Press release
Off-Road Vehicle Global Market Report 2024 - By Report, Share, Trends And Report Analysis, Forecast To 2033
Off-Road Vehicle Market
As per the report, 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 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%.
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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.
Off-Road Vehicle Market Embraces Technological Advancements For Enhanced Performance
Technological advancement is a key trend in the off-road vehicle market. Major companies operating in the market are developing multi-purpose vehicles with seamless connectivity and other innovative technologies to sustain their position. For instance, in August 2022, Yamaha Motor Corp, a Japan-based manufacturer of motorcycles and other motorized products, launched its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup. This includes the 2023 Pure-Sport SxS Lineup, YXZ1000R SS, and YXZ1000R with Yamaha's Sport Shift (SS) technology with steering column-mounted aluminum paddles that enable drivers to change quickly. The unique features of the 2023 YXZ1000R versions are designed to handle a range of terrain, from vast deserts and dunes to muddy trails and tough, rocky terrain. The YXZ has an industry-first 998-cc triple-cylinder engine from Yamaha and a sequential five-speed manual transmission with either an auto-clutch or clutch pedal for the most direct-connection experience in a SxS.
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
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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
Contents of the report:
1. Executive Summary
2. Off-Road Vehicle Market Report Structure
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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