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2021
Off-road Vehicle Market

Off-Road Vehicle Market by Displacement (Less Than 400 (CC), 400 to 800 (CC), and More Than 800 (CC)), Vehicle Type (ATV, UTV, Snowmobiles, and NEV), End Use Vertical (Agriculture, Military, Sports, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12517
Pages: 269
Jul 2021 | 574 Views
   
Author(s) : Omkar Bachal , Sonia Mutreja
Tables: 133
Charts: 84
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global off-road vehicle market 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%. North America was the highest revenue contributor, accounting for $6,308.71 million in 2020, and is estimated to reach $10,969.95 million by 2030, with a CAGR of 6.8%. 

For the off-road vehicle market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. The overall production activities industry players have declined in 2020, owing to operations with limited workforce capacity, inadequate health safety measures, and changing consumer sentiments. However, there are most probable chances of sales momentum for the off-road vehicle from second half of 2021, owing to its positive demand outlook and green mobility initiatives.

Off-road vehicle refers to a mobility solution type designed to operate on public roads as well as rough terrain. Off-road vehicle has a characteristics including open treads, large tires with deep, and a flexible suspension. Majority of the off-road vehicles are equipped with four wheel drive system (4WD) or all-wheel drive (AWD) to attain the operational requirements. Moreover, off-road vehicles have a wide range of applications in the area of good carriers, agricultural applications, and passenger commute. In recent years, electric driven off-road vehicles are gaining momentum, owing to its fuel-efficient operations along with effective noise reduction level. Use of off-road vehicles are regulated by stringent government rules and regulations for improved safety.

Off-road-Vehicle-Market-2021-2030

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Factors, such as growth in trend of recreational activities and adventure sports and increase in penetration of AWD and 4WD vehicles are expected to drive growth of the off-road vehicle market. However, high maintenance cost of off-road vehicles and ban on ATV and UTV driving in wildlife area due to terrain damage restrain the market growth. On the contrary, development of electric powered off-road vehicles and expansion of dealer network for effective product reach are projected to offer lucrative growth opportunities for the market players.

The global off-road vehicle market is segmented on the basis of displacement, vehicle type, end user vertical, and region. On the basis of displacement, the market is divided into less than 400 (CC), 400 to 800 (CC), and more than 800 (CC). On the basis of vehicle type, it is categorized into ATV, UTV, snowmobiles, and NEV. By end use vertical, it is fragmented into agriculture, military, sports, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. Key players covered in the off-road vehicle market report include BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd.

Off-Road Vehicle Market
By Displacement

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Global Off-road Vehicle Market by Displacement, 2020-2030, ($Million)

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Increase in trend of recreational activities and adventure sports 

In recent years, sports enthusiasts and tourists are inclining toward trails of off-road vehicles such as UTV and ATV along with related activities for recreational and sport activities purposes. Several leisure activity organizers and tourism councils are introducing UTV and ATV related activities by building tracks and sport setups for these vehicles to attract and retain visitors. For instance, in May 2018, adventure event organizer, ATV Circuit launched track to ride ATV in Noida, India. ATV Circuit offers a complete off-road experience with a track of 1.5 km for customized 4x4 all-terrain vehicles ranging from 80 cc to 350 cc. This is aimed to witness a positive trend toward adventure sports. Moreover, several countries are organizing yearly championships, which are gaining popularity at a remarkable rate as anyone capable of driving ATV can participate in the race. Therefore, increase in trend of such adventure sports attracts tourists and propels demand for ATV and UTV vehicles, which, in turn, support the off-road vehicle market growth.

Off-Road Vehicle Market
By Vehicle Type

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NEV segment is projected as the most lucrative segments

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Increase in penetration of the AWD and 4WD vehicles 

End consumers of off-road vehicles are demanding more output efficient and optimum performance high-end driving operations, owing to operational conditions as these vehicles are meant to operate on uneven terrain. Moreover, majority of off-road vehicle manufacturers are developing these drive systems to cater to changing requirements of end users. Furthermore, demand outlook of end users has shifted more toward added comfort, and driving dynamics. Changing requirements of the end consumers is gaining traction for four-wheel drive and all drive wheel drive off-road vehicles to effectively operate on the uneven terrain. In recent years, adoption of AWD and 4WD utility vehicles penetration has increased drastically and is expected to maintain the momentum in upcoming years, which is anticipated to support growth for off-road vehicles in the upcoming years.

