Global Off-Road Vehicles (ORVs) Market – Set to reach US$ 12.2 billion in 2024

Stratview Research experts have done an extensive study of data from different sources and have analyzed them to come up with the Off-Road Vehicle Market report. The report offers insight into the current market trend and the future estimations.
The report on Off-Road Vehicle Market, published on July,2019 by Stratview Research, will showcase the market trend of 2013-2018 and forecast period of 2019-2024.

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The global off-road vehicles (ORVs) market offers healthy growth opportunities in the entire ecosystem and is projected to reach an estimated value of US$ 12.2 billion in 2024. 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 the agriculture and military operations are the major factors proliferating the demand for ORVs globally. The USA is the largest ORVs market due to its large stretches of natural terrain, unpaved roads, and large ranches and farms across the country.

ORVs are four-wheel vehicles that are designed for off-road use and traversing rough terrain, dunes, swamps, and marshland. These vehicles can be multi-passenger as well as single passenger and can be used for various purposes including recreation, sports, fishing, hunting, as well as utility purposes on farms, ranches, and construction sites. The ORVs industry has a brilliant history of more than four decades. In 1970’s, ATVs were firstly developed with three wheels now they are entirely switched to four wheels. In 2004, the global sales of ATVs reached an unprecedented landmark of 814,000 units since then the global ATVs industry never touched that peaked sales point.

In contrast to ATVs, SSVs have a relatively small history of over 20 years. An SSV is more like a car and has a steering wheel and pedals. It is equipped with seat belts and rollover protection bars and allows the driver and passenger to sit side-by-side in the vehicle. Some SSV models also contain additional rows of seats to accommodate up to six passengers. Major SSV manufacturers are putting efforts for the development of advanced SSVs targeting enhanced functionality and differentiated riding experience.

SSV vehicle is a type of off-road vehicle and offers many advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. In the last ten years, the off-road industry noticed a continuous shift from ATVs to SSVs. These factors significantly reduce the number of accidents and injuries as compared to ATVs.

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The report on Off-Road Vehicle Market is explained segment-wise for a better understanding of the market trend.

Based on the product type, the global ORVs market is segmented as Utility, Recreation/Utility, Sports, and Youth. The utility is projected to remain the most dominant product type in the ORVs market during the forecast period. All the major players have an excellent product portfolio for the utility ORVs. The sports segment is likely to witness the highest growth during the same period, driven by increasing tourism and recreational activities across the globe. The USA is the largest buyer of both utility and sports vehicles.

Based on the application type, the global ORVs market is segmented as Sports, Entertainment, Agriculture, Hunting, Military, and Others. Sports and entertainment are projected to remain the growth engines of the global ORVs market over the next five years, driven by increasing demand for SSVs for sports and entertainment applications. More than 50% of the ORV sales come from sports and entertainment applications in 2017.

Based on the regions, 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 60% of the global ORVs sales in 2018. Europe, another major region, is likely to grow at a healthy rate over the next five years, propelled by Germany and France. Asia-Pacific is a relatively very small market but is likely to witness the highest growth during the forecast period, driven by an increased demand for power sports in many countries including China, Australia, and India.

Salient Features of the Report
The Stratview Report will offer you a detailed view the growth of the global off-road vehicle market and the future prospects of the market. Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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