Off-Road Vehicle Market Size 2024-2033 – Growth Analysis, Outlook, Overview

The Off-Road Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Off-Road Vehicle Global Market Report 2024, The off-road vehicle market size has grown strongly in recent years. It will grow from $15.95 billion in 2023 to $17.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to recreational demand, rural and agricultural use, tourism and adventure tourism, industrial applications, infrastructure development.

The off-road vehicle market size is expected to see strong growth in the next few years. It will grow to $22.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising outdoor recreation trend, expansion in agriculture and construction, adventure tourism growth, increased urbanization, environmental conservation initiatives. Major trends in the forecast period include focus on environmental sustainability, integration of advanced safety technologies, customization and personalization trends, evolving regulatory standards for emissions, market expansion in emerging economies.

Growth in the trend of recreational activities and adventure sports is expected to propel the growth of the off-road vehicle market going forward. Recreation refers to all activities that individuals do to rejuvenate their bodies and minds and make their free time more exciting and enjoyable. Adventure sports or extreme sports refer to sports that are operated on land, in the water, or in the air and involve a significant level of risk. Off-road vehicles are used for recreational activities and adventure sports, which is boosting its demand. For instance, in 2023, according to reports published by the Outdoor Industry Association, a US-based trade association for businesses in the outdoor industry, There were in 2022, the number of outdoor recreation participants increased by 2.3 percent to a record 168.1 million, accounting for 55 percent of the US population aged six and above. Therefore, the trend of recreational activities and adventure sports is driving the growth of the off-road vehicle market.

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The off road vehicle market covered in this report 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

Top Major Players:
Accenture PLC
Deloitte Touche Tohmatsu Limited
PricewaterhouseCoopers LLP
Ernst & Young Global Limited
KPMG International Cooperative

Asia-Pacific was the largest region in the office administrative services market in 2023.

Major companies operating in the off-road vehicle market are increasing their focus on introducing retro-styled off-road vehicles to gain a competitive edge in the market. Retro-styled off-road vehicles are the ones that incorporate design elements and aesthetics inspired by classic or vintage designs. For instance, in August 2023, Toyota Motor Corporation, a Japan-based automobile company, launched a new retro-styled Land Cruiser model that combines the classic looks of the original with modern technology and performance. The new Land Cruiser model offers a blend of classic off-road performance with modern technology and is available at a more accessible price, catering to the growing interest in classic and off-road vehicles. The Land Cruiser has a rich history of off-road capability and is designed to excel in various terrains, making it a popular choice for off-road enthusiasts and adventurers.

The off-road vehicle market report table of contents 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. Global Off-Road Vehicle Market Size and Growth
…
32. Global Off-Road Vehicle Market Competitive Benchmarking
33. Global Off-Road Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Off-Road Vehicle Market
35. Off-Road Vehicle Market Future Outlook and Potential Analysis
36. Appendix

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