Off-Road Vehicles (ORVs) Market in North America will exhibit around 5

Off-Road Vehicles (ORVs) Market Analysis, Trends,
Growth & Forecast, 2018 – 2024: Global Market
Insights, Inc.
Global Market Insights added Most up-to-date research on “Off-Road Vehicles
Market: Global Industry Share, Trends and Forecast, 2018 – 2024″ to its huge
collection of research reports.
This Research study on the Global Off-Road Vehicles (ORVs) Market offers detailed
and insightful information on major regional markets and related sub-markets.
Rising recreational facilities and participants across the globe will boost off-road
vehicles market over projected timeframe. Initiatives such as National Wildlife
Refuge System is attracting youth towards activities including hunting and forest
trails. Growing high performance vehicles demand for rugged terrains will enhance
product penetration. Further, increasing credit availability in conjunction with growing
distribution channel for off road vehicles in emerging regions will propel industry
growth. Off-Road Vehicles Market to surpass USD 28 billion by 2024; according to a
new research report by Global Market Insights, Inc.
Improved fuel efficiency, low carbon emissions, advent electric powered alternatives,
and lower maintenance costs of such vehicles will strengthen the product demand
over the forecast period. Diversified applications including construction, agriculture,
and sports activities owing to their superior technical advantages including advanced
four-wheel drive systems, enhanced power and torque, and differential locking will
fuel the off-road vehicles market share over the study timeframe.
Advancements in technologies including the emphasis on reducing the excessive
sound from the engines of the off-road vehicles will propel the ORVs market share
over the forecast timeframe. For instance, in 2015, Polaris Industries initiated work
on hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with
enhanced noise damping capabilities and amplified power. Development of hybrid
engines with improved efficiency and minimal emissions along with the introduction
of light weight models will further stimulate the industry growth till 2024.
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Increasing number of accidents and fatalities owing to user carelessness and lack of
appropriate training will hamper the ORVs market growth over the forecast
timeframe. For instance, as per the Consumer Federation of America, in 2017, ATV
fatalities accounted for 104 persons in the U.S owing to not wearing helmets.
However, regulatory bodies such as Society of Automotive Engineers (SAE), Federal
Chamber of Automotive Industries (FCAI), British Colombia Laws, and The Specialty
Vehicle Institute of America (SVIA) are addressing the safety concerns related to offroad
vehicles by laying down regulations. These standards include the prohibition of
such vehicles on roads and mandating safety equipment while driving of such
rugged vehicles.
3. Off-Road Vehicles Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Component Suppliers
3.3.2. Manufacturers
3.3.3. Profit margin analysis
3.3.4. Distribution channel analysis
3.3.5. Vendor matrix
3.4. Technology landscape
3.5. Industry best practices & key buying criteria
3.6. Consumer demographics
3.7. Accidents and fatality statistics, 2017
3.8. Regulatory landscape
3.8.1. North America
3.8.2. Europe
3.8.3. Asia Pacific
3.8.4. Latin America
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3.8.5. MEA
3.9. Pricing analysis
3.9.1. By region
3.9.1.1. North America
3.9.1.2. Europe
3.9.1.3. Asia Pacific
3.9.1.4. Latin America
3.9.1.5. MEA
3.9.2. Cost structure analysis
3.10. Industry impact forces
3.10.1. Growth drivers, by region
3.10.1.1. North America
3.10.1.2. Europe
3.10.1.3. Asia Pacific
3.10.1.4. LATAM
3.10.1.5. MEA
3.10.2. Industry pitfalls & challenges
3.11. Innovation & sustainability
3.12. Growth potential analysis, 2017
3.13. Competitive landscape, 2017
3.13.1. Top players overview, 2017
3.13.2. Key stakeholders
3.13.3. Strategy dashboard
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3.14. Porter's analysis
3.15. PESTEL analysis
U.S. Off-Road Vehicles Market, By Vehicle, 2017 & 2024, (USD Million)
North America off-road vehicles (ORVs) market will exhibit around 5% CAGR from
2018 to 2024 owing to presence of major manufacturers such as Polaris Industries,
Kawasaki and Bombardier Recreational Products (BRP). Growing consumer
preference for leisure activities including mountain hiking, snow sports, adventure
racing and motocross events will surge the regional demand.
Side by side vehicle segment will hold considerable volume share over the forecast
timeframe owing to the added advantages such as higher safety and load bearing
capacity as compared to its counterparts. These off-road vehicles are equipped with
multiple seating configuration, seatbelts, windscreen, and roll cages that enhances
the safety and improves the driving experience thereby positively influencing the offroad
vehicles market growth in next six years.
Sports segment will account for more than 40% revenue share over the projected
timeframe. This can be credited to proliferation of sport events such as woods and
sand rides across the globe. Multiple configurations including enhanced power and
torque outputs, diversified engine options coupled with lower maintenance costs are
fueling the segment growth.
KTM, Yahama Motor Co., Suzuki Motors Corporation, Honda Motor. Co., Caterpillar,
Bombardier Recreational Products, Kawasaki Motors Corp., Deere & Company
(John Deere), and Polaris Industries Inc., are among the major ORVs market
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participants. Other players in the off-road vehicle market include Arctic Cat Inc.,
Wildcat, Kässbohrer Geländefahrzeug, Kubota Corporation, Massimo Motors and
Tomcar Australia.
Industry leaders are actively working on introducing new products and expanding
their portfolio to improve their market positioning. For instance, in 2018, Polaris
Industries Inc. introduced advanced 2019 product line-up of their off-road vehicles
including the RANGER, RZR, GENERAL and Sportsman series. The models with
diversified configurations including exclusive half doors, water drains, enhanced
suspension drive for smooth drive, electronic power steering, bronze tires, and
varied power outputs ranging from 82 to 100 horsepower will cater to multiple price
ranges, enhancing their market share over the forecast timeframe.
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