PUBLISHER: The Business Research Company | PRODUCT CODE: 1428302
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428302
Recreational off-highway vehicles (ROVs) are motorized vehicles specifically designed for off-road use, intended for recreational enjoyment in outdoor settings such as trails, dunes, and challenging terrains. These vehicles are often employed for recreational racing events and organized tours, offering a combination of performance, durability, and adaptability that allows users to navigate rough terrain and partake in exciting off-road adventures.
The primary types of recreational off-highway vehicles include gasoline-powered vehicles, diesel-powered vehicles, and electric-powered vehicles. Gasoline-powered vehicles are equipped with internal combustion engines that burn gasoline as fuel. These vehicles, including all-terrain vehicles, utility task vehicles, snowmobiles, and others, are available through online and offline channels for various applications such as individual use, fleet applications, rental services, sports, and agriculture.
The recreational off-highway vehicles market research report is one of a series of new reports from The Business Research Company that provides recreational off-highway vehicles market statistics, including recreational off-highway vehicles industry global market size, regional shares, competitors with a recreational off-highway vehicles market share, detailed recreational off-highway vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the recreational off-highway vehicles industry. This recreational off-highway vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The recreational off-highway vehicles market size has grown rapidly in recent years. It will grow from $9.25 billion in 2023 to $10.49 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed in the historical period can be attributed to increased disposable incomes, a rise in participation in recreational activities, increased demand for adventure tourism, a growing interest in off-road activities, and a shift towards eco-friendly options.
The recreational off-highway vehicles market size is expected to see rapid growth in the next few years. It will grow to $17.48 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated growth in the forecast period can be attributed to the rising popularity of off-road recreation, increased spending on leisure and adventure activities, a growing demand for improved performance, safety features, and comfort in recreational off-highway vehicles, and regional expansion. Key trends expected in the forecast period include the development of advanced and feature-rich recreational off-highway vehicles, the introduction of electric recreational vehicles, the integration of smart features such as GPS navigation, Bluetooth connectivity, and mobile app integration, and strategic promotional events.
The recreational off-highway vehicles market is set to experience growth, driven by the increasing demand for outdoor recreational activities. These activities, occurring in natural environments, are facilitated by recreational off-highway vehicles (OHVs) that navigate off-road terrains, providing access to remote areas not easily reachable by conventional vehicles. In 2021, the Outdoor Foundation reported that 54% of Americans aged six and over engaged in outdoor recreation at least once, reaching a record 164.2 million participants. This surge, 6.9% higher than in March 2020, indicates a growing interest in outdoor activities and propels the recreational off-highway vehicles market.
The growth of the recreational off-highway vehicles market is further fueled by increasing disposable income. Disposable income, the amount available for spending and saving after tax deductions, plays a pivotal role in driving expenditure on leisure activities. In October 2023, the disposable personal income per capita in the United States rose to $60,898, reflecting an increase from $60,738 the previous month and $57,215 the previous year. This rise in disposable income contributes to the expanding market for recreational off-highway vehicles.
A key trend in the recreational off-highway vehicles market is product innovation, with major companies developing cutting-edge products to enhance their market position. For example, Polaris Inc. unveiled its 2024 snowmobile and snow bike portfolio in March 2023, featuring new innovations and improved features for enhanced performance, control, and agility. This commitment to innovation strengthens companies' competitive edge in the recreational off-highway vehicles market.
Environmental sustainability is becoming a focus in the recreational off-highway vehicles market, with major companies developing eco-friendly ROVs. Lexus, in December 2021, introduced the LEXUS ROV, a hydrogen-powered off-road vehicle designed to minimize environmental impact and achieve nearly zero emissions during operation. This initiative aligns with the industry's growing emphasis on environmental responsibility while delivering an exhilarating driving experience.
In June 2022, Arctic Cat Inc. (Textron Inc.) partnered with Avalanche Education Group and the American Institute for Avalanche Research and Education (AIARE) to enhance avalanche awareness, training, safety, and education programs. This collaboration aims to expand the reach of avalanche safety information, ensuring that a broader audience of snowmobile enthusiasts can safely enjoy their rides in the backcountry.
Major companies operating in the recreational off-highway vehicles market report are Honda Motor Co. Inc., John Deere GmbH & Co., Suzuki Motor Corporation, Yamaha Motor Co. Ltd., Textron Inc., Polaris Inc., Bombardier Recreational Products Inc. (BRP), Doosan Bobcat Inc., Linhai Powersports USA, Hisun Motors Corp USA, Kandi Technologies Group Inc., Ontario Drive & Gear Limited, Intimidator Inc., ODES Industries LLC, KYMCO USA Inc., Massimo Motor Sports LLC, Cub Cadet, Pitster Pro, Tao Motor Inc., Bennche LLC, Mahindra North America Inc., New Holland Rochester Inc., Bintelli Powersports, Stealth Electric Bikes Pty Ltd, BMS Motorsports Inc., Rival Motorsports Ltd., CFMOTO Powersport Inc., SSR Motorsports, Kawasaki Motors Corp., Joyner USA.
North America was the largest region in the recreational off-highway vehicles market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the recreational off-highway vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the recreational off-highway vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The recreational off-highway vehicles market consists of sales of off-highway motorcycles or dirt bikes, motocross, enduro motorcycles, and adventure bikes. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Recreational Off-Highway Vehicles Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on recreational off-highway vehicles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for recreational off-highway vehicles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The recreational off-highway vehicles market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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