Off-road vehicle market revenue will reach $ 25 billion by 2027;
Selbyville, Delaware, July 6, 2021 (GLOBE NEWSWIRE) –
Global Market Insights Inc. recently added a new Off-Road Vehicle Market report that estimate market value for ORV will exceed $ 25 billion by 2027. The industry is expected to experience strong growth during the forecast period due to the increase in recreational sports, travel and tourism across the world. The strong adoption of all-terrain vehicles in multi-purpose applications through high performance and improved safety features in difficult terrain will fuel the all-terrain vehicle industry.
The spread of the COVID-19 pandemic has negatively impacted the all-terrain vehicle industry in the first half of 2020. The global lockdown has caused severe supply chain disruptions, a shortage of raw materials and a delay in the production of new models of all-terrain vehicles. However, during the second half of 2020, the industry has seen steady growth due to an increase in recreational activities and a change in consumer preference for off-road vehicles. Off-road activities allow people to spend their free time with friends and family while meeting social distancing standards, which generates market income.
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The military segment is expected to experience steady growth over the forecast period. ATVs, snowmobiles and UTV / SxS are widely used in the military segment due to their increased mobility over rough terrain. The increasing deployment of direction-controlled all-terrain vehicles for tactical and combat operations will fuel the adoption of UTV / SxS and ATV in the military segment. For example, in June 2020, the US Government Service Administration (GSA) and US Special Operation Command (USSOCOM) signed a contract with Polaris, Inc. for the development of the Polaris MRZR Alpha all-terrain vehicle.
the Asia-Pacific region is expected to grow at a high rate during the forecast period. The proliferation of agriculture and construction in South Korea, Japan and India will drive the growth of the regional market. Population growth and rapid infrastructure development will support the adoption of all-terrain vehicles through 2027. Initiatives by organizations such as the Food and Agriculture Organizations (FAO) to boost agricultural production will provide positive outlook for industry expansion over the forecast period.
The players active in the off-road vehicle market are KTM AG, Caterpillar, Deere & Company, Suzuki Motors Corp, Bombardier Recreational Products (BRP), Kawasaki Motors Corp, Yamaha Motor Co., Massimo Motors, Honda Motor Co., Arctic Cat, Wildcat and Tomcar Australia. Companies are focused on launching new products to meet the growing demand for all-terrain vehicles. For example, in June 2020, Kawasaki Motors Corp. launched its new side x side model, Kawasaki Teryx, Teryx4 and Teryx KRX1000 as part of its 2021 lineup. The Teryx KRK 1000 is designed with a strong and durable chassis, efficient fuel capacity, maximum torque and load capacity. high load.
Some of the key findings of the Off-Road Vehicle Market report include:
- The increase in recreational and sporting activities combined with the growing inclination of young people towards off-road activities will drive the demand for off-road vehicles
- Favorable climate, challenging terrain and the presence of many adventurous trails in North America and Europe will propel the growth of the all-terrain vehicle market
- The high adoption of UTV / SxS and ATVs in utility applications such as forestry, agriculture and construction will support the growth of the industry. The advantages of these vehicles, such as high payload capacity, high torque and improved performance over rough terrain, will also drive adoption of the product.
- Snowmobiles will experience significant growth in countries like Canada, Alaska, Sweden and Finland, due to an increase in winter sports activities. Several market players are focusing on new electric snowmobile launches to control emissions. For example, in June 2019, Taiga Motors launched the TS2 electric snowmobiles equipped with a 27 kWh battery and improved features to control emissions and noise level.
- Technologies of high stability, improved mobility and all-wheel drive with anti-lock braking systems will lead to the adoption of all-terrain vehicles during the forecast period. In addition, low maintenance cost, reduced fuel consumption and low insurance cost will contribute to product demand.
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Partial chapters of the report table of contents (TOC):
Chapter 1 Methodology and Scope
1.1 Definitions & forecast parameters
1.1.2 Methodology and forecast parameters
1.1.3 Impact analysis by region of COVID-19
22.214.171.124 North America
126.96.36.199 Latin America
1.2 Data sources
Chapter 2 Executive summary
2.1 360 Â° Synopsis of the Off-Road Vehicle Industry, 2016 – 2027
2.1.1 Trade trends
2.1.2 Vehicle trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Industry Overview
3.1 Industry segmentation
3.2 Impact of COVID-19 on the Off-Road Vehicle Industry Landscape
3.2.1 Global outlook
3.2.2 Regional impact
188.8.131.52 North America
184.108.40.206 Latin America
3.2.3 Industry value chain
220.127.116.11 Research & development
3.2.4 Competitive landscape
18.104.22.168 Distribution network
22.214.171.124 Business growth
3.3 Industry Ecosystem Analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.4 End-use landscape
3.3.5 Analysis of distribution channels
3.3.6 Matrix of suppliers
3.4 Technology and innovation landscape
3.5 Analysis of consumer participation in outdoor recreation, by region
3.6 Regulatory landscape
3.6.1 North America
3.6.4 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 Increase in R&D investments and new product development in North America
188.8.131.52 Proliferation of Electric Off-Road Vehicle Industry in Europe
184.108.40.206 Growing Consumer Preference for Off-Road Recreational Activities in Asia-Pacific
220.127.116.11 Strong growth of tourism industry in Latin America and MEA region
18.104.22.168 Growing presence of off-road sporting events
3.7.2 Pitfalls and challenges of the industry
22.214.171.124 Safety issues related to off-road vehicles
126.96.36.199 Environmental impact of off-road activities
3.8 Analysis of growth potential
3.9 Porter’s analysis
3.9.1 Supplier authority
3.9.2 Purchasing power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
About Global Market Insights
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