Off-road vehicles are vehicles, which run on and off the road surface, usually over rough terrain. These vehicles are categorised on the basis of specifications of tyre and suspension. Factors such as high ground clearance, skid plates, approach departure, and breakover allows these vehicles to ply on unpaved roads with low and rough traction surfaces. It includes both two-wheelers and four-wheelers such as SUVs.
Major factor driving growth of the market are increasing adoption of off-road vehicles in military and agriculture operations. Off-road trucks are used in military operations to transport cargo, fuels, ammunition etc. These vehicles are also used for transportation of heavy loaded weapons during wars. Utility off-road vehicles are used in agricultural operations such as crop plotting and scouting, for picking rocks, for irrigation purpose etc. These type of vehicles perform farm work efficiently thus, reducing the labor costs associated with these tasks. Moreover, advanced technologies such as GPS on these vehicles, for creating field boundaries and marking field lines, allows to reduce soil compaction and save planting time by marking the lines. Thus, increasing adoption of utility vehicles in agriculture is expected to positively impact growth of the off-road vehicle market.
However, these vehicles are used for rough terrains, and not for paved road use. Also, it becomes difficult to ride these vehicles on extreme paved surfaces. These factors are expected to restrain growth of the market over the forecast period (2017–2025).
Global Off-road Vehicles Market: Taxonomy
On the basis of vehicle type, the global off-road vehicles market is segmented into:
On the basis of product type, the global off-road vehicles market is segmented into:
On basis of application, the global off-road vehicles market is segmented into:
On basis of vehicle type, the global off-road vehicles market is segmented into
Global Off-road Vehicles Market: Regional Insights
North America is expected to hold the largest market share in global off-road vehicles market in over the forecast period. According to the Coherent Market Insights analysis, U.S. accounted for over 50% of the global off-road vehicles sales in 2016. Moreover, high presence of automotive parts providers in the region such as Visteon Corporation, Borgwarner Inc., and Lear Corporation is expected to positively impact growth of the market in this region. Additionally, increasing number of sport events such as mountain racing, dirt racing, and all terrain racing, organized in the region is expected to further boost demand for off-road vehicles. Canadian Council of Snowmobile Organizations and North American Council of Snowmobiles Associations conducts sports events every year, which also has a positive impacts on the growth of the off-road vehicles market in this region.
Global Off-road Vehicles Market: Competitive Background
Key players in the global off-road vehicles market are Polaris Industries, Inc., Yahama Motor co., Ltd., Honda Motor Co., Ltd., Kawasaki Motor Co., Kubota Corporation, BRP Inc., Arctic Cat Inc., Deere and Company, Mahindra and Mahindra, Ford Motor Company, Volkswagen AG, and Land Rover.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.