Off-Road Vehicles (ORVs) Market by Vehicle Type (ATVs and SSVs), by Product Type (Utility, Recreational/Utility, Sports, and Youth), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
This report, from Stratview Research, studies the global off-road vehicles (ORVs) market over the trend period 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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The Global Off-Road Vehicles (ORVs) Market: Highlights
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.
Off-Road Vehicles Market
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.
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.
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.
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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.
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.
The supply chain of this market comprises raw material suppliers, component manufacturers, ATV and SSV manufacturers, and distributors, and buyers. 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. New product development, vast product portfolio, wide dealer & distribution network, and proximity to the key markets are the key strategies adopted by the key players to gain a competitive edge in the market.
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, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors
The global off-road vehicles market is segmented into the following categories.
Off-Road Vehicles (ORVs) Market by Vehicle Type:
• All-Terrain Vehicles (ATVs)
• Side-by-Side Vehicles (SSVs)
Off-Road Vehicles (ORVs) Market by Product Type:
• Utility Vehicle
• Recreation/Utility Vehicle
• Sports Vehicle
• Youth Vehicle
Off-Road Vehicles (ORVs) Market by Application Type:
Off-Road Vehicles (ORVs) Market by Region:
• North America
• Rest of the World
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Category: Consumer Goods
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life