Off-Road Vehicle Market
By End Use Vertical

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Sports segment is projected as the most lucrative segments

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Development of electric powered off-road vehicles

In recent years, all mobility solutions have witnessed drastic changes, in terms of technological evolution. Hence, to cater to changing demands of consumers such as cost-effective and operational proficient transportation along with fuel-efficient mobility requirements, market players are relying on electrical components, owing to their output efficiency and lightweight, thus manufacturing electric driven off-road vehicle solution. For instance; in March, 2021, Polaris Industries, Inc. planned to launch 2022 electric RANGER utility side-by-side in late December 2021. This off-road vehicle is developed partnership with Zero Motorcycles. Moreover, emission from vehicles is a crucial factor as harmful greenhouse gases are released, which increase environmental and health concerns. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emission and maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented BS6 emission standard to control outflow of air pollutants from vehicles. Thus, all these factors collectively escalate demand for electric driven off-road vehicles. Hence, to cope up with changing mobility solutions, market participants need to develop electric driven solutions.

Off-Road Vehicle Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 8.6% during 2021-2030.

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COVID-19 impact analysis

During COVID-19, the overall mobility industry witnessed high financial losses and significant uncertainties in business operations as majority of governments restricted international commute to control spread of the virus. For the off-road vehicle market, 2020 was witnessed as a negative performing year, owing to negative demand and supply outlook from COVID-19 crisis restrictions and supply chain disruptions. Market participants of off-road vehicles are following certain approaches to manage operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in short term to overcome financial downturn.  

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global off-road vehicle market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall off-road vehicle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Displacement

  • Less than 400 (CC)
  • 400 to 800 (CC)
  • More than 800 (CC)

By Vehicle Type

  • ATV
  • UTV
  • Snowmobiles
  • NEV

By End User Vertical

  • Agriculture
  • Military
  • Sports
  • Others 

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • LATAM
    • Latin America
    • Middle East
    • Africa 

KEY 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
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key findings

3.2.1.Top impacting factors
3.2.2.Top investment pockets
3.2.3.Top winning strategies

3.3.Porter’s five forces analysis
3.4.Market share analysis, 2020
3.5.Market dynamics

3.5.1.Drivers

3.5.1.1.Increase in trend of recreational activities and adventure sports
3.5.1.2.Increase in penetration of the AWD and 4WD vehicles

3.5.2.Restraints

3.5.2.1.High maintenance cost of off-road vehicles
3.5.2.2.Ban on ATV and UTV driving in wildlife area due to terrain damage

3.5.3.Opportunities

3.5.3.1.Development of electric powered off-road vehicles
3.5.3.2.Expansion of dealer network for effective product reach

3.6.COVID-19 impact analysis

3.6.1.Evolution of outbreaks
3.6.2.Macro-economic impact analysis
3.6.3.Micro-economic impact analysis
3.6.4.Impact on industry analysis

CHAPTER 4:OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT

4.1.Overview
4.2.Less than 400 (CC)

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country

4.3.400 to 800 (CC)

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country

4.4.More than 800 (CC)

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market analysis, by country

CHAPTER 5:OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE

5.1.Overview
5.2.ATV

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country

5.3.UTV

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis, by country

5.4.Snowmobiles

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market analysis, by country

5.5.NEV

5.5.1.Key market trends, growth factors, and opportunities
5.5.2.Market size and forecast, by region
5.5.3.Market analysis, by country

CHAPTER 6:OFF-ROAD VEHICLE MARKET, BY END USER VERTICAL

6.1.Overview
6.2.Agriculture

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by region
6.2.3.Market analysis, by country

6.3.Military

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by region
6.3.3.Market analysis, by country

6.4.Sports

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by region
6.4.3.Market analysis, by country

6.5.Others

6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast, by region
6.5.3.Market analysis, by country

