Off-Road Vehicles (ORVs) Market Segment, Industry trends and Developments to 2024 | (Yamaha Motor, Polaris Industries, Honda Motor, John Deere, Kawasaki Motors, Suzuki Motors, Caterpillar, Kubota Corporation)

Off-Road Vehicles (ORVs) Market for Sports segment will account for more than 40% revenue share over the projected timeframe. This can be credited to proliferation of sport events such as woods and sand rides across the globe. Multiple configurations including enhanced power and torque outputs, diversified engine options coupled with lower maintenance costs are fueling the segment growth.

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Side by side vehicle segment will hold considerable volume share over the forecast timeframe owing to the added advantages such as higher safety and load bearing capacity as compared to its counterparts. These off-road vehicles are equipped with multiple seating configuration, seatbelts, windscreen, and roll cages that enhances the safety and improves the driving experience thereby positively influencing the off-road vehicles market growth in next six years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Arctic Cat Inc.
2. Honda Motor Co. Ltd.
3. Deere & Company (John Deere)
4. Kawasaki Motors Corp.
5. Kubota Corporation
6. Polaris Industries Inc.
7. Suzuki Motors Corporation
8. Yamaha Motor Co., Ltd.
9. Bombardier Recreational Products
10. Kässbohrer Geländefahrzeug
11. Wildcat
12. Tomcar Australia
13. Massimo Motors
14. KTM
15. Caterpillar

North America off-road vehicles (ORVs) market will exhibit around 5% CAGR from 2018 to 2024 owing to presence of major manufacturers such as Polaris Industries, Kawasaki and Bombardier Recreational Products (BRP). Growing consumer preference for leisure activities including mountain hiking, snow sports, adventure racing and motocross events will surge the regional demand.

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Off-Road Vehicles Market size is estimated to surpass USD 28 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising recreational facilities and participants across the globe will boost off-road vehicles market over projected timeframe. Initiatives such as National Wildlife Refuge System is attracting youth towards activities including hunting and forest trails. Growing high performance vehicles demand for rugged terrains will enhance product penetration. Further, increasing credit availability in conjunction with growing distribution channel for off road vehicles in emerging regions will propel industry growth.

Advancements in technologies including the emphasis on reducing the excessive sound from the engines of the off-road vehicles will propel the ORVs market share over the forecast timeframe. For instance, in 2015, Polaris Industries initiated work on hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with enhanced noise damping capabilities and amplified power. Development of hybrid engines with improved efficiency and minimal emissions along with the introduction of light weight models will further stimulate the industry growth till 2024.

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KTM, Yahama Motor Co., Suzuki Motors Corporation, Honda Motor. Co., Caterpillar, Bombardier Recreational Products, Kawasaki Motors Corp., Deere & Company (John Deere), and Polaris Industries Inc., are among the major ORVs market participants. Other players in the off-road vehicle market include Arctic Cat Inc., Wildcat, Kässbohrer Geländefahrzeug, Kubota Corporation, Massimo Motors and Tomcar Australia.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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