Off-Road Vehicle Market to Reach $22.6 Billion, Globally, by 2030 at 7.3% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 20, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Off-Road Vehicle Market by Displacement (Less Than 400 (CC), 400 to 800 (CC), and More Than 800 (CC)), Vehicle Type (ATV, UTV, Snowmobiles, and NEV), End Use Vertical (Agriculture, Military, Sports, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global Off-Road Vehicle industry generated $12.3 billion in 2020, and is anticipated to generate $22.6 billion by 2030, witnessing a CAGR of 7.3% from 2021 to 2030.

Prime determinants of growth

Increase in trend of recreational activities and adventure sports and rise in penetration of the AWD and 4WD vehicles drive the growth of the global off-road vehicle market. However, high maintenance cost of off-road vehicles hinders the market growth. On the other hand, development of electric powered off-road vehicles and expansion of dealer network for effective product reach present new opportunities in the coming years.

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Covid-19 Scenario

• The Covid-19 outbreak hampered the sale of off-road vehicles due to significant high financial losses and uncertainties in business operations. The prolonged lockdown forced manufacturing companies to close their facilities to curb the spread of the virus.
• The negative supply and demand due to the Covid-19 crisis affected the off-road vehicles industry. Moreover, the lockdown led to the disrupted supply chain and increased prices of raw materials.

The 400 to 800 (CC) segment to maintain its leadership status throughout the forecast period

Based on displacement, the 400 to 800 (CC) segment held the highest market share in 2020, accounting for nearly half of the global off-road vehicle market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to shifting trends from circuit tracks to long desert race events. Moreover, the less than 400 (CC) segment is projected to manifest the highest CAGR of 9.1% from 2021 to 2030. This is owing to their low cost compared to other models and increasing demand for light-duty applications, such as some recreational activities, agriculture and forestry also drives the adoption of less than 400 cc vehicles.

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The UTV segment to maintain its leadership status throughout the forecast period

On the basis of vehicle type, the UTV segment held the lion's share in 2020, contributing to more than two-fifths of the market. This is attributed to increase in adoption of UTVs for utility applications, including forestry, agriculture, and goods transport is the primary factor driving the growth of the market. However, the NEV segment is expected to manifest the highest CAGR of 8.8% during the forecast period, owing to neighborhood electric vehicle has a wide range of end-use application in the leisure activities, travel and tourism activities, passenger commute for shorter distance, among others.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than half of the global off-road vehicle market. This is attributed to supportive government rules to allow driving these vehicles on roadways. Moreover, Asia-Pacific is expected to witness the fastest CAGR of 8.6% during the forecast period, owing to the introduction of a new range of off-road vehicle models and advancements & innovations in these vehicles.

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Leading Market Players

• BRP Inc.
• CFMOTO
• Deere & Company
• Honda Motor Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• KUBOTA Corporation
• Mahindra & Mahindra Limited
• Polaris Inc.
• Textron Inc.
• Yamaha Motor Co., Ltd

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