Stratview Research has published a new report titled “ Off-Road Vehicles Market ” which is segmented by Vehicle Type  (All-Terrain Vehicle and Side-by-Side Vehicle),  by Product Type  (Utility, Rec-Use, Sports, and Youth) ,  by Application Type  (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and  by Region  (North America, Europe, Asia-Pacific, and Rest of the World).

As per the study, the market is expected to reach  USD 24,041.4 million by 2027  from  USD 14,882.4 million in 2021  at a  CAGR of 7.6%  during the forecast period of  2022-2027 .

Unlike other transportation segments, such as automotive and trucks which recorded a humongous decline amid the pandemic, ORVs emerged as the savior and grew enormously, especially in North America and Europe. 

Overall, the market grew by 24% in terms of units in the year 2020, a growth rate that the industry never achieved or reached close to in the past decade.  The long-term outlook is also extremely pleasing to keep the mind the growth and demand for ORVs, especially SSVs.

Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry's market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis -

Vehicle Type Trends

The market is segmented into all-terrain vehicles and side-by-side vehicles. 

The Side-By-Side Vehicles category is expected to dominate the market as they provide a few advantages over ATVs, including a superior riding experience, rollover protection, and portability.

When compared to ATVs, these factors dramatically lower the number of accidents and injuries. Therefore, the ORV market has witnessed a steady movement from ATVs to SSVs over the eons.

Product Types Trends

The market is segmented into utility, rec-use, sports, youth, and others. 

The Utility segment is projected to remain the most dominant product type in the ORVs market with a share of 45% in 2021. All the major players have an excellent product portfolio for the utility ORVs. 

The sports segment is likely to witness the highest growth during the same period, driven by increasing global tourism and recreational activities. The USA is the largest buyer of both utility and sports vehicles.

Application Type Trends

The market is segmented into sports, entertainment, agriculture, military, hunting, and others. 

The Sports segment is projected to remain the most dominant application type in the market with a share of 35% in 2021, driven by increasing demand for SSVs for sports and entertainment applications. 

More than 50% of the ORV sales come from sports and entertainment applications in 2020.

Which Region is expected to remain the largest market?

North America is expected to remain the largest market with a share of 85% in 2021 for off-road vehicles.

Europe, another significant continent, is expected to grow at a significant rate over the next five years. 

Although Asia-Pacific is a minor market, it is expected to expand the most throughout the projected period, thanks to rising demand for Powersports in various countries such as China, Japan, Australia, and India.

Who are the Key Players in the Market?

This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, enabling strategic decision-making for the existing market players and those willing to enter the market.

The following are the key players acting in the Off-Road Vehicles Market:

• Polaris Inc
• Honda Motor Company
• BRP Inc
• Yamaha Motor Corporation
• Kubota Corporation
• Arctic Cat Inc.
• Deere Company (John Deere)
• Kawasaki Motors Corp.
• Kwang Yang Motor Co. Ltd
• Suzuki Motor Corporation
• American LandMaster

Key questions answered by the report.

• What is the projected CAGR for revenue from the Off-Road Vehicles Market during the forecast period?
• What would the market be valued at by 2026?
• What is a major driving factor for the growth of the market?
• Which region accounted for the largest revenue share in the Off-Road Vehicles Market?
• Which are the major market players?

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