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U.S. Off-Road Vehicles Market Size
- Report ID: GMI3074
- Published Date: Sep 2023
- Report Format: PDF
U.S. Off Road Vehicles Market Size
U.S. Off-Road Vehicles Market size was valued at USD 10.6 billion in 2022 and is anticipated to register a CAGR of 7.5% between 2023 and 2032, led by favorable government initiatives promoting the shift toward electric mobility. Policies that promote environmental sustainability, safety, and recreational access can spur innovation and growth. For instance, incentives for electric off-road vehicles can drive the adoption of eco-friendly models.
To that end, Dean Phillips, Minnesota Congressman, introduced a bipartisan bill, H.R. 9481, in the U.S. House of Representatives in December 2022. Named the Michael F. Donoughe Tax Credit for Off-Road Electric Vehicles Act, it proposes a federal tax credit of 10 percent, up to $2,500, for the purchase of new, qualifying, plug-in electric off-road vehicles. The bill has been referred to the House Ways and Means Committee as of December 23, 2022. Investments in trail development and maintenance enhance the off-roading experience. Moreover, safety regulations and education campaigns can encourage responsible off-roading, ensuring a sustainable and secure future for the industry while providing economic benefits to local communities.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| U.S. Off-Road Vehicles Market Size in 2022: | USD 10.6 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.5% |
| 2032 Value Projection: | USD 21.7 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 469 |
| Segments covered: | Vehicle, Propulsion Type, Application, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Stricter environmental regulations, particularly related to emissions and noise pollution, can pose challenges for manufacturers in the off-road vehicles market. For example, the Clean Air Act sets standards for air quality and regulates emissions from vehicles and industrial facilities. Likewise, the Noise Control Act regulates noise pollution from aircraft, vehicles, and other sources. Control Act Compliance with these regulations often requires expensive engineering solutions, which can drive up the cost of vehicles and limit their availability.
On the other hand, innovations in off-road vehicle technology, including enhanced safety features, improved engine performance, and smart connectivity options, have attracted consumers and businesses looking for efficiency and convenience, favoring market dynamics.
For instance, In August 2023, Honda unveiled three new ATV models in the United States, alongside the introduction of two highly popular miniMOTO models, namely the Monkey and the Super Cub C125. Among the new ATV offerings, Honda's refreshed lineup features the FourTrax Recon, the TRX250X, and the TRX90X. Specifically designed for farm use and navigating trail obstacles, the FourTrax Recon is equipped with a 229-cc engine and an Electric Shift Program transmission with a convenient push-button shifter.
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U.S. Off-Road Vehicles Market Scope
