What is Off Road Vehicle Market?
An off-road vehicle is a vehicle that is designed to travel over rough ground and designed for or capable of cross-country travel on or immediately over land, water, sand, snow, ice, marsh, swampland, or other natural terrains. An off-road vehicle includes multi-wheel drive vehicle; an ATV; a motorcycle or related 2-wheel, 3-wheel, or 4-wheel vehicle; an amphibious machine; or other means of transportation deriving power from a source other than muscle or wind. Rising adoption of the off-road vehicle is driving the growth market over the forecast market.
The market study is being classified by Type (All-Terrain Vehicle and Utility Terrain Vehicle), by Application (Agriculture, Entertainment, Military, Sports and Others) and major geographies with country level break-up.
Polaris Inc. (United States), BRP Inc. (Canada), Honda Motor Company, Ltd. (Japan), Yamaha Motor Company Limited (Japan), Suzuki Motor Corporation (Japan), Deere & Company (United States), Arctic Cat Inc. (United States), Kawasaki Motors Corp. (Japan), Kwang Yang Motor Co. Ltd. (Taiwan) and Kubota Corporation (Japan) are some of the key players profiled in the study.
The Vendors having a strong hold in the market are Polaris Inc., BRP Inc., Honda Motor Company, Ltd., and Yamaha Motor Company Limited. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Off Road Vehicle market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Off Road Vehicle market by Type, Application and Region.
On the basis of geography, the market of Off Road Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing the Number of Recreational Parks and Changes in Off-road Regulations
- Rising Demand for off-road Vehicles for Agricultural and Military Operations Globally
Market Trend
- Utility Terrain Vehicle has been Majorly used in Agricultural Sectors
Restraints
- High Cost Associated with Off-Road Vehicle is Hindering the Market growth
Opportunities
- Technological Advancement in the Vehicle Capabilities, Offered by the Manufacturers in the Market
Key Target Audience
Off Road Vehicle Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Other