According to a report by TechSci Research titled “Global Off-Road Vehicles (ORVs) Market: Vehicle Type, Product Type, Application, Region, Competition, Forecast & Opportunities, 2016-2026,” the global ORVs market is expected to grow at a CAGR of over 6% during the forecast period, reaching a value of USD 17 billion in 2019. This growth can be attributed to increasing industrialization. Major ORV manufacturers worldwide are expected to introduce a wide range of advanced and specifically designed off-road vehicles to cater to diverse customer needs. The rising popularity of off-roading sports events and the expanding application of all-terrain vehicles in industries like agriculture are further driving the demand for ORVs.
In 2016, off-road motorcycles dominated the market due to their additional features such as knobby tires, long suspension travel, and minimalistic frames, headlights, taillights, and bodywork. The global off-road vehicles market is segmented into utility, sports, and other product types. Utility vehicles, followed by sports vehicles, hold the largest market share due to their high load carrying capacity, ease of maintenance, and cost-effectiveness compared to sports ORVs.
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Browse 146 Figures spread through 110 Pages and an in-depth TOC on “Global Off-Road Vehicles (ORVs) Market”
Key players in the global off-road vehicles market include Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company (John Deere), Kawasaki Motors Corp., Kubota Corporation, and Polaris Industries Inc., among others. These companies are continuously engaged in research and development to manufacture technologically advanced and affordable ORVs, thereby intensifying the market competition. The increasing investments and ongoing product developments by automotive companies in the ORV market are expected to fuel market growth.
“Growing utilization of ORVs in various applications such as sports, entertainment, and agriculture, coupled with the presence of international brands and reduced component manufacturing costs, will drive the sales of ORVs in the global market during the forecast period. Moreover, the manufacturers’ focus on developing advanced ORVs will act as a catalyst for industry growth,” said Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm.
The report “Global Off-Road Vehicles (ORVs) Market: Vehicle Type, Product Type, Application, Region, Competition, Forecast & Opportunities, 2016-2026” provides insights into the future growth potential of the global ORVs market. It offers statistics, market size information, market structure, and future growth prospects. The report aims to provide cutting-edge market intelligence and assist decision makers in making informed investment decisions. Additionally, it identifies and analyzes emerging trends, along with the key drivers, challenges, and opportunities in the global off-road vehicles market.
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