CHAPTER 7:OFF-ROAD VEHICLE MARKET, BY REGION

7.1.Overview
7.2.North America

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by displacement
7.2.3.Market size and forecast, by vehicle type
7.2.4.Market size and forecast, by end use vertical
7.2.5.Market size and forecast, by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by displacement
7.2.5.1.2.Market size and forecast, by vehicle type
7.2.5.1.3.Market size and forecast, by end use vertical

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by displacement
7.2.5.2.2.Market size and forecast, by vehicle type
7.2.5.2.3.Market size and forecast, by end use vertical

7.2.5.3.Mexico

7.2.5.3.1.Market size and forecast, by displacement
7.2.5.3.2.Market size and forecast, by vehicle type
7.2.5.3.3.Market size and forecast, by end use vertical

7.3.Europe

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by displacement
7.3.3.Market size and forecast, by vehicle type
7.3.4.Market size and forecast, by end use vertical
7.3.5.Market size and forecast, by country

7.3.5.1.UK

7.3.5.1.1.Market size and forecast, by displacement
7.3.5.1.2.Market size and forecast, by vehicle type
7.3.5.1.3.Market size and forecast, by end use vertical

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by displacement
7.3.5.2.2.Market size and forecast, by vehicle type
7.3.5.2.3.Market size and forecast, by end use vertical

7.3.5.3.France

7.3.5.3.1.Market size and forecast, by displacement
7.3.5.3.2.Market size and forecast, by vehicle type
7.3.5.3.3.Market size and forecast, by end use vertical

7.3.5.4.Italy

7.3.5.4.1.Market size and forecast, by displacement
7.3.5.4.2.Market size and forecast, by vehicle type
7.3.5.4.3.Market size and forecast, by end use vertical

7.3.5.5.Rest of Europe

7.3.5.5.1.Market size and forecast, by displacement
7.3.5.5.2.Market size and forecast, by vehicle type
7.3.5.5.3.Market size and forecast, by end use vertical

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by displacement
7.4.3.Market size and forecast, by vehicle type
7.4.4.Market size and forecast, by end use vertical
7.4.5.Market size and forecast, by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by displacement
7.4.5.1.2.Market size and forecast, by vehicle type
7.4.5.1.3.Market size and forecast, by end use vertical

7.4.5.2.Japan

7.4.5.2.1.Market size and forecast, by displacement
7.4.5.2.2.Market size and forecast, by vehicle type
7.4.5.2.3.Market size and forecast, by end use vertical

7.4.5.3.South Korea

7.4.5.3.1.Market size and forecast, by displacement
7.4.5.3.2.Market size and forecast, by vehicle type
7.4.5.3.3.Market size and forecast, by end use vertical

7.4.5.4.India

7.4.5.4.1.Market size and forecast, by displacement
7.4.5.4.2.Market size and forecast, by vehicle type
7.4.5.4.3.Market size and forecast, by end use vertical

7.4.5.5.Rest of Asia-Pacific

7.4.5.5.1.Market size and forecast, by displacement
7.4.5.5.2.Market size and forecast, by vehicle type
7.4.5.5.3.Market size and forecast, by end use vertical

7.5.LAMEA

7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by displacement
7.5.3.Market size and forecast, by vehicle type
7.5.4.Market size and forecast, by end use vertical
7.5.5.Market size and forecast, by country

7.5.5.1.Latin America

7.5.5.1.1.Market size and forecast, by displacement
7.5.5.1.2.Market size and forecast, by vehicle type
7.5.5.1.3.Market size and forecast, by end use vertical

7.5.5.2.Middle East

7.5.5.2.1.Market size and forecast, by displacement
7.5.5.2.2.Market size and forecast, by vehicle type
7.5.5.2.3.Market size and forecast, by end use vertical

7.5.5.3.Africa

7.5.5.3.1.Market size and forecast, by displacement
7.5.5.3.2.Market size and forecast, by vehicle type
7.5.5.3.3.Market size and forecast, by end use vertical

CHAPTER 8:COMPANY PROFILES

8.1.BRP INC.

