The global market for recreational off-highway vehicles is anticipated to grow at a CAGR of 16.2% during the forecast period of 2023 to 2030. The market demand for ROVsis anticipated to increase in the near future as consumer interest in leisure and other sporting activities rises. As young people are becoming more interested in sports and recreational activities, it is projected that the North American region would pick up speed during this time. As the manufacturers are focusing on emerging economies in order to expand geographically, it is projected that Asia Pacific will evidence significant demand during the forecast period.
The market for recreational off-highway vehicles is being impacted by the emerging demand for recreational vehicles, millennials' increasing affinity for them, and increased spending on outdoor leisure activities. It is predicted that the market demand for recreational vehicles would grow over the next few years, sustaining a 1.5 times growth in demand during the forecast period of 2023–2030.
Under fuel type, recreational off-highway vehicles are divided into gasoline, diesel, and electric categories. With a market share of 55%, the electric segment leads the market by fuel type and is anticipated to grow at a CAGR of 16% over the course of the projection years. The ROV industry is showing signs of a paradigm shift in favour of all-electric ROVs, which is being fuelled by a confluence of factors including a dependence on fossil fuels, the capacity of electric power to increase vehicle productivity, the ability to reclaim energy by utilising effective hybrid systems, etc. The vehicles are experimenting with various levels of electrification, including full electrification, mild hybridization, and others, along with efficient ways for alternative energy powering equipment. Furthermore, the integration of technologies such as artificial intelligence (AI), battery improvement, combined electro-hydraulic actuators, etc. is projected to further accelerate turbocharge the electrification capacities in ROVs in the upcoming years.
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The share for off-road recreational vehicles in North America was the largest, at 37% contribution of revenue share in 2021. During the forecast, the region is expected to register a CAGR of 14%. The product's excellent sales in the area and the considerable increase in all-terrain vehicles due to young people's predilection for sports and recreational activities are the key factors leading to market expansion. The market for recreational off-highway vehicles in China, Japan, Korea and other East Asian Countries accounted to over 21 % of the global market share in 2021 and is expected to expand at a rate of 14 % during the forecast period. On the other hand, the market for recreational off-highway vehicles in countries such as India, Singapore, Malaysia, Thailand, Vietnam, Indonesia and other South Asian countries, accounted for 20% of global sales in 2021, and is expected to expand at a CAGR of 15% from 2023 to 2030.Many companies are expanding their operations and setting up facilities in developing nations for cost savings and for effective market reach, therefore, driving the market in Asian countries.
Due to the presence of numerous local and regional companies, the market for recreational off-highway vehicles is extremely fragmented and competitive globally. Key players deploy varied market strategies including mergers & acquisitions, expansions, collaborations, and partnerships. However, tier 1 players adopted new product launch as their strategy to enhance their market position. Key market players in ROVs market include Polaris, Yamaha Motir Co, Bennche, American Honda Motor Co,Inc, John Deere, Kawasaki, Arctic Cat Inc, BRP Inc and others.
Key Market Trends
