Off-Road Vehicles Market: Regional Outlook, Top Manufacturers Analysis & Industry statistics Till 2027
Category: #business  By Ronak Bora  Date: 2022-05-24
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Off-Road Vehicles Market: Regional Outlook, Top Manufacturers Analysis & Industry statistics Till 2027

The Off-Road Vehicles Market is set to observe growth rate of over 7% till 2027. Worldwide, demand for off-road vehicles is increasing at a considerable pace as more people turn to these automobile for addressing a versatile array of applications on difficult terrains. These vehicles are custom designed for offering smooth mobility on different kinds of landscapes.

The high performance, enhanced safety, robust off-road tires, and ability to maintain balance on the uneven ground make off-road vehicle widely applicable in recreational sports, agricultural fields, construction sites, military operations, travel & tourism, and others.

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The industry share from off-road military vehicles is slated to witness considerable traction in the coming few years. UTV/SXS, snowmobiles, and ATVs are among some of the most popular off-road military vehicles that provide smooth mobility even in rugged terrains. Government and military forces spend heavily on the deployment of steering controlled off-road vehicles to effectively tackle tactical and combat operations.

In June of 2020, the U.S. Government Service Administration (GSA) and the U.S. Special Operation Command (USSOCOM) jointly signed a contract with Polaris, Inc. for the development of an off-road vehicle, named Polaris MRZR Alpha.

There has been a growing inclination of children and teens towards recreational activities and different types of motor sports. Seeing the opportunity, numerous industry participants are emphasizing on rolling out new products into the market. Additionally, there also exists a strong renovation and restoration niche where industry players are catering to the growing demand for classic off-road vehicles from booming adventure sports industry. The adventure sports include motorsports, extreme sports, and X Games, which involve various off-road two-wheeler, three-wheeler, and four-wheeler vehicles.

Asia Pacific is forecast to generate a significant growth impetus for global off-road vehicles market by 2027. Countries like India, Japan, and South Korea are witnessing substantial growth in their agriculture and construction sectors owing to surging population and extensive infrastructure development initiatives.

Key features of off-road vehicles such as high torque, large wheels, thick tires, and abundance of space to carry goods, allow their extensive usability in numerous agriculture and construction activities.

Growing investment to upgrade physical infrastructure and initiatives by food regulators, such as Food & Agriculture Organization (FAO) to uplift agriculture yields is likely to further augment the Asia Pacific off-road vehicles market share.

Prominent companies operating in global off-road vehicles market include Honda Motor Co., Suzuki Motors Corp, Deere & Company, Kawasaki Motors Corp, Bombardier Recreational Products (BRP), Yamaha Motor Co., Caterpillar, and KTM AG, among others. These leading off-road vehicle manufacturers are eyeing on integrating modern technology and durable components to develop a robust motor vehicle for an all-weather and rugged environment.

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Some Point from Table of Contents:

Data Tables

TABLE 1    Global off-road vehicles industry 360º synopsis, 2016 – 2027

TABLE 2    Global off-road vehicles market, 2016 – 2020 (USD Million)

TABLE 3    Global off-road vehicles industry, 2021 - 2027 (USD Million)

TABLE 4    Global off-road vehicles industry, 2016 – 2020 (Units)

TABLE 5    Global off-road vehicles industry, 2021 - 2027 (Units)

TABLE 6    Global off-road vehicles industry, by vehicle, 2016 – 2020 (USD Million)

TABLE 7    Global off-road vehicles market, by vehicle, 2021 - 2027 (USD Million)

TABLE 8    Global off-road vehicles market, by vehicle, 2016 – 2020 (Units)

TABLE 9    Global off-road vehicles industry, by vehicle, 2021 - 2027 (Units)

TABLE 10    Global off-road vehicles industry, by application, 2016 – 2020 (USD Million)

TABLE 11    Global off-road vehicles market, by application, 2021 - 2027 (USD Million)

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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