Off-Road Vehicle Market: Application (Sports, Entertainment, Agriculture, Military & Defense, Hunting & Forestry), Type (Utility ATV, Sport ATV), Seating Capacity (One Seat, Two Seats), Fuel Type (Gasoline , Electric Mountain Bike) – Global Industry Sizing, Growth, Trend, Opportunity and Forecast (2020-2025)
The Off-Road Vehicles Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by major market players operating in the market global. It involves in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will present one of the most comprehensive analyzes of the market, capturing all aspects of the Off-Road Vehicles market.
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All-terrain vehicle (ATV), also known as a heavy-duty quadricycle according to the American National Standards Institute (ANSI). The all-terrain vehicle is an all-terrain vehicle that has strength over a wide range of terrains. Offroad vehicles can be driven on different landscapes full of dirt, sand, mud, gravel and rocks. It was historically designed for a single passenger, but ATVs today are designed for multiple passengers with the operator. It drives like a motorcycle, but with more stability and mobility over rough and unstable terrain, and it has four wheels. However, it is not legal to drive an off-road vehicle on the street or highways in major countries around the world.
Off-road vehicle: market dynamics
Many factors are responsible for the global demand for the off-road vehicle market, including the increase in off-road recreational activities and events, theme parks and snow parks. Additionally, growing tourism in developing economies around the world is one of the key factors driving the growth of the off-road vehicle market. Apart from the increasing use of all-terrain vehicles in recreational activities, these vehicles also enjoy traction in sports, military, mining and agricultural activities. Electric off-road vehicles are expected to develop new opportunities in the market. Additionally, active government support and incentives for off-road trail development would increase the popularity of all-terrain vehicles in the years to come.
An increasing number of fatalities, injuries and accidents caused by ATVs are the major factors expected to hinder the growth of the off-road vehicle market. Additionally, stringent emission standards on diesel and gasoline vehicles may hamper the ICE off-road vehicle market. In addition, environmental issues such as greenhouse gas emissions are a significant constraint for the growth of traditional off-road vehicles. The impact of COVID-19 on ATV is estimated to have a significant effect on the vehicle supply chain and demand market. Additionally, changes in consumer buying behavior due to uncertainties surrounding the pandemic could have major implications for the industry near future production.
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The report outlines the off-road vehicle market study based on product type, application, seating capacity, and fuel type.
On the basis of product type, the off-road vehicle market is segmented into
On the basis of application, the off-road vehicle market is segmented into
- Military & Defense
- Hunting and forestry
On the basis of seating capacity, the off-road vehicle market is segmented into-
Based on fuel type, the off-road vehicle market is segmented into
Off-Road Vehicles Market by Product Type, 2018-2025 (USD Million)
Source: MSG Analysis, 2020
All-terrain vehicle market: regional lookout
Based on region, the global off-road vehicle market is segmented into Europe, North America, South America, Asia-Pacific, Middle East & Africa. North America is estimated to dominate the global off-road vehicle market, followed by Europe and Asia-Pacific. The growing demand for off-road vehicles in defense and recreation activities in the region is a key driver for the growth of the off-road vehicle market in North America. Additionally, electric off-road vehicles have become a popular substitute for gasoline and diesel ATVs in North America.
All Terrain Vehicles Market Growth by Region, 2020-2025
Source: MSG Analysis, 2020
Europe also holds a large share of the all-terrain vehicle due to the increase in outdoor leisure activities such as camping and forest adventures and an increase in the tourism industry. Asia-Pacific is the fastest growing off-road vehicle market over the forecast period owing to the increase in the number of parks and off-road trails that have become tourism hubs. This factor is expected to boost the growth of the off-road vehicle market. Additionally, major companies in the region endorse and coordinate off-road racing and adventure sports to increase sales of their off-road vehicles.
Off-Road Vehicle Market: Competitive Landscape
The major players in the off-road vehicle market are Honda Motor Company Limited, Polaris Industries Incorporation, Yamaha Motor Company Limited, Bombardier Recreational Products and Arctic Cat Incorporation (Textron). Other important players are Kawasaki Heavy Industries Limited, Suzuki Motor Corporation, CFMOTO Powersports Incorporation, KTM AG and BMW AG, Linhai, Deere and company. Many companies have embraced new product developments and mergers to gain a competitive advantage in the ATV market.
- American manufacturer Polaris Industries is expected to produce motorcycles and off-road vehicles in India in 2018. The company previously supplied these vehicles for the domestic market from the United States.
- In 2019, Polaris, in association with Yansh Adventure Motorsports, unveiled its 91st off-road adventure track called Polaris Experience Zone (PEZ) in Gurgaon, India.
- In 2019, Yamaha Motor Corp announced its 2020 “proven recreational, utility and sporty off-road” all-terrain vehicle. Both ATV models come with different paint and accessory choices.
The all-terrain vehicle The market report provides an in-depth analysis of macro-economic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes contributions from industry participants and industry experts across the value chain.Off-Road Vehicles Market Report Covers Comprehensive Analysis on:
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- Market dynamics
- Market segmentation
- Regional analysis
- Market size in value
- Price analysis
- Business analysis
- Market Factor Analysis
- Market trends
- Regulatory landscape
- Competition Landscape
- Company Profiles
Regional Market Analysis:
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
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All-terrain vehicle: target audience
- Off-road vehicle manufacturers
- Automobile/car/vehicle manufacturers
- Trade publications and magazines
- Government authorities, associations and organization