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    Off-Road Vehicles Market | ORV Market | Size, Share, Trend, and Forecast (2019-2024)

    Off-Road Vehicles Market | ORV Market | Size, Share, Trend, and Forecast (2019-2024)
    Report code - SRCG101 Published On : Jul,2019 No. of Pages: 167
    Off-Road Vehicles Market - Size, Share, Trend, and Forecast (2019-2024)
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    Off-Road Vehicles Market Insights

    The global off-road vehicles market offers healthy growth opportunities in the entire ecosystem and its size is projected to reach an estimated value of US$ 12.2 billion in 2024. Recovery of the global economy and increasing disposable income, growing recreational and touring activities, an advancement in the ORV technology, and increasing usage of ORVs in the agriculture and military operations are the major factors proliferating the demand for ORVs globally. The USA is the largest ORVs market due to its large stretches of natural terrain, unpaved roads, and large ranches and farms across the country.

    Off Road Vehicle Market Forecast

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    Off-Road Vehicles Market Share Analysis

    Off Road Vehicle Market Share Analysis

    Off Road Vehicles Market Share by Product Type

    Based on the product type, the global ORVs market is segmented as Utility, Recreation/Utility, Sports, and Youth. The utility is projected to remain the most dominant product type in the ORVs market during the forecast period. All the major players have an excellent product portfolio for the utility ORVs. The sports segment is likely to witness the highest growth during the same period, driven by increasing tourism and recreational activities across the globe. The USA is the largest buyer of both utility and sports vehicles.  

    Off Road Vehicles Market Share by Type of Applications

    Based on the application type, the global ORVs market is segmented as Sports, Entertainment, Agriculture, Hunting, Military, and Others. Sports and entertainment are projected to remain the growth engines of the global ORVs market over the next five years, driven by increasing demand for SSVs for sports and entertainment applications. More than 50% of the ORV sales come from sports and entertainment applications in 2017.

    Regional Insights

    Based on the regions, North America is expected to remain the largest market for ORVs over the next five years. The USA is the growth engine of the North American as well as global ORVs market. The country alone accounted for more than 60% of the global ORVs sales in 2018. Europe, another major region, is likely to grow at a healthy rate over the next five years, propelled by Germany and France. Asia-Pacific is a relatively very small market but is likely to witness the highest growth during the forecast period, driven by an increased demand for power sports in many countries including China, Australia, and India.

    Key Players

    The supply chain of this market comprises raw material suppliers, component manufacturers, ATV and SSV manufacturers, and distributors, and buyers. The global ORVs is a highly consolidated market with the presence of global as well as regional players. The key ORV manufacturers are Polaris Industries, Inc., Honda Motor Co., Ltd., Yamaha Motors Co., Ltd., BRP Inc., Arctic Cat Inc., Deere & Company (John Deere), Kubota Corporation, and Kawasaki Motors Corp. New product development, vast product portfolio, wide dealer & distribution network, and proximity to the key markets are the key strategies adopted by the key players to gain a competitive edge in the market.

    Research Methodology

    For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

    Market Scope & Segmentation

    ORVs are four-wheel vehicles that are designed for off-road use and traversing rough terrain, dunes, swamps, and marshland. These vehicles can be multi-passenger as well as single passenger and can be used for various purposes including recreation, sports, fishing, hunting, as well as utility purposes on farms, ranches, and construction sites. The ORVs industry has a brilliant history of more than four decades. In 1970’s, ATVs were firstly developed with three wheels now they are entirely switched to four wheels. In 2004, the global sales of ATVs reached an unprecedented landmark of 814,000 units since then the global ATVs industry never touched that peaked sales point.

    In contrast to ATVs, SSVs have a relatively small history of over 20 years. An SSV is more like a car and has a steering wheel and pedals. It is equipped with seat belts and rollover protection bars and allows the driver and passenger to sit side-by-side in the vehicle. Some SSV models also contain additional rows of seats to accommodate up to six passengers. Major SSV manufacturers are putting efforts for the development of advanced SSVs targeting enhanced functionality and differentiated riding experience.

    SSV vehicle is a type of off-road vehicle and offers many advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. In the last ten years, the off-road industry noticed a continuous shift from ATVs to SSVs. These factors significantly reduce the number of accidents and injuries as compared to ATVs.

    Research Scope

    Trend & Forecast Period

    2013-2024

    Size in 2024

    US$ 12.2 billion

    Forecast

    5.8% CAGR during 2019-2024

    Regions Covered

    North America, Europe, Asia-Pacific, Rest of the World

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The market is segmented in the following ways:

    Off-Road Vehicles (ORVs) Market Size, Share & Forecast by Vehicle Type:

    • All-Terrain Vehicles (ATVs)
    • Side-by-Side Vehicles (SSVs)

    Off-Road Vehicles (ORVs) Market Size, Share & Forecast by Product Type:

    • Utility Vehicle
    • Recreation/Utility Vehicle
    • Sports Vehicle
    • Youth vehicle

    Off-Road Vehicles (ORVs) Market Size, Share & Forecast by Application Type:

    • Agriculture
    • Entertainment
    • Hunting
    • Military
    • Sports
    • Others

    Off-Road Vehicles (ORVs) Market Size, Share & Forecast by Region:

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

    Report Features

    This report, from Stratview Research, studies the global off-road vehicles (ORVs) market over the trend period 2013 to 2018 and forecast period of 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.


    Frequently Asked Questions (FAQs)

    What will be the size of the Off -Road Vehicle Market in the foreseeable years?

    Driven by a number of factors like growing recreational and touring activities, the off-road vehicle market is projected to reach an estimated value of US$ 12.2 billion in 2024.

    Which country/region is expected to remain the largest Off-Road Vehicles Market?

    Based on the regions, North America is expected to remain the largest market for ORVs over the next five years. The USA is the growth engine of the North American as well as global ORVs market.

    Which type of application is expected to remain dominant?

    Sports and entertainment are expected to remain the most dominant applications in the forecast period.

    Who are the key players in the Off-Road Vehicle Market?

    Polaris Industries, Inc., Honda Motor Co., Ltd., Yamaha Motors Co., Ltd., BRP Inc., Arctic Cat Inc., Deere & Company (John Deere), Kubota Corporation, and Kawasaki Motors Corp. are among the key players in the Off-Road Vehicle Market.

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