Portland, OR, Aug. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global off-road vehicle market was pegged at $12.36 billion in 2020, and is expected to reach $22.61 billion by 2030, growing at a CAGR of 7.3% from 2021 to 2030.
Increase in trend of recreational activities and adventure sports and surge in penetration of the AWD and 4WD vehicles drive the growth of the global off-road vehicle market. However, high maintenance cost of off-road vehicles and ban on all-terrain vehicle (ATV) and utility terrain vehicles (UTV) driving in wildlife areas due to terrain damage hinder the market growth. On the contrary, expansion of dealer network for effective product reach and development of electric powered off-road vehicles are expected to open new opportunities for the market players in the future.
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Covid-19 Scenario:
- The Covid-19 outbreak hampered the sale of off-road vehicles due to significant high financial losses and uncertainties in business operations. The prolonged lockdown forced manufacturing companies to close their facilities to curb the spread of the virus.
- The negative supply and demand due to the Covid-19 crisis affected the off-road vehicle industry. Moreover, the lockdown led to the disrupted supply chain and increased prices of raw materials.
The report segments the global off-road vehicle market on the basis of displacement, vehicle type, component, and region.
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Based on displacement, the 400 to 800 (CC) segment held the largest share in 2020, accounting for nearly half of the market. However, the less than 400 (CC) segment is expected to register the highest CAGR of 9.1% from 2021 to 2030.
On the basis of vehicle type, the UTV segment held the lion’s share in 2020, contributing to more than two-fifths of the market. However, the NEV segment is expected to manifest the highest CAGR of 8.8% during the forecast period.
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The global off-road vehicle market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than half of the market. However, the market across Asia-Pacific is projected to portray the highest CAGR of 8.6% during the forecast period.
The global off-road vehicle market includes an in-depth analysis of the prime market players such as BRP Inc., Deere & Company, CFMOTO, Kawasaki Heavy Industries, Ltd., Honda Motor Co., Ltd., Mahindra & Mahindra Limited, KUBOTA Corporation, Textron Inc., Polaris Inc., and Yamaha Motor Co., Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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