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Off-Road Motorcycles Segment to Dominate Global Off-Road Vehicles (OVR’S) Market through 2024

Automotive | Aug, 2020

 Increasing demand for off-road vehicles to drive global off-road vehicles market through 2024.

According to Global Databooks report, “Global Off-Road Vehicles (ORV’S) Market, By Vehicle Type, By Product Type, By Application, By Company, Competition, Forecast & Opportunities, 2024”, the global off-road vehicles market is predicted to grow at an estimated CAGR of 6% during 2019-2024 due to growing tourism, sports and adventures activities. Moreover, technological advancements in automobile industry and increasing production of all-terrain vehicles due to rising demand from various industries and agriculture is positively influencing the growth of the market.

Global off-road vehicles market can be segmented based on product type, application, and region. Based on application, market can be segregated into entertainment, sports, agriculture, and others. Entertainment segment accounted for significant share in 2018 due to growing tourism and adventure activities. In terms of product type, market can be segmented into utilities, sports and others in which utility segment captured majority share in 2018 and trend is likely to continue in coming years due to prominent use of off-road vehicles in construction, mining, and other industries.

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Polaris Industries Corp, Honda Motor Co Ltd, Yamaha Motors Ltd, BRP Ltd, Kawasaki Motors Corp, among others are leading key players operating in global off-road vehicles market. Major companies are adopting strategies such as product launches, R&D developments, collaborations and mergers to capture majority share in the market.

“North America market captured majority share in 2018 due to growing industrialization and rising demand for entertainment & tourism. Moreover, customers interest towards customized vehicles, growing manufacturers focus to develop advanced ORVs and increasing investments in automotive industry are expected to grow at impressive rate through 2024.” said Mr. Karan Chechi, Research Director with Global Databooks, a research based global management consulting firm.

“Global Off-Road Vehicles (ORV’S) Market, By Vehicle Type, By Product Type, By Application, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global off-road vehicles market and provide statistics & information on market size, structure and future market growth. Report provides cutting-edge market intelligence and help investors to make proper decisions. Besides, the report also identifies and analyzes the merging trends along with essential drivers, challenges and opportunities in the global off-road vehicles market.


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