May 04, 2020
According to the research report titled ‘U.S. Off-Road Vehicles Market Size By Vehicle, By Application, Industry Analysis Report, State Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, the U.S. off-road vehicles market is expected to record a remunerative growth rate during 2018-2024.
Increasing number of outdoor activities and consumer involvement in recreational activities are major factors driving the U.S. off-road vehicles industry growth. The upsurge in outdoor sports and leisure activities entice various ORV participants, thereby stimulating market outlook.
Various organizations including Society of Automotive Engineers International host regional competitions that result in innovative off-road vehicles designing and manufacturing. Favorable government initiatives which promote development of off-road trails is also stimulating the industry outlook. However, rising fatalities and injuries caused by off-road vehicles such as UTVs, ATVs and snowmobiles may act as a restraining factor to the market growth.
As per vehicle type, snowmobiles segment is presumed to expand with a CAGR of 4% during 2018-2024, on account of numerous snowmobile trails in the nation. Snowmobile manufacturers are focused on diversifying their product portfolio. In August 2018, for instance, Ski-Doo notified improving their 2018 snowmobile models with better cooling system, belt guard and ducting in order to optimize vehicle performance.
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Meanwhile, ATV segment holds a significant share in the overall market, primarily due to its wide use in sports & recreation activities. Escalated demand for ATVs in the region can be attributed to heavy participation in racing events like Motocross National Championship Series and Extreme Dirt Track National Championship Series organized by American Motorcyclist Association.
Considering the geographical landscape, off-road vehicles market in Arizona is expected to witness a growth rate of 5% between 2018 and 2024. Rising per capita income coupled with presence of organizations including Arizona Office of Tourism which promotes recreational & tourism activities is favoring the market outlook.
Prominent companies operating in the U.S. off-road vehicles industry are Arctic Cat Inc., Honda Motors, Kawasaki Motors, Bombardier Recreational Products and Polaris Industries among others.