1. Market Research
  2. > Automotive
  3. > Motor Vehicle Market Trends
Off-road Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

Off-road Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

  • August 2021
  • 83 pages
  • ID: 6129744
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The off-road vehicle market was valued at USD 14 billion in 2020, and it is anticipated to reach USD 18 billion by 2026, registering a CAGR of 4.12% during the forecast period (2021-2026).

The outbreak of the COVID-19 pandemic acted as a restraint to the off-road vehicle market in 2020 due to the continuous travel and trade restrictions imposed by governments globally. However, after the pandemic, the market is expected to grow steadily as economic activities resumed worldwide.

The global off-road market is experiencing high demand, owing to the growing popularity of extreme sports and the need for robust compact equipment. Off-road vehicles have a wide range of users across the agriculture, mining, construction, and other sectors. The companies providing off-road vehicles are focusing on introducing new products with improved features to attract more customers and gain a competitive position in the market.

Moreover, the construction industry is increasingly adopting off-road compact vehicles to boost its efficiency. The rapidly growing industrialization and an increase in mining activities are the major factors expected to drive the growth of the off-road vehicle market. However, the high cost of maintenance of off-road vehicles is the primary factor that is anticipated to hinder the growth of the off-road vehicles market.

North America is expected to remain the largest market for off-road vehicles, followed by Europe, owing to growing consumer demand in the region. Asia-Pacific is expected to witness the fastest growth in the off-road vehicle market, owing to the high adoption rate and the booming automotive sector, leading to increased production of off-road vehicles, especially in China and India.

Key Market Trends

All-Terrain Vehicle Segment to Witness Significant Growth

The ATV market is growing swiftly, as vehicle manufacturers are developing ATVs for many end-use applications. People’s increasing interest in sports activities and recreational activities has emerged as a significant driving factor for the segment. Moreover, manufacturers’ interest in frequent advancements in the development of various eco-friendly vehicle versions is likely to boost the market.

- In April 2021, Arctic Cat announced a new ATV as part of its model year 2022 lineup for dealerships in July. The new Alterra 600 EPS features an all-new engine, drivetrain, and chassis offering, with increased power, better handling, and easier servicing. The launch of the ATV coincides with Arctic Cat’s 60-year anniversary of bringing new and innovative products to power sports.
- In September 2020, Yamaha unveiled its latest ATV models, Grizzly 2021 and Kodiak 700 and 450 models. The company unveiled its 2021 Youth ATV lineup, including the Grizzly 90 in Armor Gray (USD 3,099 MSRP), Raptor 90 in Team Yamaha Blue and White (USD 3,099 MSRP), and YFZ50 in Team Yamaha Blue and White (USD 2,199 MSRP).

ATVs’ market share is projected to witness steady growth, owing to the change in the rules and regulations that govern and define the standards in the way ATVs are used. Regulatory authorities, such as the California-based non-profit organization and the All-terrain Vehicle Safety Institute (ASI), determine proper ATV usage regulations and promote approved products and accessories,= such as seatbelts, footrests, helmets, and kill-switches.

North America to Hold Prominent Share in the Market

North America held the largest market share in the off-road vehicle market during the forecast period (2021 - 2026). Despite the pandemic, in 2020, the North American market (the United States, Canada, and Mexico) had a very successful year in sales, with significant growth seen in all-terrain vehicles.

The rising recreational expenditure and the growing preference of the youth toward adventure and off-road events are likely to boost demand in the market. A wide range of products across varied prices is anticipated to enhance the growth during the forecast period.

- In August 2020, Polaris introduced a new 2021 lineup. The company redesigned its technologies and introduced Sportsman 450 H.O. and 570 model’s ATV for riders of all experience and skill levels. More models’ of the 2021 lineup include the RANGER series’ latest RZR XP Turbo and Turbo S, GENERAL XP 1000 Pursuit Edition, and the first RANGER XP 1000 Trail Boss.
- In March 2021, Polaris Inc. announced that it plans to launch its first full-size off-road electric RANGER UTV with Zero Motorcycles powertrain.

In order to reduce the impact of the hindrances, the regulatory authorities, including the Recreational Off-Highway Vehicle Association (ROHVA), the United States Consumer Product Safety Commission (CPSC), and the US Environmental Protection Agency (EPA), established numerous regulations regarding the usage of ATV and occupant safety. Thus, government initiatives and the growing interest of the youth in recreational events are expected to drive the demand in the market during the forecast period.

Competitive Landscape

The off-road vehicle market is moderately consolidated due to the presence of numerous players in the market. The key market players in the industry are emphasizing on introducing new products and technologies to attract customers worldwide. For instance,

- In December 2020, Volcon announced pricing for pair of electric side-by-sides. Stag and Beast both have a range of 150 miles.
- In November 2020, American Landmaster revealed its all-new lineup of 2021 side-by-sides called the Landmaster. The 2021 Landmaster UTVs are equipped with over 30 new customer and dealer-inspired features, a best-in-class suspension system, automotive-grade components, weather-sealed electrical system, and more.

Some of the major players, like Arctic Cat, Polaris Industries, BombThe off-road vehicle market is moderately consolidated due to the presence of numerous players in the market. The key market players in the industry are emphasizing introducing new products and technologies to attract customers worldwide.

- In December 2020, Volcon announced pricing for pair of electric side-by-sides. Stag and Beast both have a range of 150 miles.
- In November 2020, American Landmaster revealed its all-new lineup of 2021 side-by-sides called the Landmaster. The 2021 Landmaster UTVs are equipped with over 30 new customer and dealer-inspired features, a best-in-class suspension system, automotive-grade components, and a weather-sealed electrical system.

Some of the major players, like Arctic Cat, Polaris Industries, and Bombardier Recreational Products (BRP), captured significant shares in the market. Electric ATVs and UTVs will be creating new opportunities in the industry in the coming years.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Circuit Breakers & Fuses Market Research Report by Type, by Industry, by State - United States Forecast to 2026 - Cumulative Impact of COVID-19

  • $ 4949
  • October 2021
  • 188 pages

Circuit Breakers & Fuses Market Research Report by Type (Circuit Breakers and Fuses), by Industry (Machinery, Process Industry, and Rail), by State (California, Florida, and Illinois) - United States Forecast ...

  • United States
  • Motor Vehicle
  • Marketing Research
  • Industry analysis
  • Vehicle Production

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on