Press release
Off-Road Vehicles Market Inclinations Exhibit Growing Demand during the Period until 2027| Market players are Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company, Kawasaki Motors Corp., Kubota Corporation
Furthermore, off-road vehicles are employed in the military and for utility purposes are off-road vehicles. Among all industries, the sports industry held a prominent share of the off-road vehicle market. Retrieval of the global economy and growing disposable income, increasing recreational and touring activities, an advancement in the off-road vehicle technology, and increasing usage of off-road vehicles in the recreational and military operations are the chief factors thriving the demand for off-road vehicles globally. The US is the largest off-road vehicles market due to its long stretches of natural terrain, unpaved roads, and large ranches and farms across the country.
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On the basis of vehicle type, the market can be categorized as All-terrain vehicles (ATV), Side by side vehicles (SSV), Off-road motorcycles, and Snowmobiles. Side by side vehicles (SSV) segment is expected to dominate the off-road vehicles market over the forecast period, regarding value, which accounted for more than 40% value share in 2027.
On the basis of fuel, the market is segmented into diesel, electric, and gasoline. The segment, diesel in an off-road vehicles market accounted for the highest market share of more than 60% in 2017. The segment electric is expected to grow remarkably over the forecast period.
On the basis of application, the market is segmented into utility, sports, recreation and military. Sports segment accounted for the highest market share in 2017. However, the recreation segment is expected to register a healthy CAGR of more than 5% during the forecast period due to the increase in recreational activities across the developing economies.
The Latin America region and Japan is expected to register relatively low growth in the off-road vehicles market, as the region is currently sustaining economic crises and has less scope of further development. APEJ market is developing at a rapid pace with an increasing application of off-road vehicles across all major sectors.
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Analysis by Region:
On the basis of region, the global Off-Road Vehicles market is segmented into North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan(APEJ) and MEA. Among these regions, the APEJ off-road vehicles market is projected to exhibit relatively higher growth in the global off-road vehicles market with a CAGR of over 5.0% during the forecast period.
Revenue from the off-road vehicles market in APEJ and Europe is expected to collectively account for more than 40% of the global off-road vehicles market revenue in 2018.
Market Dynamics
Global Off-Road Vehicles industry is currently witnessing complete change in manufacturing concept. Chief factor propelling the growth of the off-road vehicles market are increasing adoption of off-road vehicles in military and recreational operations. Off-road trucks are used in military operations to transport cargo, fuels, ammunition etc. These vehicles are also utilized for transportation of heavy loaded weapons during wars. Utility off-road vehicles are utilized for agricultural operations for instance in crop plotting and scouting, for picking rocks, for irrigation purpose etc. Off-road vehicles perform farm work efficiently thus, describing the labor costs associated with these tasks. Furthermore, advanced technologies such as GPS on these vehicles, for creating field boundaries and marking field lines, permits to decrease soil compaction and save planting time by plotting the lines. Thus, increasing adoption of utility vehicles in agriculture is anticipated to surely impact growth of the off-road vehicle market.
Furthermore, the globalization coupled with the growing demand for off-road vehicles from the youth section of the society across the world is further propelling the demand for off-road vehicles. Additionally, growing preferences for hybrid and electric off-road vehicles is highly expected to drive the demand for off-road vehicles over the forecast period.
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