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U.S. Off-Road Vehicles Market for Sports segment to grow at over 5% CAGR T0 2024

Author : Ronak Bora | Published Date : 2019-03-29 

The growing outdoor activities will induce significant potential in the U.S. off-road vehicles market. According to the Outdoor Industry Organization (OIO), over 760 million people visit the state parks annually with around two visits per person. Moreover, in 2017, over 48% of the U.S. population participated in at least one outdoor activity. Increasing involvement in recreational activities will propel industry growth over the study timeframe.

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U.S. Off-Road Vehicles Market in Arizona will witness over 5% CAGR till 2024 owing to continuous rise in the disposable income. According to the U.S. Census, in 2017, the disposable income in Arizona grew by over 5% as compared to 2013. The presence of organizations such as the Arizona Office of Tourism (AOT) is promoting tourism and recreational activities. In 2017, AOT entered into a partnership with Arizona State Parks and trails to organize a summer campaign, showcasing state parks to Arizona residents, propelling the U.S. off-road vehicles market share.

In 2017, utility leads the U.S. off-road vehicles market with adadption of UTVs in public works and labor assistance. UTVs aid in facility operations such as waste management systems, electrical facilities, and surveying support. Rising infrastructure developments requiring equipment towing and labor transportation will drive segment growth in next six years.

Rising sports and leisure activities across the country are continuously attracting ORV participants. ORV sports events such as USSA Snowmobiling Racing, ATV Motocross Championship, register huge participation each year. Organizations such as Society of Automotive Engineers International (SAE) host regional competitions that stimulate innovative ORV designing and manufacturing. Such initiatives will further promote participation in the U.S. off-road vehicles marketplace over the forecast timeline.

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ATV holds substantial share in the U.S. off-road vehicles market share with its applications in sports & recreation activities. Presence of organizations including American Motorcyclist Association (AMA) promoting racing events such as Extreme Dirt Track National Championship Series and Motocross National Championship Series are continuously attracting participants for trailing activities.

U.S. Off-Road Vehicles Market for Snowmobiles will witness over 4% CAGR till 2024 owing to the presence of multiple snowmobile trails. According to the ISMA, in 2017, snowmobiling contributed to over USD 25 billion in the U.S. recreational economy. Industry players are continuously upgrading the product portfolio to strengthen their foothold in the U.S. off-road vehicles market share. For instance, in August 2018, Ski-Doo announced upgrading of 2018 snowmobile models with an additional cooling system, ducting, and belt guard to enhance vehicle performance.

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Key participants in the U.S. off-road vehicles market include Polaris Industries, Bombardier Recreational Products (BRP), Kawasaki Motors, Honda Motors, and Arctic Cat Inc. Industry players are introducing new products to serve larger consumer base. For instance, in 2016, Honda Motors introduced new products for Rancher and TRX250X line-up.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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