The Off-road vehicle market was valued at USD 14 billion in 2020 and is anticipated to reach USD 18 billion by 2026, at a CAGR of 4.12% during the forecast period (2021-2026

). The Outbreak of COVID-19 pandemic acted as a restraint to the off-road vehicle market in 2020 due to continuous travel and trade restrictions imposed by governments globally. However, post pandemic market is expected to grow at a steady pace as economic activites resumed worldwide.

New York, June 01, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Off-road Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" -

The global off-road market is experiencing a high demand owing to the growing popularity of extreme sports and the need for robust compact equipment. The off-road vehicles have a wide range of users across agriculture, mining, and constructions among other sectors. The companies providing off-road vehicles are focusing on introducing new products with improved features to attract more customers and gain a competitive position in the market.

Moreover, the construction industry is increasingly adopting off-road compact vehicles to boost their efficiency. Rapidly growing industrialization along with an increase in mining activities are the major factors expected to drive the growth of the off-road vehicle market. However, the high cost of maintenance of off-road vehicles is the primary factor that is anticipated to hinder the growth of off-road vehicles market.

North America is expected to remain the largest market for off-road vehicles followed by Europe owing to growing consumer demand in the region. Asia-Pacific to witness fastest growth in off-road vehicle market owing to the high adoption rate and the booming automotive sector, leading to an increased production of off-road vehicles, especially in China and India.

Key Market Trends
All-Terrain Vehicle Segment To Witness Significant Growth

The ATV market is growing swiftly, as vehicle manufacturers are developing ATVs for a plethora of end-use applications. People’s growing interest toward sports activities and recreational activities has emerged as a major driving factor for the segment. Moreover, manufacturers interest towards frequent advancements in the development of a variety of eco-friendly vehicle versions, likely to boost the market. For instance,

- In April 2021, Arctic Cat announced a new ATV as part of its model year 2022 lineup available for dealerships in July. The new Alterra 600 EPS features an all-new engine, drivetrain and chassis offering increased power, better handling and easier servicing. The launch of the ATV coincides with Arctic Cat’s 60-year anniversary of bringing new and innovative products to powersports.
- In September 2020, Yamaha unveiled its latest ATV models, Grizzly 2021 and Kodiak 700 and 450 models. The company unveiled its 2021 Youth ATV lineup, including the Grizzly 90 in Armor Gray (USD 3,099 MSRP), Raptor 90 in Team Yamaha Blue and White (USD 3,099 MSRP), and YFZ50 in Team Yamaha Blue and White (USD 2,199 MSRP).

ATVs’ market share is projected to witness a steady growth, owing to the change in the rules and regulations that govern and define standards in the way ATVs are used. Regulatory authorities, such as the California-based non-profit organization, the All-terrain Vehicle Safety Institute (ASI), defines proper ATV usage regulations and promotes approved products and accessories, such as seatbelts, footrests, helmets, and kill-switches.

North America To Hold Prominent Share In The Market

North America to hold largest market share in the Off-road vehicle market during the forecast period (2021 - 2026). Despite of pandemic, in 2020, the North American market (United States, Canada, and Mexico) had a very successful year in terms of sales and with majority growth seen in All-terrain vehicles.

Rising recreational expenditure and growing preference of the youth towards adventure and off-road events likely to boost demand in market. In addition, availability of a wide range of products across varied price anticipated to further enhance the growth during forecast period. For instance,

- In August 2020, Polaris introduced new 2021 lineup. The company redesigned its technologies and introduced Sportsman 450 H.O. and 570 model’s ATV for riders of all experience and skill levels. More models’ of 2021 lineup include RANGER series latest RZR XP Turbo and Turbo S, GENERAL XP 1000 Pursuit Edition and the first RANGER XP 1000 Trail Boss.
- In March 2021, Polaris Inc. announced that it is planning to launch its first full-size off-road electric RANGER UTV with Zero Motorcycles powertrain.

In order to reduce the impact of the hindrances, the regulatory authorities, including the Recreational Off-Highway Vehicle Association (ROHVA), United States Consumer Product Safety Commission (CPSC), and the US Environmental Protection Agency (EPA), established numerous regulations regarding the usage of ATV and occupant safety. Thus, government initiatives and the growing interest of the youth in recreational events expected to drive the demand in market during the forecast period.

Competitive Landscape
The off-road vehicle market is moderately consolidated due to the presence of numerous players in the market. The key market players in the industry are emphasizing on introducing new products and technologies to attract customers worldwide. For instance,

- In December 2020, Volcon announced pricing for pair of electric side-by-sides. Stag and Beast both have a range of 150 miles.
- In November 2020, American Landmaster revealed its all-new lineup of 2021 side-by-sides called the Landmaster. The 2021 Landmaster UTVs are equipped with over 30 new customer and dealer-inspired features, a best-in-class suspension system, automotive-grade components, weather-sealed electrical system, and more.

Some of the major players, like Arctic Cat, Polaris Industries, Bombardier Recreational Products (BRP), etc., have captured significant shares in the market. Electric ATVs and UTVs will be creating new opportunities in the industry in the coming years.

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