Selbyville, Delaware, July 06, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the off-road vehicles market which estimates the market valuation for ORV will cross US$ 25 billion by 2027. The industry is anticipated to witness a high growth during the forecast period owing to the rising recreational sports and travel & tourism across the world. The high adoption of off-road vehicles in versatile applications owing to high performance and enhanced safety features on challenging terrains will fuel the off-road vehicles industry.
The spread of COVID-19 pandemic negatively impacted the off-road vehicles industry during the first half of 2020. The global lockdown caused severe supply chain disruptions, shortage of raw materials, and delay in production of new off-road vehicle models. However, during the second half of 2020, the industry experienced a steady growth due to a rise in recreational activities and shift in consumer preference for off-road vehicles. Off-roading activities allow people to spend their leisure time with friends and family while adhering to the social distancing norms, driving market revenues.
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The military segment is expected to witness a steady growth during the forecast period. ATVs, snowmobiles, and UTV/SxS are extensively used in the military segment owing to their enhanced mobility over rugged terrains. The rising deployment of steering controlled off-road vehicles for tactical and combat operations will fuel the adoption of UTVs/SxSs and ATVs in the military segment. For instance, in June 2020, the U.S. Government Service Administration (GSA) and the U.S. Special Operation Command (USSOCOM) signed a contract with Polaris, Inc. for the development of Polaris MRZR Alpha off-road vehicle.
The Asian Pacific region is expected to grow at a high rate during the forecast period. The proliferating agriculture & construction industry in South Korea, Japan, and India will drive the regional market growth. The increasing population and rapid infrastructure development will support the adoption of off-road vehicles through 2027. Initiatives taken by organizations such as Food & Agriculture Organizations (FAO) to boost agricultural production will provide a positive outlook for industry expansion during the forecast period.
The players active in the off-road vehicles market are KTM AG, Caterpillar, Deere & Company, Suzuki Motors Corp, Bombardier Recreational Products (BRP), Kawasaki Motors Corp, Yamaha Motor Co., Massimo Motors, Honda Motor Co., Arctic Cat, Wildcat, and Tomcar Australia. The companies are focusing on new product launches to cater to the growing demand for off-road vehicles. For instance, in June 2020, Kawasaki Motors Corp., launched its new sides x sides model, Kawasaki Teryx, Teryx4, and Teryx KRX1000 as a part of its 2021 lineup. Teryx KRK 1000 is designed with solid & durable chassis, efficient fuel capacity, maximum torque, and high load capacity.
Some key findings in the off-road vehicles market report include:
- Rising recreational and sports activities coupled with the growing inclination of youth toward off-roading activities will drive the demand for off-road vehicles
- Favorable climate, challenging terrain, and presence of numerous adventurous trails in North America and Europe will propel the market growth of off-road vehicles
- High adoption of UTVs/SxSs, ATVs in utility applications such as forestry, agriculture, and construction will support industry growth. Benefits of these vehicles such as high payload capacity, high torque, and improved performance on a rugged terrain will also propel product adoption
- Snowmobiles will witness a significant growth in countries including Canada, Alaska, Sweden, and Finland, owing to a rise in winter sport activities. Several market players are focusing on new launches of electric snowmobiles to control emissions. For instance, in June 2019, Taiga Motors launched electric snowmobiles TS2 equipped with 27 kWh battery pack and enhanced features to control emissions and noise level.
- High stability, enhanced mobility, and four-wheel drive technologies with anti-lock braking systems will drive the adoption of off-road vehicles during the forecast period. In addition, low maintenance cost, reduced fuel consumption, and low insurance cost will aid product demand.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology and Scope
1.1 Definitions & forecast parameters
1.1.1 Definitions
1.1.2 Methodology and forecast parameters
1.1.3 Region wise impact analysis of COVID-19
1.1.3.1 North America
1.1.3.2 Europe
1.1.3.3 Asia Pacific
1.1.3.4 Latin America
1.1.3.5 MEA
1.2 Data Sources
1.2.1 Secondary
1.2.2 Primary
Chapter 2 Executive Summary
2.1 Off-road vehicles industry 360° synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on off-road vehicles industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Analysis of consumer participation in outdoor recreational activities, by region
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Rising investments in R&D and new product development in North America
3.7.1.2 Proliferation of the electric-off road vehicles industry in Europe
3.7.1.3 Growing consumer inclination towards off-road recreational activities in Asia Pacific
3.7.1.4 High growth of the tourism industry in Latin America and MEA
3.7.1.5 Increasing presence of off-roading sports events
3.7.2 Industry pitfalls & challenges
3.7.2.1 Safety concerns related to off-road vehicles
3.7.2.2 Environmental impact of off-roading activities
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
3.10.1 Political
3.10.2 Economic
3.10.3 Social
3.10.4 Technological
3.10.5 Environmental
3.10.6 Legal
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.