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Off-Road Vehicles Market Size

Report ID: GMI2321
Published Date: Dec 2022
Report Format: PDF

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Off-Road Vehicles Market Size

Off-Road Vehicles Market size surpassed USD 20 billion in 2022 and is slated to grow at over 8% CAGR from 2023 to 2032, driven by the increasing development of electric off-road vehicles in Europe.

Off-Road Vehicles Market

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With a mountainous and rocky terrain in the region, Europe offers a wide opportunity for regional growth. Countries like the UK, France and Germany have been witnessing a growing uptake of electric off-road vehicles, especially from the millennial population. In early November 2022, the EU banned the sale of new petrol and diesel cars from 2035, to curb CO2 emissions in the continent. Electric alternatives are gaining a strong foothold in Europe as they do not run on fossil fuel, driving industry demand.

Off-Road Vehicles Market Report Attributes
Report Attribute	Details
Base Year:	2022
Off-Road Vehicles Market Size in 2022:	USD 20 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8%
2032 Value Projection:	USD 45 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	342
Segments covered:	Vehicle, Propulsion Type, and Application
Growth Drivers:	Rising investments in R&D and new product development in North America Proliferation of the electric-off road vehicles industry in Europe Growing consumer inclination towards off-road recreational activities in Asia Pacific High growth of the tourism industry in Latin America and MEA Increasing presence of off-roading sports events
Pitfalls & Challenges:	Safety concerns related to off-road vehicles Environmental impact of off-roading activities

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of off-road vehicles registered nearly USD 20 billion revenue in 2022 and is anticipated to grow at over 8% CAGR between 2023 to 2032, owing to the expansion of the electric off-road vehicles industry in Europe.

The electric off-road vehicles industry is projected to observe 17% growth through 2032, driven by the growing popularity of electric alternatives in vehicles in order to reduce greenhouse gas emissions and pollution globally.

The North America off-road vehicles industry is expected to cross a valuation of USD 12 billion by 2032, on the account of higher participation in recreational activities, including off-roading, in the region compared to others.

Some of the major players in the competitive scenario are BRP, Kawasaki Motors Corporation, Honda Motors, Yamaha Motor Corporation, and Polaris Industries.