Off-Road Vehicle Market to Reach $22.6 Billion, Globally, by 2030 at 7.3% CAGR: Allied Market Research

Portland, ore.And January 20 2022 /PRNewswire/- Allied Market Research has published a report titled “Off-Road Vehicle Market by Displacement (Under 400 (CC), 400 to 800 (CC), Over 800 (CC)), Vehicle Type (ATV, UTV, Snowmobile, and NEV), Vertical Use (Agriculture, Military, Sports, and Others): Global Opportunity Analysis and Industry Outlook, 2021-2030″. According to the report, the global off-road vehicle industry has been created $12.3 billion In 2020, it is expected to generate $22.6 billion By 2030, we could see a compound annual growth rate of 7.3% from 2021 to 2030.

basic determinants of growth

The increase in the trend of recreational activities and adventure sports and the increase in the penetration of 4×4 and 4×4 vehicles is driving the growth of the global off-road vehicle market. However, the high maintenance cost of off-road vehicles hinders the growth of the market. On the other hand, the development of electric powered off-road vehicles and the expansion of the dealer network to reach the efficient product offers new opportunities in the coming years.

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Covid-19 scenario

  • The Covid-19 outbreak has hampered the sale of off-road vehicles due to significant financial losses and uncertainties in business operations. The prolonged shutdown has forced manufacturers to shut down their facilities to limit the spread of the virus.
  • Negative supply and demand due to the Covid-19 crisis has affected the off-road vehicle industry. Moreover, the shutdown has disrupted the supply chain and increased raw material prices.

400 to 800 (CC) sector to maintain its leadership position throughout the forecast period

Based on displacement, the 400 to 800 (CC) segment held the highest market share in 2020, accounting for nearly half of the global off-road vehicle market, and is estimated to maintain its leadership position throughout the forecast period. This is due to the shift in trends from racetracks to long desert races. Moreover, the segment below 400 (CC) is expected to show the highest compound annual growth rate of 9.1% from 2021 to 2030. This is due to its lower cost compared to other models and increased demand for light service applications, such as some recreational activities, Agriculture and forestry are also driving the adoption of less than 400 cc of vehicles.

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UTV sector to maintain its leadership position throughout the forecast period

On the basis of vehicle type, the UTV segment took the lion’s share in 2020, contributing to more than two-fifths of the market. This is attributed to the increased adoption of UTVs for utility applications, including forestry, agriculture and freight transportation and is the primary factor driving market growth. However, the NEV segment is expected to show the highest compound annual growth rate of 8.8% during the forecast period, given that the adjacent electric vehicle has a wide range of end-use applications in leisure activities, travel and tourism activities, and shorter distance passenger transportation, among others. .

North America to maintain its dominance by 2030

based on the area, North America It had the highest market share by revenue for 2020, capturing more than half of the global off-road vehicle market. This is due to the government’s supportive rules to allow these vehicles to be driven on the roads. Furthermore it, Asia Pacific It is expected to experience the fastest compound annual growth rate of 8.6% during the forecast period, due to the introduction of new range of off-road vehicle models and the developments and innovations in these vehicles.

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Leading market players

  • BRP . company
  • CFMOTO
  • Derry & Co
  • Honda Motor Co., Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • Kubota Corporation
  • Mahindra & Mahindra Limited
  • Polaris Inc.
  • Textron Corporation
  • Yamaha Motor Co., Ltd.

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about us

Allied Market Research (AMR) is a full-service market research and business advisory subsidiary of Allied Analytics LLP, headquartered in Portland, Oregon. Allied Market Research provides global organizations as well as medium and small businesses with unparalleled quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted viewpoint to provide business insights and consultancy to help its clients make strategic business decisions and achieve sustainable growth in their market space.

We are in professional institutional relationships with many companies and this helps us extract market data that helps us in creating accurate research spreadsheets and assures the utmost accuracy in our market forecasts. CEO of Allied Market Research pawan kumar It plays an essential role in inspiring and encouraging everyone associated with the company to maintain high data quality and help customers in every way possible to achieve success. All the data presented in the reports published by us are extracted through preliminary interviews with senior officials from the leading companies in the respective field. Our methodology for acquiring secondary data includes in-depth online and offline research and discussions with industry knowledgeable professionals and analysts.

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