The off-road vehicle market size has the potential to grow by 223.96 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by type (SxS, ATVs, and Off-road motorcycles) and geography (North America, Europe, APAC, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Bombardier Recreational Products Inc., Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., KTM AG, KWANG YANG MOTOR Co. Ltd., Massimo Motor Sports LLC, Polaris Inc., Suzuki Motor Corp., Yamaha Motor Co. Ltd., and ZHEJIANG CFMOTO POWER Co. Ltd.
Market Overview
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Market Competitive Analysis
The market is fragmented. The players are expanding their product portfolio and partnering with or acquiring local ATV manufacturers of various regions to enhance quality and competition. In addition, major vendors are investing strongly in the R&D of new technologies and product developments. Bombardier Recreational Products Inc., Honda Motor Co. Ltd., and Kawasaki Heavy Industries Ltd. are some of the major market participants. Although the availability of improved suspension technology in off-road motorcycles will offer immense growth opportunities, the complications in off-road motorcycle licensing will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this off-road vehicle market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this off-road vehicle market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Bombardier Recreational Products Inc.
- Honda Motor Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- KTM AG
- KWANG YANG MOTOR Co. Ltd.
- Massimo Motor Sports LLC
- Polaris Inc.
- Suzuki Motor Corp.
- Yamaha Motor Co. Ltd.
- ZHEJIANG CFMOTO POWER Co. Ltd.
Off-road Vehicle Market: Segmentation by Type
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The side-by-side vehicles (SxS) segment will account for the highest share of the market because of several advantages including rollover protection bars, storage space, and ability to seat multiple passengers. The report provides an accurate prediction of the contribution of all the segments to the growth of the off-road vehicle market size.
This report provides an accurate prediction of the contribution of all the segments to the growth of the off-road vehicle market size.
Off-road Vehicle Market: Segmentation by Geography
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North America was the largest off-road vehicle market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The introduction of newer models of electric powered and hybrid off-road motorcycles will significantly drive off-road vehicle market growth in this region over the forecast period.
35% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for off-road vehicles in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.
Off-road Vehicle Market: Key Drivers and Trends
Advanced suspension systems with dedicated shock absorbers are necessary for off-road motorcycles as they need to navigate through mud, grass, rivers, gravel, and rocky terrains. These suspension systems must exhibit high durability, reliability, and endurance to tackle off-road conditions. Hence, off-road motorcycle manufacturers are integrating various advanced suspension technologies such as adjustable compression dampening and adjustable rebound damping into their products. The flexibility in setup and overall functioning of modern suspension systems is further increasing their adoption in off-road motorcycles. Thus, the availability of improved suspension technology in off-road motorcycles is expected to drive the growth of the off-road vehicles market.
Stringent emission norms and growing awareness of environmental pollution and global warming have boosted the popularity of electric vehicles (EVs). This has encouraged ATV manufacturers to develop electric ATVs (e-ATVs) which have low emission levels and low noise. Hybrid ATVs which run on electric power and conventional power are also being designed to reduce pollution. The development of electric drivetrains for off-road vehicles is a critical trend that will gain traction during the forecast period. As a result of such factors, the market will register a CAGR of almost 4%.
Off-road Vehicle Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive off-road vehicle market growth during the next five years
- Precise estimation of the off-road vehicle market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the off-road vehicle market industry across North America, Europe, APAC, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of off-road vehicle market vendors
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