Press release
Off-Road Vehicles Market is Forecasted to Reach US$ 24,041.4 million in 2027, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm has launched a report on the global Off-Road Vehicles Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/115/off-road-vehicles-ORVs-market.html#form
Report Highlights:
Market Size in 2027: US$ 24,041.4 million
Growth (CAGR): 7.6% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights on the Off-Road Vehicles Market:
The global Off-Road Vehicles Market is segmented based on vehicle type, product type, application type and region.
Based on vehicle type - The market is segmented into all-terrain vehicles and side-by-side vehicles. The side-by-side vehicles category is expected to dominate the global market as they provide a few advantages over ATVs, including a superior riding experience, rollover protection, and portability. When compared to ATVs, these factors dramatically lower the number of accidents and injuries. Therefore, the ORV market has witnessed a steady movement from ATVs to SSVs over the eons.
Based on product type - The market is segmented into utility, rec-use, sports, youth, and others. The utility segment is projected to remain the most dominant product type in the global market with a share of >45% in 2021. All the major players have an excellent product portfolio for the utility ORVs. The sports segment is likely to witness the highest growth during the same period, driven by increasing global tourism and recreational activities. The USA is the largest buyer of both utility and sports vehicles.
Based on application type - The market is segmented into sports, entertainment, agriculture, military, hunting, and others. The sports segment is projected to remain the most dominant application type in the market with a share of more than 35% in 2021, driven by increasing demand for SSVs for sports and entertainment applications. More than 50% of the ORV sales came from sports and entertainment applications in 2020.
To know the most attractive segments, click here for a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/115/off-road-vehicles-ORVs-market.html#form
Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America is expected to remain the largest market with a share of more than 85% in 2021. This growth outlook is majorly attributed to the following-
• Europe, another significant continent, is expected to grow at a significant rate over the next five years.
• Although Asia-Pacific is a minor market, it is expected to expand the most throughout the projected period, thanks to rising demand for Powersports in various countries such as China, Japan, Australia, and India.
Off-Road Vehicles Market Drivers:
Some of the key drivers listed in the report are given below.
• Rising demand for recreational activities - Off-road vehicles' demand is growing with the rising interest in recreational activities and outdoor adventures. Vehicles that can handle rugged terrains and provide a smooth off-road experience are high in demand.
• Growing interest in off-road activities - There is a significant popularity of off-road sports such as motocross, rally racing, rock crawling, etc. Enthusiasts or fans of such sports often purchase off-road vehicles to participate in any competition.
• Rising Disposable Income and Leisure Spending - As individuals' disposable income rises, they have more financial capability to engage in leisure activities. Off-road vehicles have gained recognition as a symbol of luxury, consequently driving up the demand for such vehicles.
• Technological Advancements - There is a significant growth in Off-road vehicles due to rapid technological developments in this field. Features like improved performance, durability, and other safety features are appealing to consumers, which leads to a notable increase in the demand for off-road vehicles.
• Rise in Off-Road Tourism - Expanding off-road tourism has provided opportunities for individuals to explore and experience off-road adventures. This trend has resulted in increased off-road activities and encouraged more people to engage in such activities.
Top 10 Companies in the Off-Road Vehicles Market:
Stratview Research has identified the following companies as the top market players:
• Polaris Inc
• Honda Motor Company
• BRP Inc
• Yamaha Motor Corporation
• Kubota Corporation
• Arctic Cat Inc.
• Deere & Company (John Deere)
• Kawasaki Motors Corp.
• Kwang Yang Motor Co. Ltd
• Suzuki Motor Corporation
• American Land Master
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Off-Road Vehicles Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
Related Reports:
Side-by-Side Vehicles (SSV) Market: https://www.stratviewresearch.com/119/side%20-by-side-vehicles-market.html
All-Terrain Vehicles Market: https://www.stratviewresearch.com/118/all-terrain-vehicles-market.html
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Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
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Call Us: +13133074176
About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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