Selbyville, Delaware, Jan. 12, 2023 (GLOBE NEWSWIRE) --
The off-road vehicles market is expected to record a valuation of USD 45 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising investments towards R&D efforts for new product innovations in North America will drive industry growth. Off-roading is a popular sport in the region, given the diverse geographical makeup, which offers a variety of different terrains for offroad recreational activities. Many industry players are focusing on new product innovation and frequent launches to grab consumer attention and encourage participation. As the global vehicle industry shifts to renewable alternatives, offroad vehicles are also turning to electric or hybrid configurations, which will majorly influence industry expansion.
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Off-road vehicles market from the UTV vehicle segment is predicted to observe nearly 7% growth rate between 2023 and 2032. UTVs, also known as side-by-side or SXS, are akin to a car or a truck in design and offer enhanced functionality and differentiated riding experience than other offroad vehicles. The segment growth is slated to come from consistent advancements in product features. UTVs come in multiple drive mode functions, better suspension, and four-wheel disc brakes with which they can be used across various ground conditions.
Off-road vehicles market from the military application segment is slated to record more than 3% gains through 2032, on account of the rising popularity of ORVs in the military and defense applications owing to their ability to traverse rugged terrain.
ORVs also have a high payload capability and can operate in rocky, snowy, and even sandy areas. Military and defense forces often rely on off-road vehicles to maneuver harsh terrain during operations, with U.S. military forces being a prominent example, leveraging off-roaders to advance their competencies and driving demand in the market.
The gasoline segment in the off-road vehicles market is poised to surpass USD 28.5 billion by 2032. The projected slowdown can be accredited to the relatively high cost of maintenance associated with gasoline propelled off-road vehicles. Gasoline powered offroad vehicles attract more consumers due to their low initial purchase costs.
Europe off-road vehicles market size is projected to expand at over 8% CAGR through 2032. This growth is attributed to the increasing popularity of recreational activities in the region. Europe has a number of adventure parks and outdoor trails, spanning varying landscapes, which is ideal for off-roading. Several European countries like the UK, France, and Spain often host cross-country UTV championships that are drawing rising participation of youth.
Leading players in the off-road vehicles market are Kawasaki Motors Corporation, Yamaha Motor Corporation, Honda Motors, BRP, and Polaris Industries. Many automakers have forayed into the sector amid the growing popularity of off-roading adventure activities. Subsequently, many are now focusing on innovating product design and electrification of their vehicle models to combat rising emissions.
For instance, earlier in March 2022, American automaker Polaris showcased test vehicles from its lineup of electric ATVs, UTVs, and snowmobiles during an investor presentation. The electric variants have been made in partnership with Zero Motorcycles. The new vehicles are likely to greatly expand the firm’s electric focus from solely utility vehicles to more dual-use, recreational vehicles.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Off-Road Vehicles Market Insights
3.1 Introduction
3.2 Impact of COVID-19
3.3 Russia- Ukraine war impact
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key initiative and news
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Rapid investment in R&D and new product development in North America
3.9.1.2 Proliferation of the electric-off road vehicles industry in Europe
3.9.1.3 Growing consumer inclination towards off-road recreational activities in Asia Pacific
3.9.1.4 High growth of the tourism industry in Latin America and MEA
3.9.1.5 Increasing presence of off-roading sports events
3.9.2 Industry pitfalls & challenges
3.9.2.1 Safety concerns related to off-road vehicles
3.9.2.2 Environmental impact of off-roading activities
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
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. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
