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Off-road Vehicle Market Size, Share & Trends Analysis Report By Product Type (ATVs, UTVs, Snowmobile), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

July 2023 | 120 pages | ID: O394F99D4915EN
Grand View Research, Inc.

US$ 5,950.00

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Off-road Vehicle Market Growth & Trends

The global off-road vehicle market size is expected to reach USD 32.94 billion by 2030, registering a CAGR of 5.3% from 2023 to 2030, according to a new report by Grand View Research, Inc.The market is experiencing substantial growth owing to the factors, such as growing consumer interest in outdoor recreational activities since the outbreak of the COVID-19 pandemic, increasing focus of government agencies to enhance tourism-related activities, and rising popularity & availability of off-road vehicles, such as All-Terrain Vehicles (ATVs), Utility Terrain Vehicles (UTVs), and snowmobiles, at local stores in the majority of the countries. Moreover, the increasing focus of manufacturers to develop battery-powered vehicles that require low maintenance costs, and rising consumer preference for electric mobility options are anticipated to drive the market growth over the forecast period.

However, the high upfront total cost of ownership remains one of the challenging factors limiting the market growth to some extent. The growing concern regarding the substantial rise in carbon emissions and Greenhouse Gases (GHG) has enabled various government officials to initiate necessary policies regarding Electric Vehicles (EVs). For instance, in Finland, a refund of up to 35% is provided by the government to the companies that install EV charging stations, and housing organizations that provide charging facilities for private utilization. Subjected to such initiatives, the country is witnessing considerable growth in sales of EVs including off-road vehicles. Moreover, the increasing consumer preference for EVs that travel longer distances while requiring low maintenance is poised to engage OEMs in developing & broadening their electric or battery-powered vehicle portfolio thereby, creating several growth opportunities for the stakeholders over the forecast period.

The rising interest of consumers in recreational activities, such as sports, farming, and travel, is observed as one of the major factors driving the demand for off-road vehicles in the global market. In March 2023, Polaris Inc. added a new dealer, Bruce Hopkins Ltd., to its dealer network covering Oxfordshire, Warwickshire, and Buckinghamshire. Bruce Hopkins provides various Polaris parts along with full servicing. Ranger Diesel and Sportsman 570 models are now on display at the dealership to show potential customers what makes Polaris products adaptable. The new Polaris dealer will provide the entire utility lineup, such as Youth models including Ranger 150 and Outlaw 70 EFI ATVs, Sportsman ATVs, and RANGER UTVs. Thus, increasing demand for aforementioned products possessing features, such as arched dual A-arms, robust front & rear suspension, and wider tires, has compelled manufacturers to launch and promote their offerings that support recreational activities.

These industry participants prioritize new product introductions, strategic partnerships, and collaborations as part of their growth strategy to improve their product portfolio and expand their market reach across different regions. For instance, in October 2022, BRP, an off-highway automaker, announced the acquisition of Shawinigan operations of Kongsberg Inc., the subsidiary of Kongsberg Automotive that develops & manufactures mechatronic & electronic products as well as a supplier of BRP. BRP has included around 300 skilled and trained employees, specializing in developing and manufacturing components for its product lines. Thus, with substantial investments in launching products and enhancing necessary resources, the company is expected to dominate the market over the forecast period.

Off-road Vehicle Market Report Highlights
  • The UTV segment is projected to register the fastest CAGR over the forecast period
  • The growth of this segment is attributed to the development of UTV with a wide variety of advancements, such as roll cages, seat belts, and other safety features, to meet the growing need of the young generation for adventure activities
  • The Europe region is projected to register the fastest growth rate over the forecast period
  • The growth of this region is attributed to the introduction of new ranges of ATV and UTV models, coupled with advancements and innovations in these vehicles
  • A rise in demand for off-road vehicles can be attributed to the rising enthusiasm among individuals seeking thrilling experiences and outdoor adventures
able of Contents

CHAPTER 1. METHODOLOGY AND SCOPE

1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Information Procurement
1.4. Information analysis
  1.4.1. Market formulation & data visualization
  1.4.2. Data validation & publishing
1.5. Research Scope and Assumptions
1.6. List of Data Sources

CHAPTER 2. EXECUTIVE SUMMARY

2.1. Market Snapshot
2.2. Product Type Segment Snapshot

CHAPTER 3. OFF-ROAD VEHICLE INDUSTRY OUTLOOK

3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
  3.3.1. Market driver analysis
  3.3.2. Market restraint analysis
  3.3.3. Market opportunity analysis
3.4. Market Analysis Tools
  3.4.1. Industry Analysis - Porter’s Five Forces Analysis
  3.4.2. PESTEL Analysis

