What is the future of Off-Road Vehicles Market? Know Covid Impact on Size, Share & Forecasts

What is the future of Off-Road Vehicles Market? Know Covid Impact on Size, Share & Forecasts

July 22, 2020

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.

For a more detailed breakdown of the COVID-19 impact on this Market, request a free sample of the report here: https://www.stratviewresearch.com/Request-Sample/115/off-road-vehicles-ORVs-market.html

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.

Regional Insights

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.

Click below to run through the detailed ToC of the report: https://www.stratviewresearch.com/toc/115/off-road-vehicles-ORVs-market.html

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

Based on the research, a proper report is crafted with the following key features:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors 

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Author : Emily

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