U.S. Off-Road Vehicles Market | Arctic Cat, BRP, Yamaha Motor Corporation, USA, Suzuki Motor of America, Polaris Industries, KTM, Kawasaki Motors Corp., U.S.A., American Honda Motor Company, Caterpillar Inc

U.S. Off-Road Vehicles Market is estimated to surpass USD 13.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising discretionary spending in conjunction with the improving economic conditions is increasing the participation in outdoor activities, expanding the U.S. off-road vehicles (ORVs) market size. According to the Bureau of Economic Analysis in 2017, the U.S. GDP increased by over 4% as compared to 2016. The growing participation in adventure activities will propel industry growth over the study timeframe.

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SSV leads the industry size owing to its applications in sports, utility, and recreational activities. Industry players are upgrading their product portfolio for multiple functionalities and more affordability. For instance, in June 2018, BRP announced to launch Can-Am SXS for recreation and utility purposes. Moreover, easy finance availability will escalate the U.S. ORVs market growth over the forecast timeline.

Off-road motorcycles will witness around 6% CAGR in the U.S. off-road vehicle (ORVs) market size over forecast period. According to the OIO, in 2017, the U.S. outdoor participants spent over USD 50 million in off roading. Industry participants are expanding their product portfolio to serve larger consumer base. For instance, in October 2017, KTM launched Freeride E-XC dirt bike for trail racing.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Arctic Cat
2. Bombardier Recreational Products (BRP)
3. BMS Motorsports
4. Caterpillar
5. Hisun Motors
6. Honda Motors
7. Kawasaki Motors Corporation
8. KTM AG
9. KYMCO
10. Massimo Motor
11. Polaris Industries
12. Suzuki Motor Corporation
13. Yamaha Motor Corporation

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Military application will witness a steady growth in the U.S. off-road vehicles market share with the adoption of ORVs to carry artillery and soldiers in tough terrains. Rising product demand in tactical & combat missions, search & rescue, and security & patrol activities will enhance segment penetration. Organizations, such as AMA, are conducting off-roading events, such as Amateur Championship, supporting the segment growth.

In 2017, California accounts for over 10% share in the U.S. off-road vehicles (ORVs) market with the presence of state parks and recreational areas driving the product demand. Organizations such as California State Parks are launching Grants & Cooperative Agreements Program to promote OHV adaption. Arizona will witness steady growth owing to flexible regulations. For instance, Arizona allows the usage of California-registered vehicles in its state parks.

Texas will witness strong growth with the increasing youth population participating in ORV activities. According to the U.S. Census Bureau, in 2017, the under-18 population rose to 7.37 million with as increase of over 4.5% as compared to 2013. The growing youth population will propel industry share over the forecast period. Moreover, the Texas law allows the under-14 to drive ATVs under supervision, positively influencing the product demand.

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Major U.S. ORVs market participants include Polaris Industries, Textron, BRP, and Yamaha Motors. Industry players are expanding their product portfolio to serve a larger consumer base. For instance, in June 2018, Textron introduced Prowler Pro with whisper-quiet technology for noise-restricted areas. Further, industry players are adopting advanced technologies such as mobile tracking and Bluetooth connectivity to enhance the consumer experience.

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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Global Market Insights, Inc.
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