CHAPTER 4. OFF-ROAD VEHICLE MARKET: PRODUCT TYPE OUTLOOK

4.1. Product Type Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million; Volume, Units)
4.2. All-terrain Vehicle
  4.2.1. All-terrain vehicle off-road vehicle market, 2018 - 2030
4.3. Utility Terrain Vehicle
  4.3.1. Utility terrain vehicle off-road vehicle market, 2018 - 2030
4.4. Snowmobile
  4.4.1. Snowmobile Off-road vehicle market, 2018 - 2030
4.5. Three-wheeler
  4.5.1. Three-wheeler off-road vehicle market, 2018 - 2030

CHAPTER 5. OFF-ROAD VEHICLE MARKET: REGIONAL OUTLOOK

5.1. Off-Road Vehicle Market Share by Region, 2022 & 2030 (Revenue, USD Million; Volume, Units)
5.2. North America
  5.2.1. North America off-road vehicle market, 2018 - 2030
  5.2.2. North America off-road vehicle market, by product type, 2018 - 2030
  5.2.3. U.S.
    5.2.3.1. U.S. off-road vehicle market, 2018 - 2030
    5.2.3.2. U.S. off-road vehicle, by product type, 2018 - 2030
  5.2.4. Canada
    5.2.4.1. Canada off-road vehicle market, 2018 - 2030
    5.2.4.2. Canada off-road vehicle, by product type, 2018 - 2030
5.3. Europe
  5.3.1. Europe off-road vehicle market, 2018 - 2030
  5.3.2. Europe off-road vehicle market, by product type, 2018 - 2030
  5.3.3. UK
    5.3.3.1. UK off-road vehicle market, 2018 - 2030
    5.3.3.2. UK off-road vehicle, by product type, 2018 - 2030
  5.3.4. Germany
    5.3.4.1. Germany off-road vehicle market, 2018 - 2030
    5.3.4.2. Germany off-road vehicle, by product type, 2018 - 2030
  5.3.5. Italy
    5.3.5.1. Italy off-road vehicle market, 2018 - 2030
    5.3.5.2. Germany off-road vehicle, by product type, 2018 - 2030
5.4. Asia Pacific
  5.4.1. Asia Pacific off-road vehicle market, 2018 - 2030
  5.4.2. Asia Pacific off-road vehicle market, by product type, 2018 - 2030
  5.4.3. China
    5.4.3.1. China off-road vehicle market, 2018 - 2030
    5.4.3.2. China off-road vehicle, by product type, 2018 - 2030
  5.4.4. India
    5.4.4.1. India off-road vehicle market, 2018 - 2030
    5.4.4.2. India off-road vehicle, by product type, 2018 - 2030
  5.4.5. Japan
    5.4.5.1. Japan off-road vehicle market, 2018 - 2030
    5.4.5.2. Japan off-road vehicle, by product type, 2018 - 2030
  5.4.6. South Korea
    5.4.6.1. South Korea off-road vehicle market, 2018 - 2030
    5.4.6.2. South Korea off-road vehicle, by product type, 2018 - 2030
5.5. Latin America
  5.5.1. Latin America off-road vehicle market, 2018 - 2030
  5.5.2. Latin America off-road vehicle market, by product type, 2018 - 2030
  5.5.3. Brazil
    5.5.3.1. Brazil off-road vehicle market, 2018 - 2030
    5.5.3.2. Brazil off-road vehicle, by product type, 2018 - 2030
  5.5.4. Mexico
    5.5.4.1. Mexico off-road vehicle market, 2018 - 2030
    5.5.4.2. Mexico off-road vehicle, by product type, 2018 - 2030
  5.5.5. Chile
    5.5.5.1. Chile off-road vehicle market, 2018 - 2030
    5.5.5.2. Chile off-road vehicle, by product type, 2018 - 2030
  5.5.6. Argentina
    5.5.6.1. Argentina off-road vehicle market, 2018 - 2030
    5.5.6.2. Argentina off-road vehicle, by product type, 2018 - 2030
  5.5.7. Colombia
    5.5.7.1. Colombia off-road vehicle market, 2018 - 2030
    5.5.7.2. Colombia off-road vehicle, by product type, 2018 - 2030

