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Off-Road Vehicles Market Huge Growth in Future | Yamaha Motor, Honda Motor, Arctic Cat, John Deere, Kawasaki Motors, Polaris Industries, Suzuki Motors, Tomcar Australia, Massimo Motors, KTM, Caterpillar.
Off-Road Vehicles Market
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Sports segment will account for more than 40% revenue share over the projected timeframe. This can be credited to proliferation of sport events such as woods and sand rides across the globe. Multiple configurations including enhanced power and torque outputs, diversified engine options coupled with lower maintenance costs are fueling the segment growth.
Off-Road Vehicles (ORVs) Market by Vehicle
• All-Terrain Vehicles (ATV)
• Side by Side Vehicles (SSV)
• Off-Road Motorcycles
• Snowmobiles
Off-Road Vehicles (ORVs) Market by Application
• Utility
• Sports
• Recreation
• Military
SSV market share is expected to witness growth at around 6% from 2018 to 2024. This can be credited to the benefits offered such as increased mobility, rollover protecting bars and storage facility. In 2017, Dakar Rally held in South America, introduced the special category as a side-by-side vehicle class along with cars, trucks, and bikes.
All-Terrain Vehicles Safety Institute (ATVSI) is strongly promoting the usage of helmet and seatbelt while driving to avoid accidental damages. Rising number of accidents owing to avoidance of safety measure while driving vehicles are majorly hampering the business growth. Complex structure, large tires, and four-wheel drivetrain system affect automobile performance limiting off-road vehicles market expansion.
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Side by side vehicle segment will hold considerable volume share over the forecast timeframe owing to the added advantages such as higher safety and load bearing capacity as compared to its counterparts. These off-road vehicles are equipped with multiple seating configuration, seatbelts, windscreen, and roll cages that enhances the safety and improves the driving experience thereby positively influencing the off-road vehicles market growth in next six years.
Recreation segment accounted for over USD 3.5 billion in 2017. Rising product demand owing to improved leisure and touring activities among consumers primarily driving industry growth. Electric ATV has captured the strong attention from consumers owing to improved performance, easy to operate and less maintenance thereby propelling product landscape.
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Military segment is likely to witness significant gains at around 5.5% from 2018 to 2024. Surging product adoption owing to highly mobile, enhanced durability and effectively conveyance personal & cargo are the key benefits strongly supporting off road vehicle demand. Border security, combat operations and consignment transport are among key applications mainly instigating product demand from this segment.
Key Companies in the Off-Road Vehicles (ORVs) Market include Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company (John Deere), Kawasaki Motors Corp., Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yamaha Motor Co., Ltd., Bombardier Recreational Products, Kässbohrer Geländefahrzeug, Wildcat, Tomcar Australia, Massimo Motors, KTM, Caterpillar.
Browse Related Reports:
Power Sports Market By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobiles, Heavyweight Motorcycles), Competitive Market Share & Forecast, 2018 – 2024
Power Sports Market size was valued at over USD 10.5 billion in 2017 and is estimated to exhibit 4% CAGR from 2018 to 2024.
Key players in the market include Polaris Industries, Honda Motors, Yamaha Motors, Harley Davidson, Arctic Cats, Can-Am, BRP, Suzuki Motors, John Deere, Kawasaki Motors, Kubota and Kymco.
https://www.gminsights.com/industry-analysis/power-sports-market
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Global Market Insights, Inc.
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