The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Off-Road Vehicles Market.
It was estimated prior to this unanticipated outbreak that the Off-Road Vehicles Market will reach an estimated value of US$ 12.2 billion in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Off-Road Vehicles Market Share Analysis
Off Road Vehicles Market Share by Product Type
Based on the product type, the global ORVs market is segmented as Utility, Recreation/Utility, Sports, and Youth. The utility is projected to remain the most dominant product type in the ORVs market during the forecast period. All the major players have an excellent product portfolio for the utility ORVs. The sports segment is likely to witness the highest growth during the same period, driven by increasing tourism and recreational activities across the globe. The USA is the largest buyer of both utility and sports vehicles.
Off Road Vehicles Market Share by Type of Applications
Based on the application type, the global ORVs market is segmented as Sports, Entertainment, Agriculture, Hunting, Military, and Others. Sports and entertainment are projected to remain the growth engines of the global ORVs market over the next five years, driven by increasing demand for SSVs for sports and entertainment applications. More than 50% of the ORV sales come from sports and entertainment applications in 2017.
Based on the regions, North America is expected to remain the largest market for ORVs over the next five years. The USA is the growth engine of the North American as well as global ORVs market. The country alone accounted for more than 60% of the global ORVs sales in 2018. Europe, another major region, is likely to grow at a healthy rate over the next five years, propelled by Germany and France. Asia-Pacific is a relatively very small market but is likely to witness the highest growth during the forecast period, driven by an increased demand for power sports in many countries including China, Australia, and India.
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