June 5, 2024

U.S. Off-road Vehicles Market Size to Rake USD 19.09 Bn by 2033

The U.S. off-road vehicles market size was estimated at USD 12.63 billion in 2023 and is predicted to reach around USD 19.09 billion by 2033, growing at a CAGR of 4.40% from 2024 to 2033.

Key Points

  • By product type, the three-wheeler segment held the largest market share of 46% in 2023.
  • By product type, the service segment is anticipated to grow at a remarkable CAGR of 8.4% between 2024 and 2033.
  • By propulsion type, the diesel segment generated over 47% of market share in 2023.
  • By propulsion type, the gasoline segment is expected to expand at the fastest CAGR over the projected period.
  • By application, the sports segment generated over 38% of the market share in 2023.
  • By application, the military segment is expected to expand at the fastest CAGR over the projected period.

U.S. Off-Road Vehicles Market Size 2024 to 2033

The U.S. off-road vehicles market encompasses a wide range of vehicles designed for rugged terrain, including all-terrain vehicles (ATVs), side-by-side utility vehicles (UTVs), dirt bikes, and off-road trucks. These vehicles cater to diverse recreational and commercial needs, from off-road enthusiasts seeking adventure to farmers and ranchers requiring dependable utility vehicles for work purposes.

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Growth Factors:

Several factors contribute to the growth of the U.S. off-road vehicles market. Increasing recreational activities, such as off-roading, hunting, and camping, drive demand for ATVs and UTVs. Additionally, the growing popularity of off-road sports events and competitions further fuels market expansion. Moreover, advancements in technology, including the development of electric off-road vehicles, are driving innovation and attracting environmentally-conscious consumers.

U.S. Off-road Vehicles Market Data and Statistics

  • In August 2022, Polaris introduced its latest flagship RZR Pro R Sport ATV model in India, boasting a robust 1997 cc 4-stroke DOHC inline four-cylinder engine that generates a formidable 225 bhp of maximum power.
  • Also in 2022, Arctic Cat debuted the new Alterra 600 ATV, available in four distinct trim levels.
  • In April 2021, Arctic Cat unveiled a new addition to its 2022 model year lineup, the Alterra 600 EPS, featuring a redesigned engine, drivetrain, and chassis, promising enhanced power, improved handling, and simplified servicing. Dealerships began stocking this model in July.
  • February 2022 marked the entry of American Landmaster into the electric UTV market, offering electric-powered UTVs with a towing capacity of 1,200 lbs in both 2-door and 4-door configurations, operating in 4X2 driving mode.
  • Also in February 2022, Segway Powersports expanded the availability of its Fugleman side-by-side vehicle to over 40 dealerships across the United States.
  • Back in June 2020, Kawasaki unveiled its 2020 lineup of MULE and ATV vehicles, encompassing the Brute Force ATV series, MULE PRO lineup, and SX series.

Region Insights:

The U.S. off-road vehicles market exhibits variations in demand and preferences across different regions. Rural areas with expansive landscapes often demonstrate higher demand for off-road vehicles, driven by agricultural and recreational needs. However, urban areas also contribute significantly to the market, with enthusiasts and hobbyists seeking adventure in nearby off-road parks and trails.

U.S. Off-road Vehicles Market Scope

Report Coverage Details
U.S. Market Size in 2023 USD 12.63 Billion
U.S. Market Size in 2024 USD 13.16 Billion
U.S. Market Size by 2033 USD 19.09 Billion
Growth Rate from 2024 to 2033 CAGR of 4.40%
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product Type, By Propulsion Type, and By Application

U.S. Off-road Vehicles Market Dynamics

Drivers:

Key drivers shaping the U.S. off-road vehicles market include the increasing disposable income of consumers, which allows for greater spending on recreational activities and vehicles. Additionally, the versatility of off-road vehicles, capable of navigating various terrains, attracts a wide range of consumers, from outdoor enthusiasts to professionals requiring reliable utility vehicles for work purposes.

Opportunities:

The U.S. off-road vehicles market presents several opportunities for manufacturers and retailers. Expanding product portfolios to include electric off-road vehicles can tap into the growing demand for eco-friendly transportation solutions. Furthermore, catering to niche markets, such as off-road racing and extreme sports, can unlock new avenues for growth and differentiation.

Challenges:

Despite the positive outlook, the U.S. off-road vehicles market faces certain challenges. Regulatory concerns regarding vehicle safety and emissions standards may pose compliance hurdles for manufacturers. Additionally, economic fluctuations and uncertainties can impact consumer spending patterns, affecting the overall demand for off-road vehicles in the market. Moreover, increasing competition from alternative recreational activities, such as water sports and adventure tourism, presents a challenge for sustaining market growth.

Read Also: Oral Rinse Market Size to Rake USD 13.70 Billion by 2033

Recent Developments

  • In June 2023, Polaris Inc. revealed that it had secured a $700,000 grant aimed at facilitating the development of an electric vehicle (EV) charging infrastructure designed specifically for off-road vehicles. This initiative will be implemented within a public off-road trail system located in Michigan’s Upper Peninsula. The grant originates from the Mobility Public-Private Partnership & Programming (MP4) Grant, which is part of the Michigan Office of Future Mobility & Electrification’s efforts to strengthen the state’s mobility sector, including the outdoor recreation industry, through the adoption of electric and technologically enhanced vehicles.
  • Also in June 2023, Kawasaki Motors Corp., U.S.A., announced the continuation of its partnership with TrueTimber. Commencing from the 2024 model year, TrueTimber will exclusively provide camouflage patterns for a range of Kawasaki models, including the newly introduced Kawasaki MULE PRO-FXT™ 1000.

U.S. Off-road Vehicles Market Companies

  • Polaris Inc.
  • Arctic Cat Inc.
  • Yamaha Motor Corporation
  • Honda Motor Co., Ltd.
  • Kawasaki Motors Corp., U.S.A.
  • Can-Am (BRP)
  • Suzuki Motor Corporation
  • John Deere
  • Textron Inc.
  • Kubota Corporation
  • Kymco
  • CFMOTO
  • Mahindra & Mahindra Limited
  • Massimo Motor
  • American Landmaster

Segments Covered in the Report

By Product Type

  • All-Terrain Vehicle
  • Utility Terrain Vehicle
  • Snowmobile
  • Three-Wheeler

By Propulsion Type

  • Gasoline
  • Diesel
  • Electric

By Application

  • Utility
  • Sports
  • Recreation
  • Military

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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