8.1.1.Company overview
8.1.2.Key executives
8.1.3.Company snapshot
8.1.4.Operating business segments
8.1.5.Product portfolio
8.1.6.Business performance
8.1.7.Key strategic moves and developments

8.2.CFMOTO

8.2.1.Company overview
8.2.2.Key executives
8.2.3.Company snapshot
8.2.4.Product portfolio
8.2.5.Key strategic moves and developments

8.3.DEERE & COMPANY

8.3.1.Company overview
8.3.2.Key executives
8.3.3.Company snapshot
8.3.4.Operating business segments
8.3.5.Product portfolio
8.3.6.R&D expenditure
8.3.7.Business performance
8.3.8.Key strategic moves and developments

8.4.HONDA MOTOR CO., LTD.

8.4.1.Company overview
8.4.2.Key executives
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.R&D expenditure
8.4.7.Business performance
8.4.8.Key strategic moves and developments

8.5.KAWASAKI HEAVY INDUSTRIES, LTD.

8.5.1.Company overview
8.5.2.Key executives
8.5.3.Company snapshot
8.5.4.Operating business segments
8.5.5.Product portfolio
8.5.6.R&D expenditure
8.5.7.Business performance
8.5.8.Key strategic moves and developments

8.6.KUBOTA CORPORATION

8.6.1.Company overview
8.6.2.Key executives
8.6.3.Company snapshot
8.6.5.Operating business segments
8.6.6.Product portfolio
8.6.7.R&D expenditure
8.6.8.Business performance
8.6.9.Key strategic moves and developments

8.7.MAHINDRA & MAHINDRA LTD.

8.7.1.Company overview
8.7.2.Key executives
8.7.3.Company snapshot
8.7.4.Operating business segments
8.7.5.Product portfolio
8.7.6.R&D expenditure
8.7.7.Business performance

8.8.POLARIS INC.

8.8.1.Company overview
8.8.2.Key executives
8.8.3.Company snapshot
8.8.4.Operating business segments
8.8.5.Product portfolio
8.8.6.R&D expenditure
8.8.7.Business performance
8.8.8.Key strategic moves and developments

8.9.TEXTRON INC.

8.9.1.Company overview
8.9.2.Key executives
8.9.3.Company snapshot
8.9.4.Operating business segments
8.9.5.Product portfolio
8.9.6.R&D expenditure
8.9.7.Business performance
8.9.8.Key strategic moves and developments

8.10.YAMAHA MOTOR CO., LTD.

8.10.1.Company overview
8.10.2.Key executives
8.10.3.Company snapshot
8.10.4.Operating business segments
8.10.5.Product portfolio
8.10.6.R&D expenditure
8.10.7.Business performance
8.10.8.Key strategic moves and developments

