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Recreational Off-Highway Vehicles Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Recreational Off-Highway Vehicles Market
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According to The Business Research Company's, The recreational off-highway vehicles market size has grown rapidly in recent years. It will grow from $9.25 billion in 2023 to $10.49 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased disposable incomes, rise in participation in recreational activities, increased demand for adventure tourism, rising interest in off-road activities, shift towards eco-friendly options.
The recreational off-highway vehicles market size is expected to see rapid growth in the next few years. It will grow to $17.48 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to rising popularity of off-road recreation, increased spending on leisure and adventure activities, increasing demand for improved performance, safety features, and comfort, regional expansion. Major trends in the forecast period include development of advanced and feature-rich recreational off-highway vehicles, introduction of electric recreational vehicles, integration of smart features, such as gps navigation, bluetooth connectivity, and mobile app integration, strategical promotional events .
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Market Drivers and Trends:
The increasing demand for outdoor recreational activities is expected to propel the growth of the recreational off-highway vehicles market. Outdoor recreational activities are leisure activities that take place outside, typically in natural environments. Recreational off-highway vehicles (OHVs) can be helpful for outdoor recreational activities by navigating off-road terrains, allowing individuals to access remote and less-travelled areas that may not be easily reachable by conventional vehicles. For instance, in 2022, according to the Outdoor Foundation, a US-based non-profit organization committed to the health of communities and the outdoor recreational sector, in 2021, 164.2 million, or 54% of Americans aged six and over engaged in outdoor recreation at least once, the greatest number of participants on record, and it is 6.9% higher than in March 2020, when 161.3 American people participated in outdoor recreation. Therefore, the increasing demand for outdoor recreational activities is driving the growth of the recreational off-highway vehicles market.
Product innovations are a key trend for gaining popularity in the recreational off-highway vehicles market. Major companies operating in the recreational off-highway vehicles market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2023, Polaris Inc., a US-based automobile company, unveiled its 2024 snowmobile and snow bike portfolio, such as the new Series 9 325 track and Timbersled's new RIOT Gen 2 system. They are launched with new and improved rider-driven innovations and features that give performance, control, and agility. The 2024 catalog now includes more than 250 additional parts, outfits, and accessories, giving customers even more customizability options.
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Major Key Players of the Market:
Honda Motor Co. Inc., John Deere GmbH & Co., Suzuki Motor Corporation, Yamaha Motor Co. Ltd., Textron Inc., Polaris Inc., Bombardier Recreational Products Inc. (BRP), Doosan Bobcat Inc., Linhai Powersports USA, Hisun Motors Corp USA, Kandi Technologies Group Inc., Ontario Drive & Gear Limited, Intimidator Inc., ODES Industries LLC, KYMCO USA Inc., Massimo Motor Sports LLC, Cub Cadet, Pitster Pro, Tao Motor Inc., Bennche LLC, Mahindra North America Inc., New Holland Rochester Inc., Bintelli Powersports, Stealth Electric Bikes Pty Ltd, BMS Motorsports Inc., Rival Motorsports Ltd., CFMOTO Powersport Inc., SSR Motorsports, Kawasaki Motors Corp., Joyner USA.
Recreational Off-Highway Vehicles Market 2024 Key Insights:
• The recreational off-highway vehicles market size is expected to see rapid growth in the next few years. It will grow to $17.48 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Exploring The Surge In Recreational Off-Highway Vehicles Amid Outdoor Recreation Booms
• The Evolution Of Off-Highway Vehicles Through Innovative Solutions
• North America was the largest region in the recreational off-highway vehicles market in 2023
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