Off-Road Vehicles Market Size, Share, Trends Insights and Depth Analysis through 2018 to 2027
In a recent business intelligence study, FactMR presents the nitty-gritty of the global off-road vehicles market considering 2013-2017 as the historic year and 2018–2027 as the stipulated time frame. The business report highlights the drivers, restraints, opportunities and trends affecting off-road vehicles market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
Upsurge in the recreational and sports activities across the world is anticipated to propel off-road vehicles market over the forecast period. Increasing urban population coupled with growth youth inclination towards motorsports activities will augment product penetration across the globe. Countries including the U.S, Canada, UK, France and Australia are taking initiatives to flourish outdoor activities such as hunting and trail driving. The U.S. Recreation Department offers over 150,000 miles of trails and around 440 wilderness areas, attracting participants, thereby augmenting the off-road vehicles market share from 2018 to 2027.
Augmented fuel efficiency, reduced carbon emissions, advent electric powered alternatives, and subordinate maintenance costs of off-road vehicles will fortify the product demand over the forecast period. Diversified applications including utility, sports, recreation and military activities due to their superior technical benefits comprising advanced four-wheel drive systems, enhanced power and torque, and differential locking will boost the off-road vehicles market share over the forecast period.
APEJ Region Critical in the Off-Road Vehicles Market
The APEJ region is estimated to account for more than 20% market share in the global off-road vehicles market in 2018, and this share is expected to grow by a massive rate, causing the APEJ market to grab more than 25% market share by the end of 2027. Growing off-road activities and increasing preference for off-road motorcycling and dirt bike events are amongst the major aspects subsidizing to the regional growth. Sports events organized by the International Automobile Federation Asia will further propel the regional dominance over the forecasted period.
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Progressions in technologies comprising the prominence on decreasing the excessive sound from the engines of the off-road vehicles will drive the off-road vehicles market share over the forecast period. For instance, in 2015, Polaris begun work on hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with superior noise damping capabilities and amplified power. Progress of hybrid engines with upgraded efficiency and negligible emissions accompanied by the introduction of light weight models will further encourage the industry growth till 2027.
This report assesses trends that are driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to off-road vehicles manufacturers looking to enter the market. Main regions assessed in this report include North America, Latin America, Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East & Africa (MEA).
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The sections, by vehicle type, by fuel, and by the application in the off-road vehicles market evaluate the present scenario as well as growth prospects of the regional off-road vehicles market for 2018–2027. The North America Off-Road Vehicles market has been estimated to dominate the off-road vehicles market by value owing to the high cost and growing demand, accounting for a maximum revenue share of the market by 2018 end. Europe and APEJ off-road vehicles markets are expected to account for over 40% collaborative revenue share, of the global off-road vehicles market by 2027 end. Among the emerging markets, the APEJ Off-Road Vehicles market is estimated to exhibit a significant CAGR of more than 5.0% over the forecast period, followed by North America with a CAGR of about 4.0%.
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