Off-Road Vehicle Market Poised for 5.8% CAGR Growth Through 2028 – MarkNtel Advisors
MarkNtel Advisors has released its comprehensive analysis of Off-Road Vehicle Market, projecting a steady 5.8% CAGR growth from 2023-2028. Our team of industry specialists has exactly compiled the latest market intelligence to support stakeholders—entrepreneurs, financial analysts, and corporate strategists—in making informed, data-backed decisions.
Off-Road Vehicle Market Statistics:
Study Period- Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028): 5.8%
Market Study Report Coverage:
- Market Fundamentals: Size, share, Revenue, and historical performance metrics.
- Emerging Opportunity: Growing Appetitive for Recreational and Adventurous Trips
- Geographical Analysis: Growth hotspots across North America,South America,Europe,Middle East,Africa,Asia-Pacific
- Competitive Benchmarking: Market leaders vs. emerging players.
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Off-Road Vehicle Market Segmentation Analysis (2023–2028)
The study analyzes significant trends in each segment of Off-Road Vehicle Market report, as well as growth estimates for 2023–2028 at the geographical levels.
As per the Report the market segment bifurcated into:
By Vehicle Type
- All-Terrain Vehicle
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Utility Task Vehicles
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Snowmobiles
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Neighborhood Electric Vehicle (NEV)
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Off-Highway Motorcycles/ Dirt Bikes
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Others (Four Wheel Drive Vehicles, Snowmobiles)
By Propulsion Type
- Gasoline
-
Diesel
-
Electric
By Engine Displacement
- Less than 400CC
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401 to 800CC
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More than 800CC
By Application
- Sports
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Entertainment
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Agriculture
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Military
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Utility/Recreation
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Others (Hunting & Forestry, Tourism, etc.)
Among them all, Sports acquired the largest market share and is expected to prevail in the same trend in the forecasting period.
By Region
- North America
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South America
-
Europe
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Middle East & Africa
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Asia-Pacific
Off-Road Vehicle Market Sector Growth Driver:–
The additional safety features have increased the number of recreational events and sports tournaments, driving the market forward. Sports organizations arrange tournaments on state and national levels with titles and awards, spreading the popularity of such events and the market. Additionally, the fabricated applications of the vehicles in agriculture, construction, military, and other sectors have been driving the manufacturer to deliver better-optimized products and continue doing research and development with the needs of each industry as goals. For instance,
- in September 2020, John Deere updated its legendary Gator Utility Vehicles (UVs) line. Likewise, with hikes in military budget globally and successful application of ATVs in operations due to offered modularity and functionality, the industry has been expanding fortuitously.
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Off-Road Vehicle Market Competitive Outlook (2023–2028)
This section discusses the major participants in Off-Road Vehicle Market, with a focus on securing new contracts in developing nations to strengthen their footprint
Competitive Analysis Cover:
- Business Description
- Product Segments
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
List of Major Off-Road Vehicle Market Competitor-
- Honda Motor
- Yamaha Motor Co.
- Kubota Corporation
- Kwang Yang Motor co.
- Arctic Cat Inc.
- Polaris Industries
- Bombardier Recreational Products
- Deere & Company
- Caterpillar
- Kassbohrer Gelandefahrzeug
- BRP INC.
- Mahindra & Mahindra Ltd.
- Textron Inc.
- CFMOTO
- HISUN Motors
Off-Road Vehicle Industry Recent Developments –
- In September 2022, Arctic Cat unveils all-new catalyst snowmobile chassis at Hay Days.
- In March 2022, Polaris Industries expanded their distribution facility in Wilmington, Ohio.
- In September 2021, Yamaha designed Grizzly 90 for young ATV riders ages ten and above. It is a sports model with a low-maintenance 90cc engine that utilizes wet-sump lubrication and is air-cooled.
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Frequently Asking Questions (FAQ’s):
- What specific areas and industries are covered in Off-Road Vehicle Market research report?
- How big is Off-Road Vehicle industry?
- Which companies have the largest Off-Road VehicleMarket share?
- What opportunities, challenges, and driving forces characterize Off-Road Vehicle sector?
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