Product Code: 2321
Off-Road Vehicle Market is projected to expand exponentially through 2032 due to the rising consumer inclination towards off-road recreational activities, especially in Asia Pacific. In addition, the rising popularity of off-road vehicles such as ATVs, UTVs, and off-road motorcycles among the young population is expected to impact the market expansion. The increasing prominence of off-road sports events across rugged terrains will further increase consumer participation in the off-road vehicle market.
The rising number of accidents and fatalities, along with factors such as a violation of rules & regulations, ignorance toward preventive measures, and underage driving are predicted to hamper the market growth in the future. However, the emergence of electric vehicles (EVs) and advancing battery technologies will escalate the market growth by 2032.
Overall, the off-road vehicle market is segmented in terms of vehicle, application, propulsion type, and regions.
Considering the vehicle, the off-road motorcycle segment is expected to grow significantly owing to the increasing number of sport racing events taking place across the U.S., including the UTV World Championship, Rally on the Rocks, and Legacy Racing. Different companies operating in the business space are introducing new line of off-road motorcycles to secure a competitive edge. Citing an instance, KTM North America, in December 2022, introduced its new lineup of ADVENTURE motorcycles.
In terms of application, the utility segment is projected to reach over USD 6.5 billion by 2032. The growth can be credited to the increasing construction spending across the U.S. Off-road vehicles are used at construction sites owing to their capabilities and features such as adequate load-hauling, enhanced stability, hassle-free maintenance, and maximum comfort. Such factors are slated to impact the market landscape over the forecast period considerably.
Based on propulsion type, the diesel segment is expected to depict more than 7% CAGR over 2023-2032. The segment will demonstrate growth owing to the rising demand for diesel off-road vehicles given the several benefits offered by these, such as high torque and power. Diesel off-road vehicles are equipped with powerful, long-lasting engines that can increase the vehicle's power, which is anticipated to augment the segment expansion.
In the regional context, the Asia Pacific Off-Road vehicle market amassed more than 17% market share in 2022 and is expected to demonstrate sturdy growth through 2032. Growing prominence of off-road parks and trails and the presence of leading industry companies such as Suzuki, Yamaha, and Honda are key factors fostering the market expansion in the region.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Scope & definitions
- 1.2 Base estimates and calculations
- 1.3 Forecast calculations
- 1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Off-road vehicle industry 360 degree synopsis, 2018-2032
- 2.2 Business trends
- 2.2.1 Total Addressable Market (TAM), 2023-2032
- 2.3 Displacement trends
- 2.4 Application trends
- 2.5 Propulsion type trends
- 2.6 Regional trends
Chapter 3 Off-Road Vehicle Market Industry Insights
- 3.1 Introduction
- 3.2 Impact of COVID-19
- 3.2.1 North America
- 3.2.2 Europe
- 3.2.3 Asia Pacific
- 3.2.4 Latin America
- 3.2.5 MEA
- 3.3 Russia- Ukraine war impact
- 3.4 Industry ecosystem analysis
- 3.4.1 Component suppliers
- 3.4.2 Technology providers
- 3.4.3 Manufacturers
- 3.4.4 End use landscape
- 3.4.5 Distribution channel analysis
- 3.4.6 Profit margin analysis
- 3.4.7 Vendor matrix
- 3.5 Technology & innovation landscape
- 3.6 Patent analysis
- 3.7 Key initiative and news
- 3.8 Regulatory landscape
- 3.8.1 North America
- 3.8.2 Europe
- 3.8.3 Asia Pacific
- 3.8.4 Latin America
- 3.8.5 MEA
- 3.9 Industry impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Rapid investment in R&D and new product development in North America
- 3.9.1.2 Proliferation of the electric-off road vehicles industry in Europe
- 3.9.1.3 Growing consumer inclination towards off-road recreational activities in Asia Pacific
- 3.9.1.4 High growth of the tourism industry in Latin America and MEA
- 3.9.1.5 Increasing presence of off-roading sports events
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 Safety concerns related to off-road vehicles
- 3.9.2.2 Environmental impact of off-roading activities
- 3.10 Growth potential analysis
- 3.11 Porter's analysis
- 3.11.1 Supplier power
- 3.11.2 Buyer power
- 3.11.3 Threat of new entrants
- 3.11.4 Threat of substitutes
- 3.11.5 Internal rivalry
- 3.12 PESTEL analysis
- 3.12.1 Political
- 3.12.2 Economic
- 3.12.3 Social
- 3.12.4 Technological
- 3.12.5 Environmental
- 3.12.6 Legal
Chapter 4 Competitive Landscape, 2022
- 4.1 Introduction
- 4.2 Company market share, 2022
- 4.3 Competitive analysis of major market players, 2022
- 4.3.1 Polaris, Inc.
