Off-Road Vehicles Market is Expected to Witness Healthy Growth at 4.8% CAGR through 2027
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Countries including the U.S, Canada, UK, France and Australia are taking initiatives to flourish outdoor activities such as hunting and trail driving. The U.S.
Recreation Department offers over 150,000 miles of trails and around 440 wilderness areas, attracting participants, thereby augmenting the off-road vehicles market share from 2018 to 2027.
Augmented fuel efficiency, reduced carbon emissions, advent electric powered alternatives, and subordinate maintenance costs of off-road vehicles will fortify the product demand over the forecast period.
Diversified applications including utility, sports, recreation and military activities due to their superior technical benefits comprising advanced four-wheel drive systems, enhanced power and torque, and differential locking will boost the off-road vehicles market share over the forecast period.
Progressions in technologies comprising the prominence on decreasing the excessive sound from the engines of the off-road vehicles will drive the off-road vehicles market share over the forecast period. For instance, in 2015, Polaris begun work on hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with superior noise damping capabilities and amplified power. Progress of hybrid engines with upgraded efficiency and negligible emissions accompanied by the introduction of light weight models will further encourage the industry growth till 2027.
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This report assesses trends that are driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to off-road vehicles manufacturers looking to enter the market. Main regions assessed in this report include North America, Latin America, Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East & Africa (MEA).
The sections, by vehicle type, by fuel, and by the application in the off-road vehicles market evaluate the present scenario as well as growth prospects of the regional off-road vehicles market for 2018–2027. The North America Off-Road Vehicles market has been estimated to dominate the off-road vehicles market by value owing to the high cost and growing demand, accounting for a maximum revenue share of the market by 2018 end.
Europe and APEJ off-road vehicles markets are expected to account for over 40% collaborative revenue share, of the global off-road vehicles market by 2027 end. Among the emerging markets, the APEJ Off-Road Vehicles market is estimated to exhibit a significant CAGR of more than 5.0% over the forecast period, followed by North America with a CAGR of about 4.0%.
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To provide in-depth insights into the pattern of demand for the off-road vehicles market, the market is segmented by vehicle type. It includes 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.
The section – Off-Road Vehicles market analysis, by fuel comprehensively analyzes the market by fuel used in off-road vehicles. 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.
The section – off-road vehicles market analysis, by application comprehensively analyzes the market by different applications where the off-road vehicles are utilized. 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.
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