Off-Road Vehicles Market to value USD 45 Billion by 2032: Global Market Insights Inc.
Major off-road vehicles market participants include Kawasaki Motors Corporation, Yamaha Motor Corporation, Honda Motors, BRP, and Polaris Industries, among others.
Selbyville, Delaware, Jan. 12, 2023 (GLOBE NEWSWIRE) —
The off-road vehicles market is expected to record a valuation of USD 45 billion by 2032, according to a is projected to expand at over 8% CAGR through 2032. This growth is attributed to the increasing popularity of recreational activities in the region. Europe has a number of adventure parks and outdoor trails, spanning varying landscapes, which is ideal for off-roading. Several European countries like the UK, France, and Spain often host cross-country UTV championships that are drawing rising participation of youth.
Leading players in the off-road vehicles market are Kawasaki Motors Corporation, Yamaha Motor Corporation, Honda Motors, BRP, and Polaris Industries. Many automakers have forayed into the sector amid the growing popularity of off-roading adventure activities. Subsequently, many are now focusing on innovating product design and electrification of their vehicle models to combat rising emissions.
For instance, earlier in March 2022, American automaker Polaris showcased test vehicles from its lineup of electric ATVs, UTVs, and snowmobiles during an investor presentation. The electric variants have been made in partnership with Zero Motorcycles. The new vehicles are likely to greatly expand the firm’s electric focus from solely utility vehicles to more dual-use, recreational vehicles.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Off-Road Vehicles Market Insights
3.1 Introduction
3.2 Impact of COVID-19
3.3 Russia- Ukraine war impact
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key initiative and news
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Rapid investment in R&D and new product development in North America
3.9.1.2 Proliferation of the electric-off road vehicles industry in Europe
3.9.1.3 Growing consumer inclination towards off-road recreational activities in Asia Pacific
3.9.1.4 High growth of the tourism industry in Latin America and MEA
3.9.1.5 Increasing presence of off-roading sports events
3.9.2 Industry pitfalls & challenges
3.9.2.1 Safety concerns related to off-road vehicles
3.9.2.2 Environmental impact of off-roading activities
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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