Press release
Off-Road Vehicle Market Size, Application, Material, Region And Growth Forecast To 2033
Off-Road Vehicle Market
The Business Research Company offers in-depth market insights through Off Road Vehicle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The off-road vehicle market size has grown strongly in recent years. It will grow from $15.95 billion in 2023 to $17.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to recreational demand, rural and agricultural use, tourism and adventure tourism, industrial applications, infrastructure development.
The off-road vehicle market size is expected to see strong growth in the next few years. It will grow to $22.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising outdoor recreation trend, expansion in agriculture and construction, adventure tourism growth, increased urbanization, environmental conservation initiatives. Major trends in the forecast period include focus on environmental sustainability, integration of advanced safety technologies, customization and personalization trends, evolving regulatory standards for emissions, market expansion in emerging economies.
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Market Segmentation:
The off road vehicle market covered in this report is segmented -
1) By Product Type: Utility Vehicle, Sports Vehicle, Other Product Types
2) By Fuel: Diesel, Gasoline, Electric
3) By Displacement: Less Than 400 (Cc), 400 To 800 (Cc), More Than 800 (Cc)
4) By End User Vertical: Agriculture, Military, Sports, Other End User Verticals
Major Driver - Surging Popularity Of Recreational Activities And Adventure Sports Fuels Off-Road Vehicle Market Growth
Growth in the trend of recreational activities and adventure sports is expected to propel the growth of the off-road vehicle market going forward. Recreation refers to all activities that individuals do to rejuvenate their bodies and minds and make their free time more exciting and enjoyable. Adventure sports or extreme sports refer to sports that are operated on land, in the water, or in the air and involve a significant level of risk. Off-road vehicles are used for recreational activities and adventure sports, which is boosting its demand. For instance, in 2023, according to reports published by the Outdoor Industry Association, a US-based trade association for businesses in the outdoor industry, There were in 2022, the number of outdoor recreation participants increased by 2.3 percent to a record 168.1 million, accounting for 55 percent of the US population aged six and above. Therefore, the trend of recreational activities and adventure sports is driving the growth of the off-road vehicle market.
Competitive Landscape:
Major companies operating in the off-road vehicle market report are Toyota Motor Corporation, Honda Motor Co Ltd., Gas Gas Motorcycles, Nissan Motor Co Ltd., Caterpillar Inc., Deere & Company, Suzuki Motors Corporation, KUBOTA Corporation, Yamaha Motor Co Ltd., Mahindra & Mahindra Limited, Textron Inc., Kawasaki Heavy Industries Ltd., BMS Motorsports Inc., Polaris Inc., Can-Am Off-Road (BRP), BRP Inc., The Toro Company, KTM AG, Piaggio & C. SpA, CFMOTO Powersports Inc., Zhejiang Chunfeng Power Co Ltd., TOMCAR Inc., Argo Inc., Exmark.com, Kandi Technologies Group Inc., Stealth Electric Bikes Pty. Ltd., HISUN Motors Corp, Alke, Massimo Motor Sports LLC, Haojue Holdings Co Ltd., Arctic Cat Inc., ODES Industries, Intimidator UTV
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Top Trend - Retro-Styling To Drive Off-Road Vehicle Market Competition
Major companies operating in the off-road vehicle market are increasing their focus on introducing retro-styled off-road vehicles to gain a competitive edge in the market. Retro-styled off-road vehicles are the ones that incorporate design elements and aesthetics inspired by classic or vintage designs. For instance, in August 2023, Toyota Motor Corporation, a Japan-based automobile company, launched a new retro-styled Land Cruiser model that combines the classic looks of the original with modern technology and performance. The new Land Cruiser model offers a blend of classic off-road performance with modern technology and is available at a more accessible price, catering to the growing interest in classic and off-road vehicles. The Land Cruiser has a rich history of off-road capability and is designed to excel in various terrains, making it a popular choice for off-road enthusiasts and adventurers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Off Road Vehicle Market Characteristics
3. Off Road Vehicle Market Trends And Strategies
4. Off Road Vehicle Market - Macro Economic Scenario
5. Off Road Vehicle Market Size And Growth
…..
27. Off Road Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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