Increase in demand for recreational activities, agriculture and military operations to support the growth of the off-road vehicle market during the forecast period 2021-2030


Off-Road Vehicles Market Share and Trend Analysis, By Driving Type (2WD in Off-Road Vehicles, 4WD in Off-Road Vehicles, Others), By Fuel Type (ATVs gasoline, electric off-road vehicles), by number of seats, by application and by region, 2021-2031

ROCKVILLE, Md., Feb. 22 2022 (GLOBE NEWSWIRE) — According to Fact.MR – a market research and competitive intelligence provider – the global off-road vehicle market grew at a CAGR of over 2% from 2016 to 2020, reaching 3 billion US dollars.

According to the Fact.MR report, the sales outlook for off-road vehicles is quite positive, expected to reach US$4.2 billion after a CAGR of 3.4% over the projected period 2021-2031.

North America is expected to assume its dominance in the market with more than 50% shareholding in the off-road vehicle industry. Asia is next in line with plenty of growth opportunities, especially in China and India.

“Advances in hybrid engines with improved efficiency and negligible emissions, accompanied by the introduction of lightweight models, will further encourage industry growth through 2031,” comments an analyst from Fact.MR.

Off-Road Vehicles Market Share and Trend Analysis, By Driving Type (2WD in Off-Road Vehicles, 4WD in Off-Road Vehicles, Others), By Fuel Type (ATVs gasoline, electric off-road vehicles), by number of seats, by application and by region, 2021-2031

The growing popularity of electric vehicles along with the inclination towards off-road sports has boosted the market demand for off-road vehicles. Additionally, the development of intelligent torque vectoring for AWD is a major trend driving the growth of the market.

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Competitive landscape

Prominent players are adopting innovative approaches such as revolutionary marketing tactics, technological advancements, mergers and acquisitions.

  • In September 2018, powersports manufacturer Polaris Industries Inc. and WSI Industries Inc. jointly announced an all-cash merger agreement for a total enterprise value of approximately US$23.9 million. The merger is expected to be finalized in the fourth quarter of 2018.

  • In June 2021, Honda becomes the first Japanese automaker to publicly declare that it will phase out gas-powered car sales altogether, setting 2040 as the target. The company plans to unveil 3 new electric two-wheelers by 2024, as well as 10 new electric cars in China within 5 years.

Global all-terrain vehicle shipment is expected to surpass US$4 billion by 2031, according to Fact.MR. According to the report, the off-road vehicle market is expected to grow by 1.4x through 2031.

Fact.MR’s Off-Road Vehicles Market Report Forecasts a Moderate Expansion Trajectory, Growing at Over 3% CAGR to Exceed US$4 Billion by the End of Forecast Period 2021-2031. Growing demand for off-road vehicles in various industries is driving the demand in recent years.

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Key Segments Covered

Reader Type

  • 2 wheel drive in off-road vehicles

  • 4WD in off-road vehicles

  • AWD in off-road vehicles

Fuel type

Gas-powered off-road vehicles

  • Less than 400cc

  • 400 – 800 cc

  • Over 800cc

Electric-powered all-terrain vehicles


  • Sporty off-road vehicles

  • Entertainment off-road vehicles

  • Agricultural off-road vehicles

  • Military and defense off-road vehicles

  • Other (hunting and forestry, etc.) All-terrain vehicles

age range

Number of wheels

To learn more about the short term and long term impact of COVID-19 on this Off-Road Vehicle market,

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Key insights from market research

  • Global Off-Road Vehicle Market Expected to Add 1.4x its Value by 2031

  • By fuel type, gasoline-powered off-road vehicles accounted for 3 out of 5 sales in 2020

  • ATVs with more than 4 wheels must accelerate at a CAGR of more than 3% through 2031

  • In terms of seating capacity, two-seater off-road vehicles will account for 2/5th of global sales

  • By application, military and defense ATVs will register a CAGR of 2.4% over the forecast period

  • The US ATV market was valued at US$2.3 billion in 2020, capturing 50% of global demand

  • ATV sales in China are expected to reach a projected size of US$2.1 billion by 2031

  • India is likely to emerge as a highly opportunistic market in the coming years

Historical performance reveals that all-terrain vehicle sales increased by more than 2% CAGR between 2016 and 2020, approaching US$3 billion by the end of the aforementioned period. The COVID-19 outbreak has stalled the outlook as production issues experienced during shutdowns have significantly hampered auto production. The outlook has improved in the second half of 2020, but the outlook is expected to remain subdued.

With the growing demand for all-terrain vehicles, off-road vehicles are steadily gaining ground in several fields such as sports, agriculture, military, tourism and entertainment, which is expected to boost the demand in the years future.

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Key Points Covered in the Off-Road Vehicle Industry Survey:

  • Market estimates and forecasts 2016-2031

  • Key Drivers and Restraints Shaping Market Growth

  • Analysis by segment, by country and by region

  • Competitive Mapping and Benchmarking

  • Market share analysis

  • Main product innovations and regulatory climate

  • Impact of COVID-19 on off-road vehicles and how to navigate

  • Recommendation on the main winning strategies.

Fact.MR, in its new offering, presents an unbiased analysis of the Off-Road Vehicles market, showcasing historical demand data (2016-2020) and forecast statistics from 2021 to 2031.

The study discloses key market insights based on drive type (2WD, 4WD, and AWD) fuel type (petrol and electric) applications (military, sports, agricultural, entertainment, and others) capacity in seats (one seat, two seats) of age-group (young and old) and wheels (four and more than four) in seven major regions (North America, Latin America, Europe, East Asia, Asia South, Oceania and Middle East and Africa)

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