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Off-Road Vehicle Market is likely to grow at a CAGR of 7.3% through 2030, reaching US$ 22,618.45 million

10-14-2024 11:34 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Off-Road Vehicle Market

Off-Road Vehicle Market

Increase in trend of recreational activities and adventure sports and rise in penetration of the AWD and 4WD vehicles drive the growth of the global ๐Ž๐Ÿ๐Ÿ-๐‘๐จ๐š๐ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ. However, high maintenance cost of off-road vehicles hinders the market growth. On the other hand, development of electric powered off-road vehicles and expansion of dealer network for effective product reach present new opportunities in the coming years.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐š๐ ๐ž๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/A12517

The global off-road vehicle market size was valued at $12,365.18 million in 2020, and is projected to reach $22,618.45 million by 2030, registering a CAGR of 7.3%. North America was the highest revenue contributor, accounting for $6,308.71 million in 2020, and is estimated to reach $10,969.95 million by 2030, with a CAGR of 6.8%.

๐“๐ก๐ž ๐ค๐ž๐ฒ ๐ฉ๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ ๐ฉ๐ซ๐จ๐Ÿ๐ข๐ฅ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐œ๐ฅ๐ฎ๐๐ž

๐‡๐Ž๐๐ƒ๐€ ๐Œ๐Ž๐“๐Ž๐‘ ๐‚๐Ž., ๐‹๐“๐ƒ., ๐“๐„๐—๐“๐‘๐Ž๐ ๐ˆ๐๐‚., ๐˜๐€๐Œ๐€๐‡๐€ ๐Œ๐Ž๐“๐Ž๐‘ ๐‚๐Ž., ๐‹๐“๐ƒ., ๐ƒ๐„๐„๐‘๐„ & ๐‚๐Ž๐Œ๐๐€๐๐˜, ๐Œ๐€๐‡๐ˆ๐๐ƒ๐‘๐€ & ๐Œ๐€๐‡๐ˆ๐๐ƒ๐‘๐€ ๐‹๐“๐ƒ., ๐Š๐”๐๐Ž๐“๐€ ๐‚๐Ž๐‘๐๐Ž๐‘๐€๐“๐ˆ๐Ž๐, ๐๐Ž๐‹๐€๐‘๐ˆ๐’ ๐ˆ๐๐‚., ๐๐‘๐ ๐ˆ๐๐‚., ๐Š๐€๐–๐€๐’๐€๐Š๐ˆ ๐‡๐„๐€๐•๐˜ ๐ˆ๐๐ƒ๐”๐’๐“๐‘๐ˆ๐„๐’, ๐‹๐“๐ƒ., ๐‚๐…๐Œ๐Ž๐“๐Ž

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.

๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐ญ๐ก๐ž ๐„๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/1aea6f708b4e7f6ff204b6675a3d7769

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.

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than half of the global off-road vehicle market. This is attributed to supportive government rules to allow driving these vehicles on roadways. Moreover, Asia-Pacific is expected to witness the fastest CAGR of 8.6% during the forecast period, owing to the introduction of a new range of off-road vehicle models and advancements & innovations in these vehicles.

๐†๐ž๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐ž๐ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ'๐ซ๐ž ๐‘๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ฆ๐ž๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/A12517

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.

On the basis of vehicle type, the UTV segment held the lion's share in 2020, contributing to more than two-fifths of the market. This is attributed to increase in adoption of UTVs for utility applications, including forestry, agriculture, and goods transport is the primary factor driving the growth of the market. However, the NEV segment is expected to manifest the highest CAGR of 8.8% during the forecast period, owing to neighborhood electric vehicle has a wide range of end-use application in the leisure activities, travel and tourism activities, passenger commute for shorter distance, among others.

๐Š๐„๐˜ ๐…๐ˆ๐๐ƒ๐ˆ๐๐†๐’ ๐Ž๐… ๐“๐‡๐„ ๐’๐“๐”๐ƒ๐˜

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.

๐‚๐ก๐ž๐œ๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ž ๐ซ๐ž๐ฅ๐š๐ญ๐ž๐ ๐ฌ๐ญ๐ฎ๐๐ข๐ž๐ฌ ๐ฉ๐ฎ๐›๐ฅ๐ข๐ฌ๐ก๐ž๐ ๐›๐ฒ ๐€๐Œ๐‘ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

Automotive Fuel Delivery and Injection Systems Market - https://www.alliedmarketresearch.com/automotive-fuel-delivery-and-injection-systems-market

Brake System Market - https://www.alliedmarketresearch.com/brake-system-market

Bus HVAC Market - https://www.alliedmarketresearch.com/bus-hvac-market-A08907

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ:

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๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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