Off-Road Vehicle Market : $12.37 Billion in 2020, Projected to Reach $22.62 Billion by 2030, CAGR of 7.3% (2021-2030)

According to a recent report published by Allied Market Research, titled, "Off-Road Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report by Displacement, Vehicle Type, End Use Vertical : Global Opportunity Analysis and Industry Forecast, 2021-2030."

𝐎𝐟𝐟-𝐑𝐨𝐚𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 𝟐𝟎𝟐𝟏-𝟐𝟎𝟑𝟎 :

The global off-road vehicle market was valued at $12.37 billion in 2020, and is projected to reach $22.62 billion by 2030, registering a CAGR of 7.3% from 2021 to 2030.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/12882

North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. led the global off-road vehicle market share in 2020, and is expected to grow at a significant rate during the forecast period, owing to growth in trend of recreational activities and adventure sports.

Growth in inclination toward recreational activities and sporting events is the key supportive factor for the off-road vehicle market. In recent years, adoption of off-road vehicles such as UTV and ATV in military activities and government rules to support driving off-road vehicles on roads further propels the market growth. Moreover, the NEV segment is anticipated to create lucrative growth opportunities for the off-road vehicle market, owing to its compact design solution and operational capability in a wide range of application areas. Electric powered off-road vehicles are expected to witness as a market growth leader in the global market, owing to its operational effectiveness and fuel-efficient operations.

North America is dominant in the global off-road vehicle market in which the U.S. is expected to be a leader in the market during the forecast period. However, Asia-Pacific is expected to witness a leading growth rate in the global market, owing to growing sports related off-road racing events and changing mobility industry outlook in the region. China and Japan are expected to witness emerging growth in the market, owing to changing regulations for usage of off-road vehicles on public roads and growing adoption of UTV in agricultural activities.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/off-road-vehicle-market/purchase-options

For the off-road vehicle market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Market participants of off-road vehicles are following certain approaches to manage operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in short term to overcome financial downturn. The demand from end users has reduced at a considerable level as there are low consumer confidence and high vehicle prices. In February 2021, the second wave of COVID-19 hit majority of countries across the globe. This second wave had a severe impact on the overall economic activities as this strain spreads rapidly than the first wave of COVID-19, thereby creating a health crisis. This second wave limits demand from consumers due to lower consumer confidence. The global impact of COVID-19 has significantly affected the off-road vehicle market in 2020.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By displacement, the less than 400 (CC) segment is expected to register significant growth during the forecast period.

On the basis of vehicle type, the UTV segment is projected to lead the global market in terms of market share by the end of the forecast period.

On the basis of end user vertical, the sports segment is projected to lead the global market, in terms of market share, by the end of the forecast period.

North America dominated the global off-road vehicle market in 2020 in terms of market share. Moreover, Asia-Pacific is anticipated to lead the market growth.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/12882

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

BRP Inc.
CFMOTO
Deere & Company
Honda Motor Co., Ltd.
Kawasaki Heavy Industries, Ltd.
KUBOTA Corporation
Mahindra & Mahindra Limited
Polaris Inc.
Textron Inc.
Yamaha Motor Co., Ltd

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐔𝐧𝐦𝐚𝐧𝐧𝐞𝐝 𝐆𝐫𝐨𝐮𝐧𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/unmanned-ground-vehicle-UGV-market

𝐑𝐞𝐮𝐬𝐚𝐛𝐥𝐞 𝐋𝐚𝐮𝐧𝐜𝐡 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/reusable-launch-vehicle-market-A10670

𝐄𝐭𝐡𝐚𝐧𝐨𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/ethanol-vehicle-market-A47289

𝐒𝐞𝐥𝐟-𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/self-driving-electric-vehicle-market-A12266

𝐑𝐞𝐜𝐫𝐞𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/recreational-vehicle-market-A06427

𝐂𝐫𝐲𝐨𝐠𝐞𝐧𝐢𝐜 𝐋𝐢𝐪𝐮𝐢𝐝 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/cryogenic-liquid-transport-vehicle-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

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