The Off-Road Vehicle Global Market Report 2023, provides comprehensive information on the off-road vehicle market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global off-road vehicle market size is expected to grow from $14.99 billion in 2022 to $16.18 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global off-road vehicle market size is expected to reach $21.06 billion in 2027 at a CAGR of 6.8%.
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Technological advancement is a key trend in the off-road vehicle market. Major companies operating in the market are developing multi-purpose vehicles with seamless connectivity and other innovative technologies to sustain their position. For instance, in August 2022, Yamaha Motor Corp, a Japan-based manufacturer of motorcycles and other motorized products, launched its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup. This includes the 2023 Pure-Sport SxS Lineup, YXZ1000R SS, and YXZ1000R with Yamaha’s Sport Shift (SS) technology with steering column-mounted aluminum paddles that enable drivers to change quickly. The unique features of the 2023 YXZ1000R versions are designed to handle a range of terrain, from vast deserts and dunes to muddy trails and tough, rocky terrain. The YXZ has an industry-first 998-cc triple-cylinder engine from Yamaha and a sequential five-speed manual transmission with either an auto-clutch or clutch pedal for the most direct-connection experience in a SxS.
The off-road vehicle market is segmented:
1) By Product Type: Utility Vehicle, Sports Vehicle, Other Product Types
2) By Fuel: Diesel, Gasoline, Electric
3) By Displacement: Less Than 400 (Cc), 400 To 800 (Cc), More Than 800 (Cc)
4) By End User Vertical: Agriculture, Military, Sports, Other End User Verticals
North America was the largest region in the off-road vehicle market in 2022.
The table of contents in TBRC’s off-road vehicle market report includes:
1. Executive Summary
2. Off-Road Vehicle Market Characteristics
3. Off-Road Vehicle Market Trends And Strategies
4. Off-Road Vehicle Market – Macro Economic Scenario
5. Off-Road Vehicle Market Size And Growth
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26. Africa Off-Road Vehicle Market
27. Off-Road Vehicle Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Off-Road Vehicle Market
29. Off-Road Vehicle Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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