Off Road Vehicle Market To Reach USD 16.8 Billion by 2028 at a CAGR of 4.2% | Valuates Reports
BANGALORE, India, Feb. 3, 2023 /PRNewswire/ -- Off Road Vehicle Market is segmented by Type ( All-Terrain Vehicle, Utility Terrain Vehicle), by Application (Agriculture, Entertainment, Military, Sports, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Automotive Industry Category.
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Off Road Vehicle market estimated at USD 12.6 billion in the year 2021, is projected to reach a revised size of USD 16.8 billion by 2028, growing at a CAGR of 4.2% during the forecast period 2022-2028.
Major factors driving the growth of the Off Road Vehicle Market
Off-road vehicles powered by electricity have gained popularity recently thanks to their superior noise reduction and fuel efficiency. To improve safety, the use of off-road vehicles is subject to strict government restrictions and regulations. The Off-Road Vehicle market is predicted to develop as a result of factors including the expansion of adventure sports and recreational activities as well as the adoption of AWD and 4WD cars. Over the projection period, the growth of ATV experiences will accelerate.
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TRENDS INFLUENCING THE GROWTH OF THE OFF-ROAD VEHICLE MARKET
In addition, ATVs have been used extensively in agriculture as a substitute for horses, pick-up trucks, and even walking. Modern farms and ranches of various sizes, orchards, woodlands, ornamental nurseries, and golf courses all have ATVs. ATVs are used to monitor field crews, herd livestock, mark timber, mow grass, move soil, examine crops and livestock, inspect and repair irrigation systems and fence lines, fertilize and apply chemicals, supervise field crews, and transport items from one place to another. ATVs also give people with mobility issues a new sense of independence. This in turn is expected to drive the growth of the Off-Road Vehicle market.
Military troops perform a variety of tactical and combat duties that call for fast, precise vehicles with good handlings, like side-by-sides and four-wheelers. Off-road vehicles built for military use are also lighter and easier to transfer by small planes than jeeps or tanks. If you need to swiftly drop an ATV or UTV in the heart of a hostile area, this is tremendously helpful. To aid those in need, special forces will conduct combat search and rescue operations on the ground while utilizing ATVs and UTVs. For the rescuers, search victims, and any necessary equipment or weapons, these soldiers need a truck with plenty of seating. This in turn is expected to drive the growth of the Off-Road Vehicle market.
Off-roading is more of a hobby than a sport and many individuals like doing it with their loved ones. Off-road vehicle routes, including those for UTV and ATV, as well as associated activities, are becoming more and more popular with visitors and sports fans. To draw and keep tourists, a number of leisure activity planners and tourism boards are offering UTV and ATV-related activities by constructing tracks and sporting facilities for these vehicles. This in turn is expected to drive the growth of the Off-Road Vehicle market.
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OFF-ROAD VEHICLE MARKET SHARE ANALYSIS:
The Off-Road Vehicle market is anticipated to grow significantly. As more and more end-use applications for ATVs are being developed by vehicle manufacturers, the ATV market is expanding quickly. People's growing interest in sports and leisure activities has been a key component in the segment's growth. Additionally, the market is projected to grow due to manufacturers' desire for consistent improvements in the creation of numerous eco-friendly car types.
A major percentage of the market for off-road high-performance vehicles is controlled by North America. The need for off-road vehicle products in the region is driven by the increasing demand for off-road vehicles as well as the growing number of Powersports experience zones in Canada, the United States, and Mexico. Off-road vehicle sales in the area are also surging as a result of the notable presence of renowned high-performance off-road vehicle manufacturers including BRP Inc., Polaris Industries Inc., and Arctic Cat.
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Key Companies:
- Arctic Cat Inc.
- BRP Inc.
- Honda Motors. Co., Ltd.
- John Deere
- Kawasaki Motors Corp.
- Kubota Corporation
- Polaris Industries Inc.
- Suzuki Motors
- Yamaha Motors Co., Ltd.
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SIMILAR REPORTS:
- Off Highway Vehicle Engine market was valued at USD 43310 million in 2022 and is anticipated to reach USD 64570 million by 2029, witnessing a CAGR of 5.8% during the forecast period 2023-2029.
- The global ATV & Side by Side market was valued at USD 10380 million in 2022 and is anticipated to reach USD 12280 million by 2029, witnessing a CAGR of 2.4% during the forecast period 2023-2029.
- The global market for SUV estimated at USD 2899.5 million in the year 2022, is projected to reach a revised size of USD 3364.8 million by 2028, growing at a CAGR of 2.5% during the forecast period 2022-2028.
- The global Vehicle Embedded Software market was valued at USD 3475.1 million in 2022 and is anticipated to reach USD 5796.1 million by 2029, witnessing a CAGR of 8.9% during the forecast period 2023-2029.
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