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Off-Road Vehicle Global Market Report 2024

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    Report

  • 175 Pages
  • February 2024
  • Region: Global
  • The Business Research Company
  • ID: 5790552
The off-road vehicle market size has grown strongly in recent years. It will grow from $15.95 billion in 2023 to $17.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed in the historical period can be attributed to various factors, including increased recreational demand, utilization in rural and agricultural settings, growth in tourism and adventure tourism, industrial applications, and infrastructure development.

The off-road vehicle market size is expected to see strong growth in the next few years. It will grow to $22.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The forecasted growth is driven by the rising outdoor recreation trend, increased usage in agriculture and construction, expanding adventure tourism, urbanization, and environmental conservation initiatives. Notable trends include a focus on environmental sustainability, adoption of advanced safety technologies, customization trends, adherence to evolving regulatory emissions standards, and market expansion in emerging economies.

The surge in recreational activities and adventure sports is expected to drive the expansion of the off-road vehicle market in the coming years. Recreation encompasses activities individuals engage in to rejuvenate their bodies and minds, enhancing their leisure time with excitement and enjoyment. Adventure sports, characterized by significant risk and conducted on land, water, or in the air, are becoming increasingly popular. Off-road vehicles, designed for both recreational activities and adventure sports, are experiencing heightened demand as a result. For instance, in 2023, reports from the Outdoor Industry Association, a US-based trade association for outdoor businesses, indicated a noteworthy 2.3 percent increase in the number of outdoor recreation participants in 2022. This figure reached a record high of 168.1 million, constituting 55 percent of the US population aged six and above. Consequently, the rising trend of engaging in recreational activities and adventure sports is a key driver for the growth of the off-road vehicle market.

The anticipated surge in disposable income is poised to act as a catalyst for the burgeoning expansion of the off-road vehicle market in the foreseeable future. Disposable income, defined as the residual income after accounting for taxes, significantly influences consumer spending and saving patterns. In the context of the off-road vehicle market, higher disposable income levels empower consumers to engage in discretionary purchases, particularly in adventurous products such as off-road vehicles. This propensity for increased spending not only fosters market growth but also widens the consumer base for these products. A tangible illustration of this trend can be observed in the August 2023 report by the Bureau of Economic Analysis, a US government agency, which documented a $7.3 billion increase (equivalent to less than 0.1%) in disposable personal income in July 2021. Consequently, the upward trajectory of disposable income emerges as a key driver propelling the growth of the off-road vehicle market.

The off-road vehicle market is experiencing a significant surge in technological advancement, with major industry players striving to enhance their offerings. Notably, Yamaha Motor Corp, renowned for its motorcycles and motorized products, introduced its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup in August 2022. This lineup includes the 2023 Pure-Sport SxS Lineup, featuring the YXZ1000R SS and YXZ1000R equipped with Yamaha’s Sport Shift (SS) technology, facilitating swift changes through steering column-mounted aluminum paddles. Specifically designed to navigate diverse terrains, from expansive deserts and dunes to challenging muddy trails and rocky landscapes, these YXZ1000R versions boast an industry-first 998-cc triple-cylinder engine and a sequential five-speed manual transmission, offering either an auto-clutch or clutch pedal for an unparalleled direct-connection experience in the Side-by-Side segment.

Leading companies in the off-road vehicle sector are strategically emphasizing the introduction of retro-styled off-road vehicles to attain a competitive advantage in the market. These vehicles encapsulate design elements and visual aesthetics reminiscent of classic or vintage designs. Toyota Motor Corporation, a prominent automobile company, exemplified this trend by unveiling a new retro-styled Land Cruiser model in August 2023. This model ingeniously merges the timeless appearance of the original Land Cruiser with contemporary technology and performance enhancements. By offering a fusion of classic off-road capabilities and modern features, the new Land Cruiser model is priced more accessibly, aligning with the escalating interest in both classic and off-road vehicles among consumers. Renowned for its storied history of exceptional off-road prowess, the Land Cruiser is meticulously crafted to excel across diverse terrains, resonating strongly with off-road enthusiasts and adventurous individuals seeking reliable performance and enduring appeal.

In September 2022, Mullen Technologies, Inc., a prominent U.S.-based automotive and electric vehicle manufacturer, completed the acquisition of Bollinger Motor for $148.2 million. This strategic transaction provided Mullen with access to Bollinger-designed medium-duty and sport utility trucks, augmenting its product portfolio. Simultaneously, the acquisition empowers Bollinger Motors, a U.S.-based automobile company specializing in off-road electric trucks, to tap into the electric sport utility and commercial vehicle markets. The collaboration positions both entities to capitalize on the growing demand for electric vehicles across various segments.

