Press release
Recreational Off-Highway Vehicles Market Poised for 14 % Growth, Set to Hit $19.97 Billion by 2029
Recreational Off-Highway Vehicles Market
The growth of the recreational off-highway vehicles market is anticipated to be driven by the escalating demand for outdoor recreational activities. Such activities, which are usually conducted in natural environments, are considered leisure-oriented and are facilitated by off-highway vehicles (OHVs), which can traverse diverse terrains that conventional vehicles cannot. This allows people to explore lesser-visited and inaccessible locations. For instance, data from a report on 2023 outdoor participation trends by the Outdoor Foundation, a non-profit organization based in the U.S, revealed an increase of 2.3% in outdoor recreation participants in 2022, reaching an all-time peak of 168.1 million participants. This constituted 55% of the U.S. populace aged six and above. As a result, this surge in outdoor recreational activities is significantly contributing to the expansion of the recreational off-highway vehicles market.
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What is the future CAGR of the recreational off-highway vehicles market, and how will it impact industry expansion?
The market size for recreational off-highway vehicles has experienced swift growth in the last few years. This market is set to expand from a valued $10.35 billion in 2024 to reach $11.69 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 12.9%. This significant growth during the past period is due to several factors such as higher disposable income, an increase in involvement in leisure activities, a surge in demand for adventure tourism, a growing enthusiasm for off-road pursuits, and a shift towards eco-friendly alternatives.
The market size for recreational off-highway vehicles is predicted to experience substantial expansion in the upcoming years, increasing to $19.97 billion in 2029 at a compounded annual growth rate (CAGR) of 14.3%. The projected growth during the forecast period can be accredited to factors such as the rising interest in off-road recreation, enhanced expenditure on leisure and adventure activities, escalating demand for enhanced performance, safety features, and comfort, as well as regional proliferation. Key trends forecasted for this period involve the production of advanced, feature-loaded recreational off-highway vehicles, the emergence of electric recreational vehicles, the inclusion of intelligent features like GPS navigation, Bluetooth compatibility, and mobile app integration, combined with strategic promotional events.
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How are the latest trends influencing the growth of the recreational off-highway vehicles market?
The introduction of innovative products is a principal trend for achieving recognition in the recreational off-highway vehicles sector. Predominant companies in this market are concentrating on the development of groundbreaking products to bolster their market position. In March 2023, for instance, Polaris Inc., an American automobile firm, showcased its latest 2024 snowmobile and snow bike portfolio, including the innovative Series 9 325 track and Timbersled's new RIOT Gen 2 system. These products came equipped with new and enhanced rider-driven innovations and features that offer performance, control, and agility. The 2024 collection now embraces over 250 extra components, outfits, and accessories, providing customers with a greater range of customization options.
Which key market segments comprise the recreational off-highway vehicles market and drive its revenue growth?
The recreational off-highway vehicles market covered in this report is segmented -
1) By Type: Gasoline, Diesel, Electric
2) By Vehicle Type: All-Terrain Vehicle (ATV), Utility Task Vehicle (UTV), Snowmobiles, Other Vehicles
3) By Distribution Channel: Online, Offline
4) By Application: Individual, Fleets, Rental Services, Sports, Agriculture
Subsegments:
1) By Gasoline: ATV (All-Terrain Vehicle), UTV (Utility Task Vehicle), Side-by-Side Vehicles
2) By Diesel: Diesel-Powered UTVs, Diesel ATVs, Heavy-Duty Off-Highway Vehicles
3) By Electric: Electric ATVs, Electric UTVs, Hybrid Off-Highway Vehicles
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What regions are at the forefront of recreational off-highway vehicles market expansion?
North America was the largest region in the recreational off-highway vehicles market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the recreational off-highway vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the recreational off-highway vehicles market?
Major companies operating in the recreational off-highway vehicles market include Honda Motor Co. Inc., John Deere GmbH & Co., Suzuki Motor Corporation, Yamaha Motor Co. Ltd., Textron Inc., Polaris Inc., Bombardier Recreational Products Inc. (BRP), 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.
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What Is Covered In The Recreational Off-Highway Vehicles Global Market Report?
• Market Size Forecast: Examine the recreational off-highway vehicles market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the recreational off-highway vehicles market for a structured understanding.
• Key Players Overview: Analyze major players in the recreational off-highway vehicles market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the recreational off-highway vehicles market.
• Segment Contributions: Evaluate how different segments drive overall growth in the recreational off-highway vehicles market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the recreational off-highway vehicles market.
• Industry Challenges: Identify potential risks and obstacles affecting the recreational off-highway vehicles market.
• Competitive Landscape: Review strategic developments in the recreational off-highway vehicles market, including expansions, agreements, and new product launches.
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