Upsurge in the recreational and sports activities across the world is anticipated to propel off-road vehicles market over the forecast period. Increasing urban population coupled with growth youth inclination towards motorsports activities will augment product penetration across the globe. Countries including the U.S, Canada, UK, France and Australia are taking initiatives to flourish outdoor activities such as hunting and trail driving. The U.S. Recreation Department offers over 150,000 miles of trails and around 440 wilderness areas, attracting participants, thereby augmenting the off-road vehicles market share from 2018 to 2027.
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On the basis of vehicle type, the Off-Road Vehicles market can be segmented into:
- All-terrain vehicles (ATV)
- Side by side vehicles (SSV)
- Off-road motorcycles
On the basis of fuel, the Off-Road Vehicles market can be segmented into:
On the basis of application, the Off-Road Vehicles market can be segmented into:
The sections, by vehicle type, by fuel, and by the application in the off-road vehicles market evaluate the present scenario as well as growth prospects of the regional off-road vehicles market for 2018–2027. The North America Off-Road Vehicles market has been estimated to dominate the off-road vehicles market by value owing to the high cost and growing demand, accounting for a maximum revenue share of the market by 2018 end. Europe and APEJ off-road vehicles markets are expected to account for over 40% collaborative revenue share, of the global off-road vehicles market by 2027 end. Among the emerging markets, the APEJ Off-Road Vehicles market is estimated to exhibit a significant CAGR of more than 5.0% over the forecast period, followed by North America with a CAGR of about 4.0%.
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Global Off-Road Vehicles industry is currently witnessing complete change in manufacturing concept. Chief factor propelling the growth of the off-road vehicles market are increasing adoption of off-road vehicles in military and recreational operations. Off-road trucks are used in military operations to transport cargo, fuels, ammunition etc. These vehicles are also utilized for transportation of heavy loaded weapons during wars. Utility off-road vehicles are utilized for agricultural operations for instance in crop plotting and scouting, for picking rocks, for irrigation purpose etc. Off-road vehicles perform farm work efficiently thus, describing the labor costs associated with these tasks. Furthermore, advanced technologies such as GPS on these vehicles, for creating field boundaries and marking field lines, permits to decrease soil compaction and save planting time by plotting the lines. Thus, increasing adoption of utility vehicles in agriculture is anticipated to surely impact growth of the off-road vehicle market.
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