Off-Road Vehicle Global Market Report 2024

An off-road vehicle is specifically designed for navigating challenging terrains, capable of traversing both paved and unpaved surfaces. Its defining features include large tires with deep, open treads, and a flexible suspension system to accommodate rough and uneven landscapes.

Off-road vehicles encompass various product types, including utility vehicles, sports vehicles, and others. Utility vehicles are specifically engineered for traversing challenging terrains and come powered by diverse fuel options such as diesel, gasoline, or electric, with engine displacements categorized as less than 400 (cc), 400 to 800 (cc), and surpassing 800 (cc). These vehicles find application across sectors such as agriculture, military, and various other industries.

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The off-road vehicle market size has grown strongly in recent years. It will grow from $15.95 billion in 2023 to $17.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed in the historical period can be attributed to various factors, including increased recreational demand, utilization in rural and agricultural settings, growth in tourism and adventure tourism, industrial applications, and infrastructure development.

The off-road vehicle market size is expected to see strong growth in the next few years. It will grow to $22.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The forecasted growth is driven by the rising outdoor recreation trend, increased usage in agriculture and construction, expanding adventure tourism, urbanization, and environmental conservation initiatives. Notable trends include a focus on environmental sustainability, adoption of advanced safety technologies, customization trends, adherence to evolving regulatory emissions standards, and market expansion in emerging economies.

The surge in recreational activities and adventure sports is expected to drive the expansion of the off-road vehicle market in the coming years. Recreation encompasses activities individuals engage in to rejuvenate their bodies and minds, enhancing their leisure time with excitement and enjoyment. Adventure sports, characterized by significant risk and conducted on land, water, or in the air, are becoming increasingly popular. Off-road vehicles, designed for both recreational activities and adventure sports, are experiencing heightened demand as a result. For instance, in 2023, reports from the Outdoor Industry Association, a US-based trade association for outdoor businesses, indicated a noteworthy 2.3 percent increase in the number of outdoor recreation participants in 2022. This figure reached a record high of 168.1 million, constituting 55 percent of the US population aged six and above. Consequently, the rising trend of engaging in recreational activities and adventure sports is a key driver for the growth of the off-road vehicle market.

The anticipated surge in disposable income is poised to act as a catalyst for the burgeoning expansion of the off-road vehicle market in the foreseeable future. Disposable income, defined as the residual income after accounting for taxes, significantly influences consumer spending and saving patterns. In the context of the off-road vehicle market, higher disposable income levels empower consumers to engage in discretionary purchases, particularly in adventurous products such as off-road vehicles. This propensity for increased spending not only fosters market growth but also widens the consumer base for these products. A tangible illustration of this trend can be observed in the August 2023 report by the Bureau of Economic Analysis, a US government agency, which documented a $7.3 billion increase (equivalent to less than 0.1%) in disposable personal income in July 2021. Consequently, the upward trajectory of disposable income emerges as a key driver propelling the growth of the off-road vehicle market.

The off-road vehicle market is experiencing a significant surge in technological advancement, with major industry players striving to enhance their offerings. Notably, Yamaha Motor Corp, renowned for its motorcycles and motorized products, introduced its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup in August 2022. This lineup includes the 2023 Pure-Sport SxS Lineup, featuring the YXZ1000R SS and YXZ1000R equipped with Yamaha's Sport Shift (SS) technology, facilitating swift changes through steering column-mounted aluminum paddles. Specifically designed to navigate diverse terrains, from expansive deserts and dunes to challenging muddy trails and rocky landscapes, these YXZ1000R versions boast an industry-first 998-cc triple-cylinder engine and a sequential five-speed manual transmission, offering either an auto-clutch or clutch pedal for an unparalleled direct-connection experience in the Side-by-Side segment.

Leading companies in the off-road vehicle sector are strategically emphasizing the introduction of retro-styled off-road vehicles to attain a competitive advantage in the market. These vehicles encapsulate design elements and visual aesthetics reminiscent of classic or vintage designs. Toyota Motor Corporation, a prominent automobile company, exemplified this trend by unveiling a new retro-styled Land Cruiser model in August 2023. This model ingeniously merges the timeless appearance of the original Land Cruiser with contemporary technology and performance enhancements. By offering a fusion of classic off-road capabilities and modern features, the new Land Cruiser model is priced more accessibly, aligning with the escalating interest in both classic and off-road vehicles among consumers. Renowned for its storied history of exceptional off-road prowess, the Land Cruiser is meticulously crafted to excel across diverse terrains, resonating strongly with off-road enthusiasts and adventurous individuals seeking reliable performance and enduring appeal.

In September 2022, Mullen Technologies, Inc., a prominent U.S.-based automotive and electric vehicle manufacturer, completed the acquisition of Bollinger Motor for $148.2 million. This strategic transaction provided Mullen with access to Bollinger-designed medium-duty and sport utility trucks, augmenting its product portfolio. Simultaneously, the acquisition empowers Bollinger Motors, a U.S.-based automobile company specializing in off-road electric trucks, to tap into the electric sport utility and commercial vehicle markets. The collaboration positions both entities to capitalize on the growing demand for electric vehicles across various segments.

Major companies operating in the off-road vehicle market report are Toyota Motor Corporation, Honda Motor Co. Ltd., Gas Gas Motorcycles, Nissan Motor Co. Ltd., Caterpillar Inc., Deere & Company, Suzuki Motors Corporation, KUBOTA Corporation, Yamaha Motor Co. Ltd., Mahindra & Mahindra Limited, Textron Inc., Kawasaki Heavy Industries Ltd., BMS Motorsports Inc., Polaris Inc., Can-Am Off-Road (BRP), BRP Inc., The Toro Company, KTM AG, Piaggio & C. SpA, CFMOTO Powersports Inc., Zhejiang Chunfeng Power Co. Ltd., TOMCAR Inc., Argo Inc., Exmark.com, Kandi Technologies Group Inc., Stealth Electric Bikes Pty. Ltd., HISUN Motors Corp., Alke, Massimo Motor Sports LLC, Haojue Holdings Co. Ltd., Arctic Cat Inc., ODES Industries, Intimidator UTV

North America was the largest region in the off-road vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the off-road vehicle market during the forecast period. The regions covered in the off-road vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the off-road vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The off-road vehicle market consists of sales of off-road vehicles including low-pressure tire vehicles, amphibious machines, ground effect air cushion vehicles, all-terrain vehicles (ATVs), and recreational off-highway vehicles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Off-Road Vehicle Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on off-road vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for off-road vehicle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The off-road vehicle market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Utility Vehicle; Sports Vehicle; Other Product Types
• 2) By Fuel: Diesel; Gasoline; Electric
• 3) By Displacement: Less Than 400 (Cc); 400 To 800 (Cc); More Than 800 (Cc)
• 4) By End User Vertical: Agriculture; Military; Sports; Other End User Verticals
• Companies Mentioned: Toyota Motor Corporation; Honda Motor Co. Ltd.; Gas Gas Motorcycles; Nissan Motor Co. Ltd.; Caterpillar Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.