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Off-Road Vehicle Market Set To Grow At 7.3% CAGR, Reaching $22,618.45 Million By 2030 AMR
(MENAFN- EIN Presswire)
WILMINGTON, NEW CASTLE, DE, UNITED STATES, February 21, 2025 /EINPresswire / -- According to a recent report published by Allied Market Research, titled, Off-Road Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report, by Displacement, Vehicle Type, End Use Vertical : Global Opportunity Analysis and Industry Forecast, 2021-2030.
Off-road Vehicle Market Outlook, 2030 :
The global off-road vehicle market size was valued at $12,365.18 million in 2020, and is projected to reach $22,618.45 million by 2030, registering a CAGR of 7.3%.
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The 400 to 800 (CC) segment to maintain its leadership status throughout the forecast period
Based on displacement, the 400 to 800 (CC) segment held the highest market share in 2020, accounting for nearly half of the global off-road vehicle market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to shifting trends from circuit tracks to long desert race events. Moreover, the less than 400 (CC) segment is projected to manifest the highest CAGR of 9.1% from 2021 to 2030. This is owing to their low cost compared to other models and increasing demand for light-duty applications, such as some recreational activities, agriculture and forestry also drives the adoption of less than 400 cc vehicles.
The UTV segment to maintain its leadership status throughout the forecast period
On the basis of vehicle type, the UTV segment held the lion's share in 2020, contributing to more than two-fifths of the market. This is attributed to increase in adoption of UTVs for utility applications, including forestry, agriculture, and goods transport is the primary factor driving the growth of the market. However, the NEV segment is expected to manifest the highest CAGR of 8.8% during the forecast period, owing to neighborhood electric vehicle has a wide range of end-use application in the leisure activities, travel and tourism activities, passenger commute for shorter distance, among others.
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North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than half of the global off-road vehicle market. This is attributed to supportive government rules to allow driving these vehicles on roadways. Moreover, Asia-Pacific is expected to witness the fastest CAGR of 8.6% during the forecast period, owing to the introduction of a new range of off-road vehicle models and advancements & innovations in these vehicles.
Leading Market Players :
BRP Inc.
CFMOTO
Deere & Company
Honda Motor Co., Ltd.
Kawasaki Heavy Industries, Ltd.
KUBOTA Corporation
Mahindra & Mahindra Limited
Polaris Inc.
Textron Inc.
Yamaha Motor Co., Ltd
Inquire Before Buying :
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Off-road Vehicle Market Outlook, 2030 :
The global off-road vehicle market size was valued at $12,365.18 million in 2020, and is projected to reach $22,618.45 million by 2030, registering a CAGR of 7.3%.
Get Research Report Sample Pages :
The 400 to 800 (CC) segment to maintain its leadership status throughout the forecast period
Based on displacement, the 400 to 800 (CC) segment held the highest market share in 2020, accounting for nearly half of the global off-road vehicle market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to shifting trends from circuit tracks to long desert race events. Moreover, the less than 400 (CC) segment is projected to manifest the highest CAGR of 9.1% from 2021 to 2030. This is owing to their low cost compared to other models and increasing demand for light-duty applications, such as some recreational activities, agriculture and forestry also drives the adoption of less than 400 cc vehicles.
The UTV segment to maintain its leadership status throughout the forecast period
On the basis of vehicle type, the UTV segment held the lion's share in 2020, contributing to more than two-fifths of the market. This is attributed to increase in adoption of UTVs for utility applications, including forestry, agriculture, and goods transport is the primary factor driving the growth of the market. However, the NEV segment is expected to manifest the highest CAGR of 8.8% during the forecast period, owing to neighborhood electric vehicle has a wide range of end-use application in the leisure activities, travel and tourism activities, passenger commute for shorter distance, among others.
Procure Complete Research Report Now :
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than half of the global off-road vehicle market. This is attributed to supportive government rules to allow driving these vehicles on roadways. Moreover, Asia-Pacific is expected to witness the fastest CAGR of 8.6% during the forecast period, owing to the introduction of a new range of off-road vehicle models and advancements & innovations in these vehicles.
Leading Market Players :
BRP Inc.
CFMOTO
Deere & Company
Honda Motor Co., Ltd.
Kawasaki Heavy Industries, Ltd.
KUBOTA Corporation
Mahindra & Mahindra Limited
Polaris Inc.
Textron Inc.
Yamaha Motor Co., Ltd
Inquire Before Buying :
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+ 1 800-792-5285
email us here
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