The global off-road vehicle market is expected to register a CAGR of 3.01%, during the forecast period, 2019-2024.
- The increasing number of recreational parks and changes in off-road regulations are a few primary factors driving market growth.
- In most of the countries, off-road vehicles are restricted from riding on public roadways as these vehicles are identified as unsafe for road traveling. The, in turn, has slightly limited the potential growth of the off-road vehicle market.
- However, the United States has recognized the growing demand for the off-road vehicle in the country and has granted a permit to ride ATVs on the public roadways in few states namely Wisconsin and Ohio, which predominantly use ATVs and UTVs.
- Off-road vehicles have been gaining demand across different application sectors such as sports, agriculture, military, tourism, entertainment, and hunting activities. However, the demand for off-road vehicles for agricultural and military operations has been significantly increased with the advancement in the vehicle capabilities, offered by the manufacturers in the market.
- North America is the market leader, with the United States and Canada capturing the majority share in the regional market during the forecast period.
- The Asia-Pacific is a relatively small market but is expected to grow at a faster pace during the forecast period owing to rising recreational activities spending, especially in the emerging economies, like China and India.
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Scope of the Report
Off-road vehicle (ORV), is a vehicle capable of driving on and off paved or gravel surface. Among ORV types, all-terrain vehicles (ATV) allow only single rider feature while utility task vehicles (UTV) allows more than a single rider, and they have been considered in the scope of the market.
The off-road vehicle market has been segmented by vehicle type, application type, and geography.
Key Market Trends
UTV to Witness Faster Growth
UTVs or side-by-side (SxS) vehicles have been majorly used in agricultural sectors such as in turf, ranches, and farms for towing agricultural products or small implements attached at the rear end.
The use of UTVs for agricultural applications is more popular in the developed countries, compared to the developing countries, since operating UTVs require extensive training and need to follow safety rules as it involves risk while riding it.
Earlier, farmers, owning UTVs, used them to follow their respective country UTV laws, which allowed the usage of UTVs in limited areas, such as county or township roads, and restricted them from riding on the public roads. Such laws have resulted in the slow growth of UTVs in agricultural applications segment, as most of the farmers prefer small HP tractors over ATVs.
However, the laws on UTVs gradually changed, which were more focused on updating safety standards.
Additionally, with the growing interest in UTVs in the agriculture sector, in 2018, a few countries permitted the usage of utility ATVs on public roads between the farm fields.
For instance, Ohio, in the United States, launched a new law, as a part of its 2018-2019 transportation budget, known as House Bill 26, which permitted the usage of UTVs on public roads from June 30, 2017.
Additionally, UTVs are expected to witness a healthy growth rate as the users are gradually shifting to using UTVs owing to the advantages they offer, such as better riding experience, rollover protection bars, and seat belts.
Thus, the above-mentioned developments in the UTV laws are likely to drive the demand for utility UTVs in agricultural applications during the forecast period.
North America Captured Major Market Share
The largest demand for recreational vehicles is identified in the North America region, followed by Europe. In North America, the United States was ranked first in the off-road vehicle market, while in Europe, Germany and France respectively ranked as the third and the fifth largest market for off-road vehicles, especially in the ATVs in 2018.
As of 2017, the United States has expanded recreational opportunities on public lands by adding more than 370 miles to 19 national recreational trails in 17 states out of the 1,000 trails in all 50 states. These national recreational trails are designated to contribute for health, conversation, and recreational activities like driving off-road vehicles. The growing demand for ATV riding activities has been increasing significantly since 2014, as existing parks have been gradually allowing ATV rides in the United States. For instance, recently, the Georgia Department of Natural Resources announced a plan in which federal recreational trails granted USD 1 million for the Bush Head Shoals State ATV Park. The increase in the recreational parks for ATV ridings is likely to boost the growth of the off-road vehicle's market during the forecast period.
Competitive Landscape
Some of the major players, like Arctic Cat, Polaris Industries, Bombardier Recreational Products (Can-Am), Kawasaki Motors Corp., Deere & Company (John Deere), etc., have captured significant shares in the market. Honda, Polaris, and Yamaha covered nearly 50% of the global off-road vehicle market in 2018.
Polaris captures more than 20% of the global market. The company has been continually focusing on technological advancements for improving the features of off-road vehicle models.
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Table of Contents
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 All-Terrain Vehicle (ATV)
5.1.2 Utility Task Vehicle (UTV)
5.2 By Application
5.2.1 Sports
5.2.2 Agricultural
5.2.3 Others (Entertainment, Forestry, Tourism etc.)
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Polaris Industries
6.2.2 Bombardier Recreational Products Inc. (Can - Am)
6.2.3 Honda Motor Company
6.2.4 Yamaha Motor Corporation
6.2.5 Arctic Cat Inc.
6.2.6 Kawasaki Motors Corp.
6.2.7 Suzuki Motor Corporation
6.2.8 Deere & Company (John Deere)
6.2.9 Kwang Yang Motor Co. Ltd.
6.2.10 Kubota Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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