- 4.3.2 Arctic Cat, Inc.
- 4.3.3 Yamaha Motor Company
- 4.3.4 Kawasaki Motor Corporation
- 4.3.5 Honda Motor Co., Ltd
- 4.4 Competitive analysis of innovation leaders, 2022
- 4.4.1 DRR USA
- 4.4.2 Zero Motorcycles
- 4.4.3 KTM AG
- 4.4.4 HISUN Motors
- 4.4.5 BRP Group
- 4.5 Competitive positioning matrix
- 4.6 Strategic outlook matrix
Chapter 5 Off-road vehicle Market, By Vehicle
- 5.1 Key trends, by vehicle
- 5.2 ATV
- 5.2.1 Market estimates and forecast, 2018-2032
- 5.3 SSV/UTV
- 5.3.1 Market estimates and forecast, 2018-2032
- 5.4 Off-road motorcycles
- 5.4.1 Market estimates and forecast, 2018-2032
- 5.5 Snowmobiles
- 5.5.1 Market estimates and forecast, 2018-2032
Chapter 6 Off-road vehicle Market, By Application
- 6.1 Key trends, by application
- 6.2 Utility
- 6.2.1 Market estimates and forecast, 2018-2032
- 6.3 Sports
- 6.3.1 Market estimates and forecast, 2018-2032
- 6.4 Recreation
- 6.4.1 Market estimates and forecast, 2018-2032
- 6.5 Military
- 6.5.1 Market estimates and forecast, 2018-2032
Chapter 7 Off-road vehicle Market, By Propulsion Type
- 7.1 Key trends, by propulsion type
- 7.2 Gasoline
- 7.2.1 Market estimates and forecast, 2018-2032
- 7.3 Diesel
- 7.3.1 Market estimates and forecast, 2018-2032
- 7.4 Electric
- 7.4.1 Market estimates and forecast, 2018-2032
Chapter 8 Off-road vehicle Market, By Region
- 8.1 Key trends, by region
- 8.2 North America
- 8.2.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.2.2 Market estimates and forecast, by application, 2018-2032
- 8.2.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.2.4 U.S.
- 8.2.4.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.2.4.2 Market estimates and forecast, by application, 2018-2032
- 8.2.4.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.2.5 Canada
- 8.2.5.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.2.5.2 Market estimates and forecast, by application, 2018-2032
- 8.2.5.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.3 Europe
- 8.3.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.3.2 Market estimates and forecast, by application, 2018-2032
- 8.3.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.3.4 UK
- 8.3.4.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.3.4.2 Market estimates and forecast, by application, 2018-2032
- 8.3.4.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.3.5 Germany
- 8.3.5.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.3.5.2 Market estimates and forecast, by application, 2018-2032
- 8.3.5.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.3.6 France
- 8.3.6.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.3.6.2 Market estimates and forecast, by application, 2018-2032
- 8.3.6.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.3.7 Italy
- 8.3.7.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.3.7.2 Market estimates and forecast, by application, 2018-2032
- 8.3.7.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.3.8 Russia
- 8.3.8.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.3.8.2 Market estimates and forecast, by application, 2018-2032
- 8.3.8.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.4 Asia Pacific
- 8.4.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.4.2 Market estimates and forecast, by application, 2018-2032
- 8.4.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.4.4 China
- 8.4.4.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.4.4.2 Market estimates and forecast, by application, 2018-2032
- 8.4.4.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.4.5 India
- 8.4.5.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.4.5.2 Market estimates and forecast, by application, 2018-2032
- 8.4.5.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.4.6 Japan
- 8.4.6.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.4.6.2 Market estimates and forecast, by application, 2018-2032
- 8.4.6.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.4.7 South Korea
- 8.4.7.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.4.7.2 Market estimates and forecast, by application, 2018-2032
- 8.4.7.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.5 Latin America
- 8.5.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.5.2 Market estimates and forecast, by application, 2018-2032
- 8.5.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.5.4 Brazil
- 8.5.4.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.5.4.2 Market estimates and forecast, by application, 2018-2032
- 8.5.4.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.5.5 Mexico
- 8.5.5.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.5.5.2 Market estimates and forecast, by application, 2018-2032
- 8.5.5.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.6 MEA
- 8.6.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.6.2 Market estimates and forecast, by application, 2018-2032
- 8.6.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.6.4 UAE
- 8.6.4.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.6.4.2 Market estimates and forecast, by application, 2018-2032
- 8.6.4.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.6.5 Saudi Arabia
- 8.6.5.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.6.5.2 Market estimates and forecast, by application, 2018-2032
- 8.6.5.3 Market estimates and forecast, by propulsion type, 2018-2032
- 8.6.6 South Africa
- 8.6.6.1 Market estimates and forecast, by vehicle, 2018-2032
- 8.6.6.2 Market estimates and forecast, by application, 2018-2032
- 8.6.6.3 Market estimates and forecast, by propulsion type, 2018-2032
Chapter 9 Company Profiles
- 9.1 Alke S.r.l
- 9.1.1 Business Overview
- 9.1.2 Financial Data
- 9.1.3 Product Landscape
- 9.1.4 Strategic Outlook
- 9.1.5 SWOT Analysis
- 9.2 Arctic Cat, Inc.
