Global Off-road Vehicles Market

Off-road Vehicles Market Size, Share, Growth Analysis, By Vehicle(All-Terrain Vehicle (ATV), Utility Terrain Vehicle (UTV) and Off-road motorcycle), By Propulsion(Gasoline, Diesel), By Application(Utility, Sports) - Industry Forecast 2024-2031

Report ID: SQMIG25C2101 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 89 | Figures: 69

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Off-road Vehicles Market size was valued at USD 16.13 Billion in 2022 and is poised to grow from USD 17.12 Billion in 2023 to USD 27.56 Billion by 2031, at a CAGR of 6.13% during the forecast period (2024-2031).

The off-road vehicle market is described by strong rivalry among key players striving to capture a significant market share. Leading companies are consistently engaged in innovation, strategic partnerships, technological advancement and product development to maintain their competitive edge. These industry giants leverage their extensive portfolios to offer a range of solutions encompassing energy management, automation, security, and integrated building controls. 'Polaris Inc.', 'Honda Motor Co', 'John Deere', 'Tomcar', 'Can-am Brp', 'Edag Group', 'Ford', 'Yamaha', 'Kawasaki', 'CFMoto USA', 'Arctic Cat', 'Suzuki', 'Red Dot Engineering and Other'

One of the drivers for the off-road vehicle market is expansion of tourism sectors globally. Tourists are increasingly seeking eco-tourism and adventurous experiences. Off-road vehicles allow them to access remote and rugged areas that would otherwise be unreachable. Sustainable and eco-friendly practices should be a priority to minimize negative effects on the environmental and local communities, ensuring the long-term viability of off-road vehicles in tourism. This is increasing demand for the off-road vehicles market.

Powerful driving experiences across the tourism sector: ATV’s and UTV’s are made with powered engines for any difficult terrains. These vehicles are made for going off-road, across fields, trails, or even sand. UTV built for blasting through deserts and soaking up massive powers on a short course race. Each of these rides can be upgraded with UTV performance parts, which improve the performance within this category. off-road vehicles are different from ordinary utility vehicles. It can also be fitted with features and extras such as snow chains, bumpers, trackers and more.

In 2022, North America has emerged as the largest market for the off-road vehicles market due to the robust culture of outdoor recreational activities, including off-roading, camping, hunting and other adventure sports. Off-road vehicles are popular choices for these activities which boost the market in North America. North America has a diverse and challenging terrain, from desert and mountains as well as snow-covered areas. The diversity of landscapes provides an ideal environment for off-road vehicle enthusiasts, making these vehicles a practical and exciting way to explore the continent.

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Global Off-road Vehicles Market

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