Stratview Research has published a new report titled “Off-Road Vehicles Market” which is segmented by Vehicle Type (All-Terrain Vehicle and Side-by-Side Vehicle), by Product Type (Utility, Rec-Use, Sports, and Youth), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market is expected to reach USD 24,041.4 million by 2027 from USD 14,882.4 million in 2021 at a CAGR of 7.6% during the forecast period of 2022-2027.
Unlike other transportation segments, such as automotive and trucks which recorded a humongous decline amid the pandemic, ORVs emerged as the savior and grew tremendously, especially in North America and Europe.
Overall, the market grew by 24% in terms of units in the year 2020, a growth rate that the industry never achieved or reached close to in the past decade. The long-term outlook is also extremely pleasing keeping the mind the growth and demand for ORVs, especially SSVs.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
Vehicle Type Trends
The market is segmented into all-terrain vehicles and side-by-side vehicles.
The Side-By-Side Vehicles category is expected to dominate the 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.
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 LandMaster
Key questions answered by the report.
What is the projected CAGR for revenue from the Off-Road Vehicles Market during the forecast period?
What would the market be valued at by 2027?
What is a major driving factor for the growth of the market?
Which region accounted for the largest revenue share in the Off-Road Vehicles Market?
Which are the major market players?
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