From $12,365.18 Million in 2020 to $22,618.45 Million in 2030 : Off-Road Vehicle Market Outlook
WILMINGTON, NEW CASTLE, DE, UNITED STATES, February 22, 2025 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, โoff-road vehicle market1 by displacement, vehicle type, and end use vertical: global opportunity analysis and industry forecast, 2021โ2030โ
๐๐๐-๐ซ๐จ๐๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค, ๐๐๐๐
The global off-road vehicle market size2 was valued at $12.37 billion in 2020, and is projected to reach $22.62 billion by 2030, registering a CAGR of 7.3% from 2021 to 2030.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/12882
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. led the global off-road vehicle market share in 2020, and is expected to grow at a significant rate during the forecast period, owing to growth in trend of recreational activities and adventure sports.
Growth in inclination toward recreational activities and sporting events is the key supportive factor for the off-road vehicle market. In recent years, adoption of off-road vehicles such as UTV and ATV in military activities and government rules to support driving off-road vehicles on roads further propels the market growth. Moreover, the NEV segment is anticipated to create lucrative growth opportunities for the off-road vehicle market, owing to its compact design solution and operational capability in a wide range of application areas. Electric powered off-road vehicles are expected to witness as a market growth leader in the global market, owing to its operational effectiveness and fuel-efficient operations.
North America is dominant in the global off-road vehicle market in which the U.S. is expected to be a leader in the market during the forecast period. However, Asia-Pacific is expected to witness a leading growth rate in the global market, owing to growing sports related off-road racing events and changing mobility industry outlook in the region. China and Japan are expected to witness emerging growth in the market, owing to changing regulations for usage of off-road vehicles on public roads and growing adoption of UTV in agricultural activities. The global off-road vehicle market is a fairly consolidated market with limited number of players holding majority of the market share in the global market. Majority of the market participants are strategically involved in product launch, expansion, partnership, and product development activities.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/off-road-vehicle-market/purchase-options
For the off-road vehicle market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Market participants of off-road vehicles are following certain approaches to manage operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in short term to overcome financial downturn. The demand from end users has reduced at a considerable level as there are low consumer confidence and high vehicle prices. In February 2021, the second wave of COVID-19 hit majority of countries across the globe. This second wave had a severe impact on the overall economic activities as this strain spreads rapidly than the first wave of COVID-19, thereby creating a health crisis. This second wave limits demand from consumers due to lower consumer confidence. The global impact of COVID-19 has significantly affected the off-road vehicle market in 2020.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
By displacement, the less than 400 (CC) segment is expected to register significant growth during the forecast period.
On the basis of vehicle type, the UTV segment is projected to lead the global market in terms of market share by the end of the forecast period.
On the basis of end user vertical, the sports segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
North America dominated the global off-road vehicle market in 2020 in terms of market share. Moreover, Asia-Pacific is anticipated to lead the market growth.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/12882
The key players profiled in the off-road vehicle market report are BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd.
๐๐๐จ๐ฎ๐ญ ๐ฎ๐ฌ :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
๐๐๐-๐ซ๐จ๐๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค, ๐๐๐๐
The global off-road vehicle market size2 was valued at $12.37 billion in 2020, and is projected to reach $22.62 billion by 2030, registering a CAGR of 7.3% from 2021 to 2030.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/12882
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. led the global off-road vehicle market share in 2020, and is expected to grow at a significant rate during the forecast period, owing to growth in trend of recreational activities and adventure sports.
Growth in inclination toward recreational activities and sporting events is the key supportive factor for the off-road vehicle market. In recent years, adoption of off-road vehicles such as UTV and ATV in military activities and government rules to support driving off-road vehicles on roads further propels the market growth. Moreover, the NEV segment is anticipated to create lucrative growth opportunities for the off-road vehicle market, owing to its compact design solution and operational capability in a wide range of application areas. Electric powered off-road vehicles are expected to witness as a market growth leader in the global market, owing to its operational effectiveness and fuel-efficient operations.
North America is dominant in the global off-road vehicle market in which the U.S. is expected to be a leader in the market during the forecast period. However, Asia-Pacific is expected to witness a leading growth rate in the global market, owing to growing sports related off-road racing events and changing mobility industry outlook in the region. China and Japan are expected to witness emerging growth in the market, owing to changing regulations for usage of off-road vehicles on public roads and growing adoption of UTV in agricultural activities. The global off-road vehicle market is a fairly consolidated market with limited number of players holding majority of the market share in the global market. Majority of the market participants are strategically involved in product launch, expansion, partnership, and product development activities.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/off-road-vehicle-market/purchase-options
For the off-road vehicle market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Market participants of off-road vehicles are following certain approaches to manage operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in short term to overcome financial downturn. The demand from end users has reduced at a considerable level as there are low consumer confidence and high vehicle prices. In February 2021, the second wave of COVID-19 hit majority of countries across the globe. This second wave had a severe impact on the overall economic activities as this strain spreads rapidly than the first wave of COVID-19, thereby creating a health crisis. This second wave limits demand from consumers due to lower consumer confidence. The global impact of COVID-19 has significantly affected the off-road vehicle market in 2020.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
By displacement, the less than 400 (CC) segment is expected to register significant growth during the forecast period.
On the basis of vehicle type, the UTV segment is projected to lead the global market in terms of market share by the end of the forecast period.
On the basis of end user vertical, the sports segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
North America dominated the global off-road vehicle market in 2020 in terms of market share. Moreover, Asia-Pacific is anticipated to lead the market growth.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/12882
The key players profiled in the off-road vehicle market report are BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd.
๐๐๐จ๐ฎ๐ญ ๐ฎ๐ฌ :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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1 https://www.alliedmarketresearch.com/off-road-vehicle-market-A12517
2 https://www.alliedmarketresearch.com/press-release/off-road-vehicle-market.html