security and restricting ecological impact will boost off-road vehicles market size globally.
U.S. based Specialty Vehicle Institute of America promotes and regulates the use of ATV approved equipment in cars including seatbelts and footrests. Regulatory standards regarding passenger numbers approved per vehicle and limitations on children below 16 years are key guidelines mandated by government to reduce injuries and fatalities.
High growth potential of the industry due to rising popularity and exceptional riding experience will support industry demand. Increasing number of outdoor parks and recreational facilities providing approved power riding services will drive off road vehicles demand. Technological advancement in overall automotive industry will support the product development.
Off-road vehicles market share is segmented based on vehicle as side by side vehicles (SSVs) and all-terrain vehicles (ATVs). SSVs are expected to witness substantial growth rate in the forecast period. Increasing preference for SSVs over ATVs due to notable benefits including rollover protection bars, better riding experience and ease of mobility will drive industry growth. Additionally, these factors expressively decrease possibility of accidents and injuries as equated to ATVs.
However, as per several accreditation institutions, these automobiles are only entitled for out path use, but not on road usage. Moreover, they cannot be titled and modified as an assembled amenity for on route uses. Difficulty in riding on extreme terrains, paved surfaces and in harsh environment may restraint off road vehicles market expansion.
On the basis of product, off-road vehicles market is further segregated as recreational, sports, utility and other ORVs. Utility ORVs accounted for dominating share in overall industry, while sports ORVs are projected to witness substantial growth. Growing preference for these automobiles to fulfil dual necessity of utility as well as sport purposes will support industry demand. Rising product demand from tourism and entertainment/ amusement industry will fuel off road vehicles demand. High availability of variety of cars fitted with latest and advanced technologies is a major factor driving product scope.
Based on application, global off-road vehicles market is bifurcated as sports, entertainment, agriculture, hunting, military and others. Sports & entertainment hold a notable share in the overall industry share due to rise in recreational and touring activities along with technological advancement. As per industry experts, over 50% of industry sales came from this application in 2016. Furthermore, improved affordability and low cost of ownership are significant factors fueling off road vehicles market share.
North America off-road vehicles market is anticipated to remain leading industry share in forecast period. As per analysis, the U.S. alone accounted for over 50% of the industry share in 2016. Rising number of amusement parks, all terrain racing and sports facilities will drive regional demand. Moreover, presence of large scale aftermarket providing customized kits and other automotive parts provides a positive outlook for industry demand.
Asia Pacific off-road vehicles market will witness significant growth due to growing demand for power sports in Australia, India, China and Japan. Increasing aftermarket out path conversion of vehicles and rising popularity for racing events are key factors driving industry growth. For instance, Grand Prix Drivers' Association and Federation of Motor Sports Clubs of India conducts various sport events each year including FIA Asia Pacific Rally Championship.
Global off road vehicles market share is highly consolidated owing to presence of few leading multinational industry participants. The industry contains a vast supply chain mechanism including raw material suppliers, ATV & SSV manufacturers, component manufacturers, distributors and buyers. Manufacturers are increasingly focused on vast product portfolio, new product launches, wide distribution & dealer network to gain better competitive edge.
Polaris, Honda, Yamaha, Arctic Cat, Kubota, Kawasaki and John Deere are major off-road vehicles market players. Other prominent participants comprise Mahindra & Mahindra, Spark Minda, Ram Trucks, Ford, Volkswagen, Mercedes-Benz, Audi, BMW, Hyundai, General Motors, FCA, Mazda, Land Rover, UAZ, Dragon Motors, Tiger Adventure, Tomcar Australia, Supacat and Toyota Tacoma.
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