LIST OF TABLES

TABLE 01.OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 02.OFF-ROAD VEHICLE MARKET FOR LESS THAN 400 (CC), BY REGION 2020–2030 ($MILLION)
TABLE 03.OFF-ROAD VEHICLE MARKET FOR 400 TO 800 (CC), BY REGION 2020–2030 ($MILLION)
TABLE 04.OFF-ROAD VEHICLE MARKET FOR MORE THAN 800 (CC), BY REGION 2020–2030 ($MILLION)
TABLE 05.OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 06.OFF-ROAD VEHICLE MARKET FOR ATV, BY REGION 2020–2030 ($MILLION)
TABLE 07.OFF-ROAD VEHICLE MARKET FOR UTV, BY REGION 2020–2030 ($MILLION)
TABLE 08.OFF-ROAD VEHICLE MARKET FOR SNOWMOBILES, BY REGION 2020–2030 ($MILLION)
TABLE 09.OFF-ROAD VEHICLE MARKET FOR NEV, BY REGION 2020–2030 ($MILLION)
TABLE 10.OFF-ROAD VEHICLE MARKET, BY END USER VERTICAL, 2020–2030 ($MILLION)
TABLE 11.OFF-ROAD VEHICLE MARKET FOR AGRICULTURE, BY REGION 2020–2030 ($MILLION)
TABLE 12.OFF-ROAD VEHICLE MARKET FOR MILITARY, BY REGION 2020–2030 ($MILLION)
TABLE 13.OFF-ROAD VEHICLE MARKET FOR SPORTS, BY REGION 2020–2030 ($MILLION)
TABLE 14.OFF-ROAD VEHICLE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 15.OFF-ROAD VEHICLE MARKET, BY REGION, 2020–2030 ($MILLION)
TABLE 16.NORTH AMERICA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 17.NORTH AMERICA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 18.NORTH AMERICA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 19.U.S. OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 20.U.S. OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 21.U.S. OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 22.CANADA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 23.CANADA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 24.CANADA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 25.MEXICO OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 26.MEXICO OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 27.MEXICO OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 28.EUROPE OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 29.EUROPE OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 30.EUROPE OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 31.UK OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 32.UK OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 33.UK OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 34.GERMANY OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 35.GERMANY OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 36.GERMANY OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 37.FRANCE OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 38.FRANCE OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 39.FRANCE OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 40.ITALY OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 41.ITALY OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 42.ITALY OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 43.REST OF EUROPE OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 44.REST OF EUROPE OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 45.REST OF EUROPE OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 46.ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 47.ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 48.ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 49.CHINA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 50.CHINA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 51.CHINA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 52.JAPAN OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 53.JAPAN OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 54.JAPAN OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 55.SOUTH KOREA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 56.SOUTH KOREA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 57.SOUTH KOREA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 58.INDIA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 59.INDIA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 60.INDIA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 61.REST OF ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 62.REST OF ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 63.REST OF ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 64.LAMEA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 65.LAMEA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 66.LAMEA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 67.LATIN AMERICA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 68.LATIN AMERICA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 69.LATIN AMERICA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 70.MIDDLE EAST OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 71.MIDDLE EAST OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 72.MIDDLE EAST OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 73.AFRICA OFF-ROAD VEHICLE MARKET, BY DISPLACEMENT, 2020–2030 ($MILLION)
TABLE 74.AFRICA OFF-ROAD VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 75.AFRICA OFF-ROAD VEHICLE MARKET, BY END USE VERTICAL, 2020–2030 ($MILLION)
TABLE 76.BRP INC.: KEY EXECUTIVES
TABLE 77.BRP INC.: COMPANY SNAPSHOT
TABLE 78.BRP INC.: OPERATING SEGMENTS
TABLE 79.BRP INC.: PRODUCT PORTFOLIO
TABLE 80.BRP INC.: NET SALES, 2019–2021 ($MILLION)
TABLE 81.CFMOTO: KEY EXECUTIVES
TABLE 82.CFMOTO: COMPANY SNAPSHOT
TABLE 83.CFMOTO: PRODUCT PORTFOLIO
TABLE 84.DEERE & COMPANY: KEY EXECUTIVES
TABLE 85.DEERE & COMPANY: COMPANY SNAPSHOT
TABLE 86.DEERE & COMPANY: OPERATING SEGMENTS
TABLE 87.DEERE & COMPANY: PRODUCT PORTFOLIO
TABLE 88.DEERE & COMPANY: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 89.DEERE & COMPANY: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 90.HONDA MOTOR CO., LTD.: KEY EXECUTIVES
TABLE 91.HONDA MOTOR CO., LTD.: COMPANY SNAPSHOT
TABLE 92.HONDA MOTOR CO., LTD.: OPERATING SEGMENTS
TABLE 93.HONDA MOTOR CO., LTD.: PRODUCT PORTFOLIO
TABLE 94.HONDA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 95.HONDA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
TABLE 96.KAWASAKI HEAVY INDUSTRIES, LTD.: KEY EXECUTIVES
TABLE 97.KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT
TABLE 98.KAWASAKI HEAVY INDUSTRIES, LTD.: OPERATING SEGMENTS
TABLE 99.KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCT PORTFOLIO
TABLE 100.KAWASAKI HEAVY INDUSTRIES, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 101.KAWASAKI HEAVY INDUSTRIES, LTD.: NET SALES, 2018–2020 ($MILLION)
TABLE 102.KUBOTA CORPORATION: KEY EXECUTIVES
TABLE 103.KUBOTA CORPORATION: COMPANY SNAPSHOT
TABLE 104.KUBOTA CORPORATION: OPERATING SEGMENTS
TABLE 105.KUBOTA CORPORATION: PRODUCT PORTFOLIO
TABLE 106.KUBOTA CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 107.KUBOTA CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 108.MAHINDRA & MAHINDRA LIMITED: KEY EXECUTIVES
TABLE 109.MAHINDRA & MAHINDRA LIMITED: COMPANY SNAPSHOT
TABLE 110.MAHINDRA & MAHINDRA LIMITED: OPERATING SEGMENTS
TABLE 111.MAHINDRA & MAHINDRA LIMITED: PRODUCT PORTFOLIO
