Global Off-Road Vehicle Market Drivers and News: Emerging a CAGR of 2.83% from 2024 to 2029

Global Off-Road Vehicle Market Overview

According to Global Market Monitor, the global off-road vehicle market size will reach $19.26 billion in 2024 with a CAGR of 2.83% from 2024 to 2029.Off-road vehicles are considered to be any type of vehicle that can travel up and down the paved or gravel surface. It is typically characterized by a large open pedal, a flexible suspension, or even a large tire of a track.

The ATV Market Share is Growing Steadily.

Government agencies are increasingly focusing on enhancing tourism-related activities, as well as the popularity and availability of off-road vehicles such as all-terrain vehicles (ATVs), utility terrain vehicles (UTVs), and snowmobiles. In addition, manufacturers' increasing focus on developing battery-powered vehicles requiring low maintenance costs and rising consumer preference for electric vehicle options are expected to drive the market growth during the forecast period. The ATV market is growing rapidly as automakers are developing ATVs for many end-use applications. The growing interest in sports and recreational activities has become an important driver for this segment. In addition, manufacturers' interest in frequent advancements in the development of various environmentally friendly vehicle versions is likely to boost the market, with ATVs expected to steadily increase their market share.

Market News

Byd recently published a patent for an all-terrain vehicle. This all-terrain vehicle is designed for autonomous driving, with a unique frame structure and innovative inlet and outlet design that significantly improves the vehicle's wading capacity and cargo loading space.

Drivers

Off-road vehicles typically have large tires, soft suspensions, and exposed deep treads. The common use of such off-road vehicles is to conduct exploration activities in areas without asphalt pavement. High-powered vehicles and large clearing areas can be used to access truncated and uneven roads and forest roads. Due to its superior technical advantages, including advanced four-wheel-drive systems, enhanced power and torque, and differential locks, its diverse applications in construction and agriculture have fueled market growth. For example, the application of off-road vehicles in agricultural activities includes crop mapping and surveying, rock harvesting, irrigation, etc.

Initiatives such as the National Wildlife Refuge System are attracting young people to participate in activities such as hunting and forest trails. The surge in demand for sports has had a positive impact on market growth, which can be attributed to increased sports events, such as the development of parks, beach rides, and leisure roads around the world, for example, in all 50 states of the United States, of the 1,000 trails, an increase of 370 miles to 19 national leisure trails in 17 states has expanded leisure opportunities on public land. These recreational roads are designated to promote health, conversation, and recreational activities such as driving off-road vehicles. In addition, some leisure parks also allow ATV rides, and the increase in these facilities has contributed to the growth of the off-road vehicle market.

Drivers	Wide-ranging use of off-road vehicles in agriculture, construction, and military fields drives market growth
	The increase in recreational facilities and revenues is another reason for market growth.
	Advances in technology and upgraded off-road vehicles will provide opportunities for the market.
	The economic growth of emerging countries will drive demand for off-road vehicles.

For more industry information, please refer to our latest released "Global Off Road Vehicle Market Study Report 2022 Historical Trends, Growth, and Forecast to 2028".