Major companies operating in the off-road vehicle market report are Toyota Motor Corporation, Honda Motor Co. Ltd., Gas Gas Motorcycles, Nissan Motor Co. Ltd., Caterpillar Inc., Deere & Company, Suzuki Motors Corporation, KUBOTA Corporation, Yamaha Motor Co. Ltd., Mahindra & Mahindra Limited, Textron Inc., Kawasaki Heavy Industries Ltd., BMS Motorsports Inc., Polaris Inc., Can-Am Off-Road (BRP), BRP Inc., The Toro Company, KTM AG, Piaggio & C. SpA, CFMOTO Powersports Inc., Zhejiang Chunfeng Power Co. Ltd., TOMCAR Inc., Argo Inc., Exmark.com, Kandi Technologies Group Inc., Stealth Electric Bikes Pty. Ltd., HISUN Motors Corp., Alke, Massimo Motor Sports LLC, Haojue Holdings Co. Ltd., Arctic Cat Inc., ODES Industries, Intimidator UTV.

North America was the largest region in the off-road vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the off-road vehicle market during the forecast period. The regions covered in the off-road vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the off-road vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Off-road vehicles encompass various product types, including utility vehicles, sports vehicles, and others. Utility vehicles are specifically engineered for traversing challenging terrains and come powered by diverse fuel options such as diesel, gasoline, or electric, with engine displacements categorized as less than 400 (cc), 400 to 800 (cc), and surpassing 800 (cc). These vehicles find application across sectors such as agriculture, military, and various other industries.

The off-road vehicles market research report is one of a series of new reports that provides off-road vehicles optical components market statistics, including off-road vehicles optical components industry global market size, regional shares, competitors with an off-road vehicles optical components market share, detailed off-road vehicles optical components market segments, market trends and opportunities, and any further data you may need to thrive in the off-road vehicles optical components industry. This off-road vehicle optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The off-road vehicle market consists of sales of off-road vehicles including low-pressure tire vehicles, amphibious machines, ground effect air cushion vehicles, all-terrain vehicles (ATVs), and recreational off-highway vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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Table of Contents

