Off-Road Vehicles (ORVs) Market forecasted to be US $11.1 billion opportunity in 2023

Stratview Research announces the launch of a new market research report on Global Off-Road Vehicles (ORVs) Market by Vehicle Type (All-Terrain Vehicles and Side-by-Side Vehicles), by Product Type (Utility, Recreational/Utility, Sports, and Youth), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.

The Global Off-Road Vehicles Market: Highlights
As per Stratview Research, the global off-road vehicles market offers a robust growth during the forecast period of 2018 to 2023 and reach US $11.1 billion in 2023, which offers an opportunity to the industry players to align themselves with the market growth.

There are several factors bolstering the growth of off-road vehicles market in the global utility vehicles industry. The author of the report cited recovery of the global economy and increasing disposable income, growing recreational and touring activities, an advancement in the ORV technology, and increasing usage of ORVs in agriculture and military operations as the major factors proliferating the demand for ORVs globally.

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As per the report, SSV is projected to remain the larger and faster growing vehicle type in the global ORVs market during the forecast period. SSV offers numerous advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. These factors significantly reduce the number of accidents and injuries as compared to ATVs.

Based on product type, utility is projected to remain the most dominant product type in the global ORVs market during the forecast period. All the major players have an excellent product portfolio for the utility ORVs. Sports segment is likely to witness the highest growth during the same period, driven by increasing tourism and recreational activities across the globe.

In terms of region, North America is expected to remain the largest market for ORVs over the next five years. The USA is the growth engine of the North American as well as global ORVs market. The country alone accounted for more than 50% of the global ORVs sales in 2017. Asia-Pacific is relatively a small market but is likely to witness the highest growth during the forecast period, driven by an increasing demand for Powersports in China, Australia, and India.

The global ORVs market is highly consolidated with the top five players accounting for more than 70% share in 2017. Major players in ORVs market are Polaris Industries Inc., Honda Motor Co., Ltd., Yahama Motor Co., Ltd., BRP Inc., and Arctic Cat, Inc.

Report Features
This industry research report from Stratview Research provides market intelligence in the most comprehensive manner. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the research report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The global off-road vehicles market is segmented into the following categories.

Off-Road Vehicles (ORVs) Market by Vehicle Type:
• All-Terrain Vehicles (ATVs)
• Side-by-Side Vehicles (SSVs)

Off-Road Vehicles (ORVs) Market by Product Type:
• Utility Vehicle
• Recreation/Utility Vehicle
• Sports Vehicle
• Youth Vehicle

Off-Road Vehicles (ORVs) Market by Application Type:
• Agriculture
• Entertainment
• Hunting
• Military
• Sports
• Others

Off-Road Vehicles (ORVs) Market by Region:
• North America
• Europe
• Asia-Pacific
• Rest of the World

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This release was published on openPR.