Selbyville, Delaware, Jan. 18, 2019 (GLOBE NEWSWIRE) --
The off-road vehicle market in the United States is expected to grow from USD 9 billion in 2017 to around USD 13.5 billion by 2024, according to a 2019 Global Market Insights, Inc. report. Rising discretionary spending in conjunction with the improving economic conditions is increasing the participation in outdoor activities, expanding the U.S. off-road vehicle (ORVs) market size.
In 2017, California accounts for over 10% share in the U.S. off-road vehicle market with the presence of state parks and recreational areas driving the product demand. Organizations such as California State Parks are launching Grants & Cooperative Agreements Program to promote OHV adaption. Arizona will witness steady growth owing to flexible regulations.
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Texas will witness strong growth with the increasing youth population participating in ORV activities. According to the U.S. Census Bureau, in 2017, the under-18 population rose to 7.37 million with as increase of over 4.5% as compared to 2013. The growing youth population will propel the U.S. off-road vehicle market share over the forecast period. Moreover, the Texas law allows the under-14 to drive ATVs under supervision, positively influencing the product demand.
The presence of various facilities is scaling up the ORV demand. For instance, Trans American Trail offers a 5,000-mile adventurous route with dense forests, dirt, gravels, and roads for off-roading activities. The availability of off-road trail guides and travel communities are assisting events by providing easily accessible route data and plans. Moreover, the emergence of grants and funding for the development of trails will expand the off-road vehicle market size in the U.S. from 2018 to 2024.
Increasing utility activities, such as construction, agriculture, and mining, will propel the industry growth. ORVs are capable of operation on variable natural terrains and carrying heavy weights. High torque generation, superior traction, and stability further advocate its usage in non-conventional terrains. However, rising accidents and injuries arising from off-roading will restrict the United States off-road vehicle market growth.
Browse key industry insights spread across 220 pages with 248 market data tables & 13 figures & charts from the report, “U.S. Off-Road Vehicles Market Size By Vehicle (ATV, SSV/UTV, Off-Road Motorcycles, Snowmobiles), By Application (Utility, Sports, Recreation, Military), Industry Analysis Report, State Outlook (Arizona, California, Colorado, Florida, Kentucky, Minnesota, New Mexico, Nevada, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Washington, West Virginia, Wisconsin), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-off-road-vehicles-market
Off-road motorcycles will witness around 6% CAGR in the U.S. off-road vehicle (ORVs) market size over forecast period. According to the OIO, in 2017, the U.S. outdoor participants spent over USD 50 million in off roading. Industry participants are expanding their product portfolio to serve larger consumer base.
Military application will witness a steady growth in the U.S. off-road vehicle market share with the adoption of ORVs to carry artillery and soldiers in tough terrains. Rising product demand in tactical & combat missions, search & rescue, and security & patrol activities will enhance segment penetration. Organizations, such as AMA, are conducting off-roading events, such as Amateur Championship, supporting the segment growth.
Major off-road vehicle market participants in the U.S. include Polaris Industries, Textron, BRP, and Yamaha Motors. Industry players are expanding their product portfolio to serve a larger consumer base. For instance, in June 2018, Textron introduced Prowler Pro with whisper-quiet technology for noise-restricted areas. Further, industry players are adopting advanced technologies such as mobile tracking and Bluetooth connectivity to enhance the consumer experience.
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About Global Market Insights
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.