LONDON, April 25, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the off-road vehicle market highlights that the off-road vehicle market is expected to experience growth due to the increasing popularity of recreational activities and adventure sports. In November 2021, the Bureau of Economic Analysis (BEA), a US-based government agency that provides official macroeconomic and business industry statistics, reported that traditional outdoor recreation accounted for 37.4% of US outdoor recreation value-added in 2020, an increase from more than 30% in 2019. According to new data from the United States, the outdoor recreation economy contributed 1.8% ($374.3 billion) to the country's current-dollar gross domestic product (GDP) in 2020.
As per the report, off road vehicle sales are forecast to rise significantly in the forecast period. The off-road vehicle market size is estimated to grow from $14.9 billion in 2022 to $16.1 billion in 2023 at a compound annual growth rate (CAGR) of 8%. By 2027, the off-road vehicle market share is anticipated to achieve a value of $21.06 billion at a CAGR of more than 6%. North America was the largest region in the off-road vehicle market in 2022.
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Major players in the off-road vehicle industry are BRP Inc., CFMoto, Mahindra & Mahindra Limited, Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., and KUBOTA Corporation.
Major companies, to maintain their position, are developing innovative, multi-purpose vehicles equipped with seamless connectivity and other advanced technologies. For instance, in August 2022, Yamaha Motor Corp, a Japanese manufacturer of motorcycles and other motorized products, introduced its 2023 Proven Off-Road ATV/UTV and Side-by-Side Lineup. This comprises the 2023 Pure-Sport SxS Lineup, the YXZ1000R SS, and the YXZ1000R with Yamaha's Sport Shift (SS) technology, which includes steering column-mounted aluminum paddles that let drivers to quickly transfer gears. The unique features of the 2023 YXZ1000R models are designed to manage various types of terrain, such as wide deserts, dunes, muddy tracks, and rocky terrain.
The global off-road vehicle market segments that players should focus on include -
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
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The off-road vehicle market presents a promising opportunity for growth and innovation. With the increasing demand for recreational activities and adventure sports, coupled with advancements in technology, the market is poised for continued expansion. The introduction of multi-purpose vehicles with seamless connectivity and other innovative features by major players like Yamaha Motor Corp is a clear indication of the market's potential for growth and improvement. The off-road market report by The Business Research Company offers further detailed insights on the growth potential of the market helping you spot opportunities to capitalize on.
Off-Road Vehicle Global Market Report 2023 by The Business Research Company provides insights on the off-road vehicle market size, off-road vehicle market segments, off-road vehicle market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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