TABLE 112.MAHINDRA & MAHINDRA LIMITED: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 113.MAHINDRA & MAHINDRA LIMITED: NET SALES, 2018–2020 ($MILLION)
TABLE 114.POLARIS INC.: KEY EXECUTIVES
TABLE 115.POLARIS INC.: COMPANY SNAPSHOT
TABLE 116.POLARIS INC.: OPERATING SEGMENTS
TABLE 117.POLARIS INC.: PRODUCT PORTFOLIO
TABLE 118.POLARIS INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 119.POLARIS INC.: NET SALES, 2018–2020 ($MILLION)
TABLE 120.TEXTRON INC.: KEY EXECUTIVES
TABLE 121.TEXTRON INC.: COMPANY SNAPSHOT
TABLE 122.TEXTRON INC.: OPERATING SEGMENTS
TABLE 123.TEXTRON INC.: PRODUCT PORTFOLIO
TABLE 124.TEXTRON INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 125.TEXTRON INC.: NET SALES, 2018–2020 ($MILLION)
TABLE 126.TEXTRON INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 127.YAMAHA MOTOR CO., LTD.: KEY EXECUTIVES
TABLE 128.YAMAHA MOTOR CO., LTD.: COMPANY SNAPSHOT
TABLE 129.YAMAHA MOTOR CO., LTD.: OPERATING SEGMENTS
TABLE 130.YAMAHA MOTOR CO., LTD.: PRODUCT PORTFOLIO
TABLE 131.YAMAHA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 132.YAMAHA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
TABLE 133.YAMAHA MOTOR CO., LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.EXECUTIVE SUMMARY
FIGURE 03.EXECUTIVE SUMMARY
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.TOP WINNING STRATEGIES, BY YEAR, 2018–2021*
FIGURE 07.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2018–2021*
FIGURE 08.TOP WINNING STRATEGIES, BY COMPANY, 2018–2021*
FIGURE 09.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 10.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 11.MODERATE-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 12.MODERATE-TO-HIGH INTENSITY OF RIVALRY
FIGURE 13.MODERATE-TO-HIGH BARGAINING POWER OF BUYERS
FIGURE 14.MARKET SHARE ANALYSIS (2020)
FIGURE 15.OFF-ROAD VEHICLE MARKET SHARE, BY DISPLACEMENT, 2020–2030 (%)
FIGURE 16.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR LESS THAN 400 (CC), BY COUNTRY, 2020 & 2030 (%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR 400 TO 800 (CC), BY COUNTRY, 2020 & 2030 (%)
FIGURE 18.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR MORE THAN 800 (CC), BY COUNTRY, 2020 & 2030 (%)
FIGURE 19.OFF-ROAD VEHICLE MARKET SHARE, BY VEHICLE TYPE, 2020–2030 (%)
FIGURE 20.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR ATV, BY COUNTRY, 2020 & 2030 (%)
FIGURE 21.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR UTV, BY COUNTRY, 2020 & 2030 (%)
FIGURE 22.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR SNOWMOBILES, BY COUNTRY, 2020 & 2030 (%)
FIGURE 23.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR NEV, BY COUNTRY, 2020 & 2030 (%)
FIGURE 24.OFF-ROAD VEHICLE MARKET SHARE, BY END USER VERTICAL, 2020–2030 (%)
FIGURE 25.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR AGRICULTURE, BY COUNTRY, 2020 & 2030 (%)
FIGURE 26.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR MILITARY, BY COUNTRY, 2020 & 2030 (%)
FIGURE 27.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR SPORTS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 28.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 29.OFF-ROAD VEHICLE MARKET, BY REGION, 2020–2030 (%)
FIGURE 30.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 31.U.S. OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 32.CANADA OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 33.MEXICO OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 34.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 35.UK OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 36.GERMANY OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 37.FRANCE OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 38.ITALY OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 39.REST OF EUROPE OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 40.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 41.CHINA OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 42.JAPAN OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 43.SOUTH KOREA OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 44.INDIA OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 45.REST OF ASIA-PACIFIC OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 46.COMPARATIVE SHARE ANALYSIS OF OFF-ROAD VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 47.LATIN AMERICA OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 48.MIDDLE EAST OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 49.AFRICA OFF-ROAD VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 50.BRP INC.: NET SALES, 2019–2021 ($MILLION)
FIGURE 51.BRP INC.: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 52.BRP INC.: REVENUE SHARE BY REGION, 2021 (%)
FIGURE 53.DEERE & COMPANY: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 54.DEERE & COMPANY: NET SALES, 2018–2020 ($MILLION)
FIGURE 55.DEERE & COMPANY: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 56.DEERE & COMPANY: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 57.HONDA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 58.HONDA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
FIGURE 59.HONDA MOTOR CO., LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 60.HONDA MOTOR CO., LTD.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 61.KAWASAKI HEAVY INDUSTRIES, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 62.KAWASAKI HEAVY INDUSTRIES, LTD.: NET SALES, 2018–2020 ($MILLION)
FIGURE 63.KAWASAKI HEAVY INDUSTRIES, LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 64.KAWASAKI HEAVY INDUSTRIES, LTD.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 65.KUBOTA CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 66.KUBOTA CORPORATION: NET SALES, 2018–2020 ($MILLION)
FIGURE 67.KUBOTA CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 68.KUBOTA CORPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 69.MAHINDRA & MAHINDRA LIMITED: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 70.MAHINDRA & MAHINDRA LIMITED: NET SALES, 2018–2020 ($MILLION)
FIGURE 71.MAHINDRA & MAHINDRA LIMITED: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 72.MAHINDRA & MAHINDRA LIMITED: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 73.POLARIS INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 74.POLARIS INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 75.POLARIS INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 76.POLARIS INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 77.TEXTRON INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 78.TEXTRON INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 79.TEXTRON INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 80.TEXTRON INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 81.YAMAHA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 82.YAMAHA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
FIGURE 83.YAMAHA MOTOR CO., LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 84.YAMAHA MOTOR CO., LTD.: REVENUE SHARE BY REGION, 2020 (%)

