Off-Road Vehicles Market share research by applications and regions for 2017-2024
Off Road Vehicles Market in North America is anticipated to remain leading industry share in forecast period. As per analysis, the U.S. alone accounted for over 50% of the industry share in 2016. Rising number of amusement parks, all terrain racing and sports facilities will drive regional demand.
Increasing consumer spending on sports & leisure due to changing lifestyles will support the industry growth. Moreover, growing touring and recreational activities will support product demand.
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Strong outlook in military, sports, leisure and agricultural applications will propel off-road vehicles market growth. Rising product adoption in customized applications across several difficult terrains for transportation and military operations will drive industry demand. Inclination towards ORVs as effective substitute over tractors & other heavy equipment vehicles for agricultural activities will drive industry size.
Rising demand for high performance automobiles, subjected to rough environments and landscapes have enhanced manufacturer focus towards sustainable designs & technologies. Furthermore, growing emphasis on innovative automotive designs, stringent emission regulations and decrease in fossil fuel levels are major factors influencing off road vehicles price trend.
High growth potential of the industry due to rising popularity and exceptional riding experience will support industry demand. Increasing number of outdoor parks and recreational facilities providing approved power riding services will drive off road vehicles demand. Technological advancement in overall automotive industry will support the product development.
On the basis of product, off-road vehicles market is further segregated as recreational, sports, utility and other ORVs. Utility ORVs accounted for dominating share in overall industry, while sports ORVs are projected to witness substantial growth. Growing preference for these automobiles to fulfil dual necessity of utility as well as sport purposes will support industry demand. Rising product demand from tourism and entertainment/ amusement industry will fuel off road vehicles demand.
U.S. based Specialty Vehicle Institute of America promotes and regulates the use of ATV approved equipment in cars including seatbelts and footrests. Regulatory standards regarding passenger numbers approved per vehicle and limitations on children below 16 years are key guidelines mandated by government to reduce injuries and fatalities.
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Off-road vehicles market share is segmented based on vehicle as side by side vehicles (SSVs) and all-terrain vehicles (ATVs). SSVs are expected to witness substantial growth rate in the forecast period. Increasing preference for SSVs over ATVs due to notable benefits including rollover protection bars, better riding experience and ease of mobility will drive industry growth. Additionally, these factors expressively decrease possibility of accidents and injuries as equated to ATVs.
Based on application, global off-road vehicles market is bifurcated as sports, entertainment, agriculture, hunting, military and others. Sports & entertainment hold a notable share in the overall industry share due to rise in recreational and touring activities along with technological advancement.
Asia Pacific off-road vehicles market will witness significant growth due to growing demand for power sports in Australia, India, China and Japan. Increasing aftermarket out path conversion of vehicles and rising popularity for racing events are key factors driving industry growth. For instance, Grand Prix Drivers' Association and Federation of Motor Sports Clubs of India conducts various sport events each year including FIA Asia Pacific Rally Championship.
Polaris, Honda, Yamaha, Arctic Cat, Kubota, Kawasaki and John Deere are major off-road vehicles market players. Other prominent participants comprise Mahindra & Mahindra, Spark Minda, Ram Trucks, Ford, Volkswagen, Mercedes-Benz, Audi, BMW, Hyundai, General Motors, FCA, Mazda, Land Rover, UAZ, Dragon Motors, Tiger Adventure, Tomcar Australia, Supacat and Toyota Tacoma.
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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.