Off-road vehicles are most commonly equipped with big tires with supple suspension and exposed deep treads. Also, these off-road vehicles are commonly used for exploration activities in areas that don’t have appropriate tar roads. Most common factor fuelling the growth of the off-road vehicles market is the rise in adoption of off-road vehicles in military and recreational operations. Besides these, off-road vehicles are used in military operations to transport fuels, ammunitions, cargo etc. Also, these vehicles are utilized for the transportation of heavy-loaded weapons during wars.
High adoption of utility vehicles in agriculture is anticipated to surely impact the growth of the off-road vehicle market. Besides this, globalization coupled with the growing demand for off-road vehicles from the younger section is further fuelling the growth of off-road vehicles market.
Also, growing preferences for hybrid and electric off-road vehicles are highly expected to drive the demand for off-road vehicles over the forecast period. The key vendors offering off-road vehicles are investing huge amounts in offering advanced off-road vehicles.
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Rise in adoption of off-road vehicles in military and agricultural operations
Common factor increasing adoption of off-road vehicles in military and recreational operations. Off-road trucks are used in military operations to transport cargo, fuels, ammunition, etc. These vehicles are also utilized for the transportation of heavy-loaded weapons during wars.
Moreover, Utility off-road vehicles are also utilized for agricultural operations in various activities such as picking rocks, crop plotting and scouting. Besides this, Off-road vehicles perform farm work efficiently thus, describing the labor costs associated with these tasks.
Growing preference for hybrid and electric off-road vehicles
Rise in preference for hybrid and electric off-road vehicles has been witnessed in the past decade. This is factor is expected to boost the demand for off-road vehicles market during the forecast period. Moreover, key vendors in the market are making significant investments in offering advanced off-road vehicles. Besides this, key companies are aiming to offer high efficient off-road vehicles, which are low in cost and highly effective.
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Key vendors in the market are focusing on launching new products with advanced features to gain a competitive edge in the market.
Key players in the off-road vehicles market are
- Honda Motor Co. Ltd
- Arctic Cat Inc.
- Deere & Company
- Suzuki Motors Corporation
- Wildcat Automotive
- Massimo Motor Sports, LLC
- KTM AG
- Mahindra & Mahindra Ltd.
These key companies are offering high efficient off-road vehicles, which are highly effective and low in cost. Also, these can offer maximum mileage and comfort.
- For instance, Mahindra launched off-road Roxor, an open-top jeep vehicle that is 148 inches and powered by a 2.5 liters 62 HP turbo diesel engine with a five-speed manual gearbox, in the United States.
- Also, In 2015, Polaris worked on a hybrid off-road vehicle, Hybrid Utility Vehicle based on the Polaris MRZR 4 with superior noise damping capabilities and amplified power.
Key Segments Covered in Off-Road Vehicles Report:
By vehicle type
- All-terrain vehicles (ATV)
- Side by side vehicles (SSV)
- Off-road motorcycles
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
On the basis of vehicle type, the market can be segmented as All-Terrain vehicles (ATV), Off-road motorcycles, Side by side vehicles (SSV) and snowmobiles. Side by side vehicles (SSV) segment is expected to lead the off-road vehicles market during the forecast period, which has accounted for more than 40% value share.
On the basis of fuel, the market is segmented into diesel, electric, and gasoline. The segment, diesel in an off-road vehicles market accounted for the majority of the share. The segment electric is expected to grow at an impressive rate during the forecast period. On the basis of application, the market is segmented into utility, sports, recreation, and military.
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