 
 

The global off-road vehicle market is expected to witness significant growth, owing to adoption of off-road vehicles in various applications such as agricultural and military and increase in trend of leisure and recreational activities. Adventure sports are gaining traction from past few years for which off-road vehicle racing is becoming popular event in majority of countries across the globe. In addition, NEV (Neighbourhood Electric Vehicle) is a compact commute solution mainly used in leisure and short distance commute. It is expected to hold a leading market share in the global off-road vehicle market.

The global off-road vehicle market is a fairly consolidated market in which countable market participants are operating in the global market. Market participants are focused to develop their sales footprints by expanding dealer network and introduce new product lines of off-road vehicles to cope up with changing requirement of end users. Numerous developments have been carried out by top companies, such as BRP Inc., Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., Kubota Corporation, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd., which supplements growth of the global off-road vehicle market. Impacts of COVID-19 significantly affected the global off-road vehicle market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020, and is expected to witness a recovery in 2022.

 

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A. The global off-road vehicle market 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%.

A. The increased demand for electric driven off-road vehicle solution to support the low carbon footprint initiatives by the policymakers

A. The report sample for global off-road vehicle market report can be obtained on demand from the website.

A. ATV, UTV, Snowmobiles, and NEV are the different types of off-road vehicles

A. Off-road vehicle refers to a mobility solution type designed to operate on the public roads as well as rough terrain.

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. The U.S. and China are key matured markets growing in the global off-road vehicle market

A. By Displacement, the Less than 400 (CC) segment is expected to gain traction over the forecast period

A. Based on the off-road vehicle market analysis, Asia-Pacific region accounted for the highest revenue contribution in 2020 and is expected to see lucrative business opportunities during the forecast period

A. Product Launch product development, partnership, and expansion are the top most competitive developments which are adopted by the leading market players in the global off-road vehicle market

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