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Off-Road Vehicles (ORVs) market to reach US$ 11.1 billion in 2023 according to forecasts

The report on Off-Road Vehicles (ORVs) Market is a 167-pages study offering rich insights on the market opportunities, trends, forecasts, and competitive analysis.

Stratview Research has launched a research report on Off-Road Vehicles (ORVs) Market . The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Off-Road Vehicles (ORVs) Market from 2018 to 2023.

This 167-pages report is segmented in four ways to provide a 360-degree holistic view. The segments are –

  • By Vehicle Type (All-Terrain Vehicles (ATVs), Side-by-Side Vehicles (SSVs))
  • By Application Type (Agriculture, Entertainment, Hunting, Military, Sports, Others)
  • By Product Type (Utility Vehicle, Recreation/Utility Vehicle, Sports Vehicle, Youth Vehicle)
  • By Region

           o   North America

           o   Europe

           o   Asia-Pacific

           o   Rest of the World

Stratview Research has presented the study of Off-Road Vehicles (ORVs) Market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023.

The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

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.

detailed scope

report

Increasing usage of ORVs

The global off-road vehicles (ORVs) market offers healthy growth opportunities in the entire ecosystem and is projected to reach an estimated value of US$ 11.1 billion in 2023. 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.

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.

Development of advanced SSVs

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.

Utility vehicle is projected to remain the most dominant 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 global 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.     

Sports and entertainment are projected to remain the growth engines

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.

North America is expected to remain the largest market for ORVs

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 50% of the global ORVs sales in 2017. 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.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value.

It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter 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,.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors
  • Research Methodology

This report studies the Off-Road Vehicles (ORVs) Market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -

  • Extensive secondary research,
  • Rigorous primary interviews with more than 15 industry stakeholders across the value chain.
  • Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
  • More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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