U.S. off-road vehicles market to accumulate sizable returns from Arizona, industry valuation to cross USD 13.5 billion by 2024
The U.S. off-road vehicles (ORVs) market size, in recent times, has been the recipient of sizable gains, owing to the proliferation of outdoor activities in conjunction with the improving economic condition. ORVs are becoming increasingly popular especially among the youth across the U.S., as is obvious from the rising sales of SUVs, off-road dirt bikes & motorcycles, all-terrain vehicles (ATVs) and snowmobiles.
Arizona Off-Road Vehicles Market, By Vehicle, 2017 & 2024, (USD Million)
The mounting interest in off-road adventure activities is rather overt from the progress that the ATV industry has registered in the last few years. In 2017, the ATV Safety Institute (ASI) claimed that close to 35 million Americans use ATVs in the U.S., which would prove to majorly impel the U.S. off-road vehicles market size. ATV are bound to be used extensively in the agricultural sector for several tasks performed on farms and ranches such as general transportation, animal handling, weed control and fence mending.
The agricultural sector even now, remains one of the largest occupational arenas in the U.S. As per reliable estimates, 78% of ATVs are used for recreational purposes while 22% are used in occupational settings. In addition, the versatility of ATVs has also resulted in their use in small scale construction, manufacturing, search and rescue operations, police, utilities, mining and land management. The utility, affordability and ease of use associated with these vehicles has led to their massive adoption by the agricultural community, in turn facilitating the growth of U.S. off-road vehicles industry from ATVs.
It is vital to mention that the U.S. off-road vehicles industry has received massive support from the regional regulatory landscape. Organizations like the ATV Safety Institute have been training the youth and providing education regarding safety gears. The surging adoption of safety gears will also lead to the U.S. off-road vehicles market gaining substantial momentum in the years ahead. Even the Texas legal framework permits under-14s to drive ATVs under supervision. The enforcement of norms to enhance driver and passenger safety will boost the demand for ATVs, majorly propelling U.S. off-road vehicles market size from ATVs.
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Regionally speaking, California, Texas, and Arizona stand as the chief revenue pockets for the U.S. off-road vehicles industry. According to Global Market Insights, Inc., in 2017, California held around 10% of the U.S. off-road vehicles market share owing to the presence of several state parks and recreational areas for driving. Organizations such as California Department of Parks and Recreation’s Off-Highway Motor Vehicle Recreation Division (OHMVR) are also introducing Grants & Cooperative Agreements Program to encourage OHV adoption.
Arizona is also anticipated to witness steady growth in the ensuing years, essentially on account of the favorable regulations enforced in the region that now permits the usage of California-registered vehicles in its state parks. Indeed, Arizona, boasting of 365 riding days per year, is likely to emerge as one of hotspots for the expansion of the U.S. off-road vehicles market. The state is home to some of most iconic road trails that attract tourists across the globe, namely, the Harquahala Mountain Byway, Backway to Crown King, Broken Arrow Trail, and Cinder Hills OHV Area, every one of which boasts of being a popular off-roading community. As the popularity of these trails in addition to the many hundreds of trails that the state houses, increases by the day, U.S. off-road vehicles market players are likely to target Arizona as their potential investment hub.
Capable of driving effectively on paved or gravel surfaces, off-road vehicles have increasingly become popular owing to their versatility. The use of such high traction, higher clearance vehicles enables users to access trails and forest roads that define a rough terrain. Aided by a supportive regulatory framework and the robust demand across a slew of end-use domains, U.S. off-road vehicles market will depict a commendable growth graph ahead.
Author Name : Mateen Dalal