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Off-Road Vehicles Market Research Report, 2018-2024 | Key Players are Yamaha Motor, Polaris Industries, Honda Motor, John Deere, Kawasaki Motors, Suzuki Motors, KTM, Arctic Cat, Kubota, Caterpillar, Wildcat, Tomcar Australia, Massimo Motors
Off-Road Vehicles (ORVs) Market
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Arctic Cat Inc.
2. Honda Motor Co. Ltd.
3. Deere & Company (John Deere)
4. Kawasaki Motors Corp.
5. Kubota Corporation
6. Polaris Industries Inc.
7. Suzuki Motors Corporation
8. Yamaha Motor Co., Ltd.
9. Bombardier Recreational Products
10. Kässbohrer Geländefahrzeug
11. Wildcat
12. Tomcar Australia
13. Massimo Motors
14. KTM
15. Caterpillar
Off-Road Vehicles (ORVs) Market by Vehicle
• All-Terrain Vehicles (ATV)
• Side by Side Vehicles (SSV)
• Off-Road Motorcycles
• Snowmobiles
Off-Road Vehicles (ORVs) Market by Application
• Utility
• Sports
• Recreation
• Military
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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.
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.
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.
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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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
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Email: sales@gminsights.com
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