Off-road Vehicles Market Trend Analysis

All-Terrain Vehicles

All-terrain vehicles are gaining considerable popularity in the global market owing to increasing demands for adventure sports and the increased availability of ATVs with all the necessary accessories at several local places. Post-COVID-19 pandemic, a significant rise in the number of tourists interested in off-road driving has been observed as a key factor enhancing the adoption of ATVs in the global market. In addition, the growing aspiration of drivers for leisure trips in search of unexplored sites, along with their off-road vehicles, is further contributing to the growth of the market. In the U.S., government bodies are lowering the number of restrictions imposed on driving and owning an ATV. For instance, effective July 2022, the Iowa State Government allowed ATV users to ride their vehicles across 99 counties of the state. This decision was made based on a survey of 4,600 people conducted by the state government. Thus, riders freely operating their vehicles on state roadways are poised to influence more enthusiasts to own new ATVs, thereby driving the market’s growth.

Utility Terrain Vehicles

The growing use of UTVs for various farming activities such as towing & hauling, farm surveying, gardening, and transporting farm equipment, along with the rising need for industrial transportation, is facilitating the growth of UTVs in the global market. Moreover, increasing product enhancement initiatives carried out by the OEMs to offer unique products in the competitive market are further propelling the adoption of UTVs across the globe. Companies such as Honda Motor Co., Ltd., Polaris, Inc., and Kawasaki Motors Pvt. Ltd. offer their vehicles with smart shock technology. The technology helps drivers to react and analyze shocks on different terrains, thereby providing an enhanced riding style to the driver.

Snowmobiles

Snowmobiling has been a trending sport for the past few years owing to the growing interest of people in snow activities in the U.S., Canada, and Scandinavian countries. Rising spending capacity on off-road vehicles and the long-lasting winter season spurred the growth of snowmobile sales in North America. Market leaders such as Polaris, Inc., and Arctic Cat, Inc. have already planned their 2024 snowmobile product portfolio by analyzing the growing demands for enhanced vehicles. 

Off-road Vehicles Market Trends Scope