1. Executive Summary2. Off-Road Vehicle Market Characteristics3. Off-Road Vehicle Market Trends and Strategies
4. Off-Road Vehicle Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Off-Road Vehicle Market Size and Growth
5.1. Global Off-Road Vehicle Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Off-Road Vehicle Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Off-Road Vehicle Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Off-Road Vehicle Market Segmentation
6.1. Global Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Utility Vehicle
  • Sports Vehicle
  • Other Product Types
6.2. Global Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Diesel
  • Gasoline
  • Electric
6.3. Global Off-Road Vehicle Market, Segmentation by Displacement, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Less Than 400 (Cc)
400 To 800 (Cc)
  • More Than 800 (Cc)
6.4. Global Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Agriculture
  • Military
  • Sports
  • Other End User Verticals
7. Off-Road Vehicle Market Regional and Country Analysis
7.1. Global Off-Road Vehicle Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Off-Road Vehicle Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Off-Road Vehicle Market
8.1. Asia-Pacific Off-Road Vehicle Market Overview
Region Information, Impact of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Off-Road Vehicle Market
9.1. China Off-Road Vehicle Market Overview
9.2. China Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Off-Road Vehicle Market
10.1. India Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Off-Road Vehicle Market
11.1. Japan Off-Road Vehicle Market Overview
11.2. Japan Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Off-Road Vehicle Market
12.1. Australia Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Off-Road Vehicle Market
13.1. Indonesia Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Off-Road Vehicle Market
14.1. South Korea Off-Road Vehicle Market Overview
14.2. South Korea Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Off-Road Vehicle Market
15.1. Western Europe Off-Road Vehicle Market Overview
15.2. Western Europe Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Off-Road Vehicle Market
16.1. UK Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Off-Road Vehicle Market
17.1. Germany Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Off-Road Vehicle Market
18.1. France Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Off-Road Vehicle Market
19.1. Italy Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Off-Road Vehicle Market
20.1. Spain Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Off-Road Vehicle Market
21.1. Eastern Europe Off-Road Vehicle Market Overview
21.2. Eastern Europe Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Off-Road Vehicle Market
22.1. Russia Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Off-Road Vehicle Market
23.1. North America Off-Road Vehicle Market Overview
23.2. North America Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Off-Road Vehicle Market
24.1. USA Off-Road Vehicle Market Overview
24.2. USA Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Off-Road Vehicle Market
25.1. Canada Off-Road Vehicle Market Overview
25.2. Canada Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Off-Road Vehicle Market
26.1. South America Off-Road Vehicle Market Overview
26.2. South America Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Off-Road Vehicle Market
27.1. Brazil Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Off-Road Vehicle Market
28.1. Middle East Off-Road Vehicle Market Overview
28.2. Middle East Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Off-Road Vehicle Market
29.1. Africa Off-Road Vehicle Market Overview
29.2. Africa Off-Road Vehicle Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Off-Road Vehicle Market, Segmentation by Fuel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Off-Road Vehicle Market, Segmentation by End User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Off-Road Vehicle Market Competitive Landscape and Company Profiles
30.1. Off-Road Vehicle Market Competitive Landscape
30.2. Off-Road Vehicle Market Company Profiles
30.2.1. Toyota Motor Corporation
30.2.1.1. Overview
30.2.1.2. Products and Services
30.2.1.3. Strategy
30.2.1.4. Financial Performance
30.2.2. Honda Motor Co. Ltd.
30.2.2.1. Overview
30.2.2.2. Products and Services
30.2.2.3. Strategy
30.2.2.4. Financial Performance
30.2.3. Gas Motorcycles
30.2.3.1. Overview
30.2.3.2. Products and Services
30.2.3.3. Strategy
30.2.3.4. Financial Performance
30.2.4. Nissan Motor Co. Ltd.
30.2.4.1. Overview
30.2.4.2. Products and Services
30.2.4.3. Strategy
30.2.4.4. Financial Performance
30.2.5. Caterpillar Inc.
30.2.5.1. Overview
30.2.5.2. Products and Services
30.2.5.3. Strategy
30.2.5.4. Financial Performance
31. Off-Road Vehicle Market Other Major and Innovative Companies
31.1. Deere & Company
31.2. Suzuki Motors Corporation
31.3. KUBOTA Corporation
31.4. Yamaha Motor Co. Ltd.
31.5. Mahindra & Mahindra Limited
31.6. Textron Inc.
31.7. Kawasaki Heavy Industries Ltd.
31.8. BMS Motorsports Inc.
31.9. Polaris Inc.
31.10. Can-Am Off-Road (BRP)
31.11. BRP Inc.
31.12. The Toro Company
31.13. KTM AG
31.14. Piaggio & C. SpA
31.15. CFMOTO Powersports Inc.
32. Global Off-Road Vehicle Market Competitive Benchmarking33. Global Off-Road Vehicle Market Competitive Dashboard34. Key Mergers and Acquisitions in the Off-Road Vehicle Market
35. Off-Road Vehicle Market Future Outlook and Potential Analysis
35.1 Off-Road Vehicle Market in 2028 - Countries Offering Most New Opportunities
35.2 Off-Road Vehicle Market in 2028 - Segments Offering Most New Opportunities
35.3 Off-Road Vehicle Market in 2028 - Growth Strategies
35.3.1 Market Trend-based Strategies
35.3.2 Competitor Strategies
36. Appendix
36.1. Abbreviations
36.2. Currencies
36.3. Historic and Forecast Inflation Rates
36.4. Research Inquiries
36.5. About the Analyst
36.6. Copyright and Disclaimer

Executive Summary

Off-Road Vehicle Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on off-road vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
  • Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
  • All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for off-road vehicle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Report Scope

Markets Covered:
1) By Product Type: Utility Vehicle; Sports Vehicle; Other Product Types
2) By Fuel: Diesel; Gasoline; Electric
3) By Displacement: Less Than 400 (Cc); 400 To 800 (Cc); More Than 800 (Cc)
4) By End-user Vertical: Agriculture; Military; Sports; Other End-user Verticals

Key Companies Mentioned: Toyota Motor Corporation; Honda Motor Co. Ltd.; Gas Gas Motorcycles; Nissan Motor Co. Ltd.; Caterpillar Inc.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes

Delivery Format: PDF, Word and Excel Data Dashboard

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Toyota Motor Corporation
  • Honda Motor Co. Ltd.
  • Gas Gas Motorcycles
  • Nissan Motor Co. Ltd.
  • Caterpillar Inc.
  • Deere & Company
  • Suzuki Motors Corporation
  • KUBOTA Corporation
  • Yamaha Motor Co. Ltd.
  • Mahindra & Mahindra Limited
  • Textron Inc.
  • Kawasaki Heavy Industries Ltd.
  • BMS Motorsports Inc.
  • Polaris Inc.
  • Can-Am Off-Road (BRP)
  • BRP Inc.
  • The Toro Company
  • KTM AG
  • Piaggio & C. SpA
  • CFMOTO Powersports Inc.
  • Zhejiang Chunfeng Power Co. Ltd.
  • TOMCAR Inc.
  • Argo Inc.
  • Exmark.com
  • Kandi Technologies Group Inc.
  • Stealth Electric Bikes Pty. Ltd.
  • HISUN Motors Corp.
  • Alke
  • Massimo Motor Sports LLC
  • Haojue Holdings Co. Ltd.
  • Arctic Cat Inc.
  • ODES Industries
  • Intimidator UTV

Methodology

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