Press release
Off-Road Vehicle Industry Growth Outlook: 7% CAGR and $23.36 Billion by 2029
Off-Road Vehicle Market
What Is the Long-Term Growth Forecast for the Off-Road Vehicle Market Size 2025?
In recent years, there's been a robust expansion in the size of the off-road vehicle market. The market is projected to rise from its size of $16.91 billion in 2024 to reach a noteworthy $17.83 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.5%. Factors such as recreational needs, usage in rural and agricultural sectors, appeal within the tourism sector, particularly adventure-based tourism, industrial applications, and infrastructure development contributed to its growth in the past.
What CAGR is Forecasted for the Off-Road Vehicle Market Through 2029?
In the forthcoming years, the size of the off-road vehicle market is predicted to witness significant growth, hitting a market value of $23.36 billion by 2029, showcasing a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth forecast include a surge in outdoor recreational activities, penetration in agriculture and construction sectors, rise in adventure tourism, urbanization growth, and environmental conservation endeavors. Noteworthy trends anticipated in the forecast period encompass environmental sustainability, incorporation of high-end safety technologies, customization and personalization tendencies, changing emission regulatory standards, and market growth in budding economies.
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What Are the Critical Factors Driving Off-Road Vehicle Market Development?
The ascension in the preference for leisure activities and thrilling sports is believed to amplify the expansion of the off-road vehicle market in the future. Leisure encapsulates all actions undertaken by people for the revitalization of their physical and mental state, and to make their leisure time more amusing and pleasurable. Extreme sports, also known as adventure sports, entail sports conducted on the ground, water, or air, and carry a substantial degree of risk. Off-road vehicles are utilized for leisure activities and thrilling sports, thus augmenting their demand. For example, in 2023, data provided by the Outdoor Industry Association, an American industry organization for outdoor commerce firms, indicated that in 2022, there was a 2.3 percent increase in outdoor recreation participants, reaching a record height of 168.1 million. This constituted 55 percent of the American populace aged six and up. Consequently, the increasing popularity of leisure activities and thrilling sports instigates the boost of the off-road vehicle market.
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How Does the Off-Road Vehicle Market Break Down Across Major Segments?
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
Subsegments:
1) By Utility Vehicle: All-Terrain Vehicles (ATVs), Side-By-Side Vehicles (SxS), Utility Task Vehicles (UTVs), Off-Road Trucks And Vans
2) By Sports Vehicle: Off-Road Motorcycles, Dune Buggies, Performance ATVs And SxS, Racing Vehicles
3) By Other Product Types: Recreational Vehicles (RVs) For Off-Road Use, Electric Off-Road Vehicles, Custom-Built Off-Road Vehicles, Accessories And Modifications For Off-Road Vehicles
What Are the Major Trends Transforming the Off-Road Vehicle Industry?
The off-road vehicle market is characterized by an ever-growing progression in technology. Leading businesses in this field are creating flexible vehicles with impeccable connectivity and trailblazing technology to maintain their standing. Yamaha Motor Corp, an organization based in Japan that produces motorcycles and other motorized products, introduced its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup in August 2022. This range includes the 2023 Pure-Sport SxS Lineup, YXZ1000R SS, and YXZ1000R, which possess Yamaha's Sport Shift (SS) technology and aluminum paddles mounted on the steering column for swift gear changes. The exclusive features of the 2023 YXZ1000R models are engineered to cater to varied terrains, from extensive deserts and dunes to muddy paths and rugged, stony land. The YXZ is equipped with a 998-cc triple-cylinder engine sourced from Yamaha, an industry-first, and a sequential five-speed manual transmission which offers an auto-clutch or clutch pedal for a direct-connection experience in a SxS.
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Which Players Are Driving Innovation in the Off-Road Vehicle Market?
Major companies operating in the off-road vehicle market include 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., Polaris Inc., Can-Am Off-Road (BRP), BRP Inc., KTM AG, CFMOTO Powersports Inc., TOMCAR Inc., Argo Inc., HISUN Motors Corp, Massimo Motor Sports LLC, Arctic Cat Inc., ODES Industries, Intimidator UTV
Which Regions Are Driving Global Off-Road Vehicle Market Expansion?
North America was the largest region in the off-road vehicle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the off-road vehicle market during the forecast period. The regions covered in the off-road vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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