CHAPTER 6. COMPETITIVE LANDSCAPE

6.1. Company Categorization (Mature Players, Emerging Players)
6.2. Company Market Share Analysis, 2022
6.3. Company Heat Map Analysis
6.4. Strategy Mapping
6.5. Company Profiles (Overview, Financial Performance, Product Overview, Strategic Initiatives)
  6.5.1. Arcimoto
  6.5.2. Arctic Cat Inc. (Textron Inc.)
  6.5.3. ARGO
  6.5.4. BRP
  6.5.5. Deere & Company
  6.5.6. DRR USA
  6.5.7. Electra Meccanica
  6.5.8. Harley-Davison, Inc.
  6.5.9. HISUN
  6.5.10. Honda Motor Co., Ltd.
  6.5.11. Italika
  6.5.12. Kawasaki Heavy Industries
  6.5.13. Kymco
  6.5.14. Moto Avanzada Sa de Cv
  6.5.15. Polaris Inc.
  6.5.16. Segway Technology Co., Ltd. (Ninebot Inc.)
  6.5.17. SSR Motorsports
  6.5.18. Taiga Motors Inc.
  6.5.19. Yamaha Motor Co., Ltd.
  6.5.20. Zhejiang Chunfeng Power Co., Ltd. (CFMOTO)
LIST OF TABLES

Table 1 Off-road vehicle market - Industry snapshot & key buying criteria, 2018 - 2030
Table 2 Off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 3 Off-road vehicle market, by product type, 2018 - 2030 (USD Million)
Table 4 Off-road vehicle market, by product type, 2018 - 2030 (Units)
Table 5 Off-road vehicle - Key market driver impact
Table 6 Off-road vehicle - Key market challenge impact
Table 7 Off-road vehicle - Key market opportunity impact
Table 8 Off-road vehicle market for all-terrain vehicle, 2018 - 2030 (USD Million; Units)
Table 9 Off-road vehicle market for utility terrain vehicle, 2018 - 2030 (USD Million; Units)
Table 10 Off-road vehicle market for snowmobile, 2018 - 2030 (USD Million; Units)
Table 11 Off-road vehicle market for three-wheeler, 2018 - 2030 (USD Million; Units)
Table 12 North America off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 13 North America off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 14 U.S. off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 15 U.S. off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 16 Canada off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 17 Canada off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 18 Europe off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 19 Europe off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 20 UK off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 21 UK off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 22 Germany off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 23 Germany off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 24 Italy off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 25 Italy off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 26 Asia Pacific off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 27 Asia Pacific off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 28 China off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 29 China off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 30 India off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 31 India off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 32 Japan off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 33 Japan off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 34 South Korea off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 35 South Korea off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 36 Latin America off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 37 Latin America off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 38 Brazil off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 39 Brazil off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 40 Mexico off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 41 Mexico off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 42 Argentina off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 43 Argentina off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 44 Chile off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 45 Chile off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
Table 46 Columbia off-road vehicle market, 2018 - 2030 (USD Million; Units)
Table 47 Columbia off-road vehicle market, by type, 2018 - 2030 (USD Million; Units)
LIST OF FIGURES

Fig. 1 Off-Road Vehicle Market Segmentation
Fig. 2 Information Procurement
Fig. 3 Primary Research Pattern
Fig. 4 Primary Research Process
Fig. 5 Market Formulation and Data Visualization
Fig. 6 Market & Segment Snapshot
Fig. 7 Product Type Segment Snapshot
Fig. 8 Competitive Landscape Snapshot
Fig. 9 Off-Road Vehicle Market - Value Chain Analysis
Fig. 10 Off-Road Vehicle Market - Market Dynamics
Fig. 11 Off-Road Vehicle Market - Porter’s Five Forces Analysis
Fig. 12 Off-Road Vehicle Market - PESTEL Analysis
Fig. 13 Off-Road Vehicle Vehicles Market: by Product: Key Takeaways
Fig. 14 Off-Road Vehicle Market, by Product: Market Share, 2022 & 2030
Fig. 15 All-Terrain Vehicle Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Fig. 16 Utility Terrain Vehicle Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Fig. 17 Snowmobile Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Fig. 18 Three-Wheeler Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Fig. 19 Off-Road Vehicle Market Revenue, by region, 2022 & 2030, (USD Millions)
Fig. 20 North America Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 21 U.S. Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 22 Canada Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 23 Europe Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 24 UK Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 25 Germany Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 26 Italy Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 27 Asia Pacific Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 28 China Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 29 India Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 30 Japan Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 31 South Korea Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 32 Latin America Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 33 Brazil Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 34 Mexico Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 35 Argentina Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 36 Chile Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 37 Colombia Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 38 Rest of Latin America Off-Road Vehicle Market Estimates & Forecast, 2018 - 2030 (USD Millions)
Fig. 39 Key Company Categorization
Fig. 40 North America: Market Share Analysis, 2022
Fig. 41 Europe Market Share Analysis, 2022
Fig. 42 Asia Pacific Market Share Analysis, 2022
Fig. 43 Latin America Market Share Analysis, 2022


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