Growing focus towards entertainment and sports activities to drive global off-road vehicles market through 2024
According to TechSci Research report, “Global Off-Road Vehicles (ORVs) Market By Vehicle Type, By Product Type, By Application, By Region, Competition, Forecast & Opportunities, 2014 – 2024”, global off-road vehicles (ORVs) market is projected to cross $ 23 billion by 2024, owing to increasing recreational and touring activities coupled with advancements in the ORV technology. Over the coming years, major global ORV manufacturers are anticipated to come up with a wide range of advanced and specifically designed off-road vehicles to meet varying customer requirements. Growing number of off-roading sports events and widening application areas of all-terrain vehicles in several industries including agriculture are further likely to push demand for ORVs in the coming years.
Browse 146 Figures spread through 110 Pages and an in-depth TOC on "Global Off-Road Vehicles (ORVs) Market"
Off-road motorcycles dominated the market in 2018, on account of additional features such as knobby tires, long suspension travel, and minimalistic frames, headlights, taillights and bodywork in this vehicle segment. On the basis of product type, global off-road vehicles market has been segmented into utility, sports and others. Utility vehicles, followed by sports vehicles, is the leading product segment in the off-road vehicles market, owing to their high load carrying capacity, easy maintenance and economical pricing when compared with sports ORVs.
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Major players operating in global off-road vehicles market are Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company (John Deere), Kawasaki Motors Corp., Kubota Corporation and Polaris Industries Inc., among others. Their continued research & development efforts to manufacture technologically advanced and affordable ORVs are further anticipated to intensify the market over the course of next five years. Increasing investments and continuous product developments by automotive companies in the off-road vehicles market is also expected to fuel the market.
“Growing use of ORVs in several applications such as sports, entertainment and agriculture, in addition to increasing number of international brands and reducing component manufacturing cost, is expected to boost the sales of ORVs in the global market during the forecast period. Moreover, increasing focus of manufacturers to develop advanced ORVs is expected to act as a catalyst for the industry growth.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Off-Road Vehicles (ORVs) Market By Vehicle Type, By Product Type, By Application, By Region, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of global off-road vehicles (ORVs) market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global off-road vehicles (ORVs) market.
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