The global off-road vehicle market size is expected to reach USD 32.94 billion by 2030, registering a CAGR of 5.3% from 2023 to 2030, according to a new report by Grand View Research, Inc.The market is experiencing substantial growth owing to the factors, such as growing consumer interest in outdoor recreational activities since the outbreak of the COVID-19 pandemic, increasing focus of government agencies to enhance tourism-related activities, and rising popularity & availability of off-road vehicles, such as All-Terrain Vehicles (ATVs), Utility Terrain Vehicles (UTVs), and snowmobiles, at local stores in the majority of the countries. Moreover, the increasing focus of manufacturers to develop battery-powered vehicles that require low maintenance costs, and rising consumer preference for electric mobility options are anticipated to drive the market growth over the forecast period.

However, the high upfront total cost of ownership remains one of the challenging factors limiting the market growth to some extent. The growing concern regarding the substantial rise in carbon emissions and Greenhouse Gases (GHG) has enabled various government officials to initiate necessary policies regarding Electric Vehicles (EVs). For instance, in Finland, a refund of up to 35% is provided by the government to the companies that install EV charging stations, and housing organizations that provide charging facilities for private utilization. Subjected to such initiatives, the country is witnessing considerable growth in sales of EVs including off-road vehicles. Moreover, the increasing consumer preference for EVs that travel longer distances while requiring low maintenance is poised to engage OEMs in developing & broadening their electric or battery-powered vehicle portfolio thereby, creating several growth opportunities for the stakeholders over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Off-road Vehicle Market

Off-road Vehicle Market Report Highlights

• The UTV segment is projected to register the fastest CAGR over the forecast period

• The growth of this segment is attributed to the development of UTV with a wide variety of advancements, such as roll cages, seat belts, and other safety features, to meet the growing need of the young generation for adventure activities

• The Europe region is projected to register the fastest growth rate over the forecast period

• The growth of this region is attributed to the introduction of new ranges of ATV and UTV models, coupled with advancements and innovations in these vehicles

• A rise in demand for off-road vehicles can be attributed to the rising enthusiasm among individuals seeking thrilling experiences and outdoor adventures

Off-road Vehicle Market Segmentation

Grand View Research has segmented the global off-road vehicle market based on product type and region:

Off-road Vehicle Product Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• All-Terrain Vehicle

• Utility Terrain Vehicle

• Snowmobile

• Three-Wheeler

Off-road Vehicle Regional Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o Italy

• Asia Pacific

o China

o India

o Japan

o South Korea

• Latin America

o Brazil

o Mexico

o Argentina

o Chile

o Colombia

List of Key Players in the Off-road Vehicle Market

• Arcimoto

• Arctic Cat Inc. (Textron Inc.)

• ARGO

• BRP

• Deere & Company

• DRR USA

• Electra Meccanica

• Harley-Davison, Inc.

• HISUN

• Honda Motor Co., Ltd.

• Italika

• Kawasaki Heavy Industries

• Kymco

• Moto Avanzada Sa de Cv

• Polaris Inc.

• Segway Technology Co., Ltd. (Ninebot Inc.)

• SSR Motorsports

• Taiga Motors Inc.

• Yamaha Motor Co., Ltd.

• Zhejiang Chunfeng Power Co., Ltd. (CFMOTO)

Order a free sample PDF of the Off-road Vehicle Market Intelligence Study, published by Grand View Research.