- 9.2.1 Business Overview
- 9.2.2 Financial Data
- 9.2.3 Product Landscape
- 9.2.4 Strategic Outlook
- 9.2.5 SWOT Analysis
- 9.3 Bombardier Recreational Products (BRP)
- 9.3.1 Business Overview
- 9.3.2 Financial Data
- 9.3.3 Product Landscape
- 9.3.4 Strategic Outlook
- 9.3.5 SWOT Analysis
- 9.4 Daymak, Inc.
- 9.4.1 Business Overview
- 9.4.2 Financial Data
- 9.4.3 Product Landscape
- 9.4.4 Strategic Outlook
- 9.4.5 SWOT Analysis
- 9.5 Deere & Co.
- 9.5.1 Business Overview
- 9.5.2 Financial Data
- 9.5.3 Product Landscape
- 9.5.4 Strategic Outlook
- 9.5.5 SWOT Analysis
- 9.6 DRR USA
- 9.6.1 Business Overview
- 9.6.2 Financial Data
- 9.6.3 Product Landscape
- 9.6.4 Strategic Outlook
- 9.6.5 SWOT Analysis
- 9.7 Ecocharger Quad Bikes
- 9.7.1 Business Overview
- 9.7.2 Financial Data
- 9.7.3 Product Landscape
- 9.7.4 Strategic Outlook
- 9.7.5 SWOT Analysis
- 9.8 Hisun Motors
- 9.8.1 Business Overview
- 9.8.2 Financial Data
- 9.8.3 Product Landscape
- 9.8.4 Strategic Outlook
- 9.8.5 SWOT Analysis
- 9.9 Honda Motor Co., Ltd.
- 9.9.1 Business Overview
- 9.9.2 Financial Data
- 9.9.3 Product Landscape
- 9.9.4 Strategic Outlook
- 9.9.5 SWOT Analysis
- 9.10 Intimidator Inc.
- 9.10.1 Business Overview
- 9.10.2 Financial Data
- 9.10.3 Product Landscape
- 9.10.4 Strategic Outlook
- 9.10.5 SWOT Analysis
- 9.11 Kawasaki Motors Corporation
- 9.11.1 Business Overview
- 9.11.2 Financial Data
- 9.11.3 Product Landscape
- 9.11.4 Strategic Outlook
- 9.11.5 SWOT Analysis
- 9.12 KTM AG
- 9.12.1 Business Overview
- 9.12.2 Financial Data
- 9.12.3 Product Landscape
- 9.12.4 Strategic Outlook
- 9.12.5 SWOT Analysis
- 9.13 Massimo Motor
- 9.13.1 Business Overview
- 9.13.2 Financial Data
- 9.13.3 Product Landscape
- 9.13.4 Strategic Outlook
- 9.13.5 SWOT Analysis
- 9.14 Polaris Inc.
- 9.14.1 Business Overview
- 9.14.2 Financial Data
- 9.14.3 Product Landscape
- 9.14.4 Strategic Outlook
- 9.14.5 SWOT Analysis
- 9.15 Taiga Motors Inc.
- 9.15.1 Business Overview
- 9.15.2 Financial Data
- 9.15.3 Product Landscape
- 9.15.4 Strategic Outlook
- 9.15.5 SWOT Analysis
- 9.16 Yamaha Motor Co., Ltd.
- 9.16.1 Business Overview
- 9.16.2 Financial Data
- 9.16.3 Product Landscape
- 9.16.4 Strategic Outlook
- 9.16.5 SWOT Analysis
- 9.17 Zero Motorcycles
- 9.17.1 Business Overview
- 9.17.2 Financial Data
- 9.17.3 Product Landscape
- 9.17.4 Strategic Outlook
- 9.17.5 SWOT Analysis