DUBLIN--(BUSINESS WIRE)--The "Global Off-Road Vehicles (ORVs) Market: 2017-2022" report has been added to Research and Markets' offering.
The global off-road vehicles (ORVs) market offers healthy growth opportunities in the entire ecosystem and is projected to reach US$ 11.1 billion in 2022
Recovery of the global economy and increasing disposable income, growing recreational and touring activities, an advancement in the ORV technology, and increasing usage of ORVs in the agriculture and military operations are the major factors proliferating the demand for ORVs globally. The USA is the largest ORVs market due to its large stretches of natural terrain, unpaved roads, and large ranches and farms across the country.
The global ORVs market is segmented based on vehicle type as All-Terrain Vehicle (ATV) and Side-by-Side Vehicle (SSV). SSV is likely to witness a higher growth during the forecast period, driven by an incessant shift from ATVs to SSVs. SSV offers numerous advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. These factors significantly reduce the number of accidents and injuries as compared to ATVs.
Based on the product type, the global ORVs market is segmented as Utility, Recreation/Utility, Sports, and Youth. Utility is projected to remain the most dominant product type in the global ORVs market during the forecast period. All the major players have an excellent product portfolio for the utility ORVs. Sports segment is likely to witness the highest growth during the same period, driven by increasing tourism and recreational activities across the globe. The USA is the largest buyer of both utility and sports vehicles.
Based on the application type, the global ORVs market is segmented as Sports, Entertainment, Agriculture, Hunting, Military, and Others. Sports and entertainment are projected to remain the growth engines of the global market over the next five years, driven by increasing demand for SSVs for sports and entertainment applications. More than 50% of the ORV sales comes from sports and entertainment applications in 2016.
Based on the region, North America is expected to remain the largest market for ORVs over the next five years. The USA is the growth engine of the North American as well as global ORVs market. The country alone accounted for more than 50% of the global ORVs sales in 2016. Asia-Pacific is relatively a small market but is likely to witness the highest growth during the forecast period, driven by an increasing demand for Powersports in China, Australia, and India.
The supply chain of this market comprises raw material suppliers, component manufacturers, ATV and SSV manufacturers, and distributors, and buyers. The global ORVs is a highly consolidated market with the presence of global as well as regional players.
The key ORV manufacturers are Polaris Industries, Inc., Honda Motor Co., Ltd., Yahama Motor Co., Ltd., BRP Inc., Arctic Cat Inc., Deere & Company (John Deere), Kubota Corporation, and Kawasaki Motors Corp.
New product development, vast product portfolio, wide dealer and distribution network, and proximity to the key markets are the key strategies adopted by the major players to gain a competitive edge in the market.
Key Topics Covered:
1. Executive Summary
2. Global Off-Road Vehicles (ORVs) Market - Overview and Market Forces
3. Global Off-Road Vehicles (ORVs) Market Analysis - By Vehicle Type
4. Global Off-Road Vehicles (ORVs) Market Analysis - By Product Type
5. Global Off-Road Vehicles (ORVs) Market Analysis - By Application Type
6. Global Off-Road Vehicles (ORVs) Market Analysis - By Region
7. Competitive Analysis
8. Strategic Growth Opportunities
9. Company Profile of Key Players
- Arctic Cat Inc.
- BRP Inc.
- Honda Motor. Co., Ltd.
- Deere & Company (John Deere)
- Kawasaki Motors Corp.
- Kubota Corporation
- Polaris Industries Inc.
- Suzuki Motors Corporation
- Yahama Motor Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/stfxms/global_offroad