openPR Logo
Press release

Recreational Off-Highway Vehicles (ROVs) Market projected to grow at a CAGR of 15.90% By 2028

10-23-2018 01:57 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

/ PR Agency: Fact.MR
Recreational Off-Highway Vehicles (ROVs) Market projected

The Recreational Off-Highway Vehicle Association (ROHVA) projects a continuous rise in sales of the recreational off-highway vehicles (ROVs) in the forthcoming years, with shifting trends toward power sports, and high demand for all-terrain vehicles (ATVs). Consumer spending on leisure and sports has surged on account of their inclining preference toward leading a healthy lifestyle, complemented by growing GHDI across developed and developing nations. Touring and recreational activities have been influenced by the upward trend of leisure & sports expenditure, thereby impacting demand for ROVs as a consequence.

Primarily a discretionary purchase, recreational off-highway vehicle sales flow and ebb with fluctuations in disposable income. As disposable income increases, demand for ROVs at retail level rises, subsequently stimulating demand at manufacturing level. Prospects of recreational off-highway vehicles market continue to be positive, as demand for high-performance vehicles, subjected to rough landscapes and environments, direct manufacturers’ focus toward sustainable technologies & designs, according to a recent Fact.MR report.

The report projects the recreational off-highway vehicles (ROVs) market to illustrate a splendid 15.9% value CAGR between the forecast period 2018 and 2028. Approximately 1,780,000 units of ROVs are pegged to be sold worldwide by 2028-end.

Request For Report Sample at https://www.factmr.com/connectus/sample?flag=S&rep_id=786

ROVs Market: Hybridization Persists as a Major Trend

Current trend in the ROVs Market is widening the application scope and curtailing costs for facilitating & driving technological penetration. In off-highway machinery industry, progression in the development of electrical hybrid vehicles and systems continues to pick pace, with the rise in incorporation of electronics and sensors. The recreational off-highway vehicles industry continues to explore different electrification levels, including full electrification or mild hybridization, given the consensus that there are a couple of effective strategies apropos of alternative energy for powering these vehicles.

The industry is demonstrating a paradigm shift toward all-electric ROVs, driven by the convergence of a plethora of factors that include reduction of fossil fuel dependency, recapturing energy, and ability of electric power in making vehicles more productive by leveraging efficient hybrid systems. Integration of technologies such as battery advancements, artificial intelligence (AI), combined electro-hydraulic actuators, and autonomy, will further turbocharge the abilities of electrification in ROVs.

ROVs Market: North America Remains at the Forefront

Led by the U.S., North America will continues to spearhead the recreational off-highway vehicles market, with an estimated value share of over 50% by 2028-end. Legislations are currently being set up in North America, proposing alternations to current laws related to ROVs. These changes will potentially result in a battle between the environmentalists who focus on protecting valuable natural resources and off-road enthusiasts who seek access public lands. Changes in ROVs’ legislations will further impact growth of the market in North America.

Furthering its commitment toward improving safety of ROVs and reducing the number of serious injuries and mortalities across the nation, the U.S. Consumer Product Safety Commission (CPSC) has rolled out an advance notice of proposed rulemaking (ANPR) for addressing safety hazards pertaining to ROVs. Inadequate lateral stability & occupant protection during a rollover crash, coupled with undesirable steering attributes of ROVs are engulfed in primary evaluations of CPSC. The ANPR of CPSC is expected to significantly influence future development and manufacturing of recreational off-highway vehicles in North America.

Report Analysis at https://www.factmr.com/report/786/recreational-off-highway-vehicles-market

About FactMR
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

Contact Us
FactMR
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Web: www.factmr.com/
Follow Us on Linkedin: www.linkedin.com/company/factmr/

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Recreational Off-Highway Vehicles (ROVs) Market projected to grow at a CAGR of 15.90% By 2028 here

News-ID: 1322013 • Views: 117

More Releases from Fact.MR

01-15-2021 | Sports
Fact.MR
Fishing Rods Market to Expand 1.6X by 2030; Decline in Sales Predicted Throughou …
The fishing rods market is poised to expand at a value CAGR of 4.5%, and is expected to create an absolute dollar opportunity of US$ 1.5 Bn during the forecast duration of 2020-2030. The outbreak of COVID-19 will have a short-term impact on the fishing rods market. However, rising participation in fishing activities and increasing fishing boat sales will drive the growth the fishing rods market over the coming years.
01-15-2021 | Sports
Fact.MR
Fishing Reels Market Pegged for Robust Expansion by 2030
Rising number of recreational and sports fishing anglers, especially in North America and East Asia, is set to drive demand for fishing reels and other fishing associated accessories. Growth rate with respect to number of recreational anglers at a global level is expected to be 2.3% over the next ten years. Further, social media has silently elevated demand across several industries, including sports fishing equipment. Anglers post about their catch
01-15-2021 | Sports
Fact.MR
Fishing Lure Market to Witness a Pronounce Growth by 2030
The spread of COVID-19 is resulting in declining sales as most anglers are staying indoors. To overcome this situation, manufacturers are utilizing digital technologies and engaging customers via online portals. As such, the outbreak of this pandemic has shifted consumer focus to e-Commerce platforms. This, in turn, will strengthen demand for fishing lures over the forecast period. Request a report sample to gain comprehensive market insights at https://www.factmr.com/connectus/sample?flag=S&rep_id=5293 There has been significant
Denture Disinfectants Market Surges on the Back of Growing Edentulous Population …
A significant rise in edentulous population has been observed over the last few years. As per data from the American college of Prosthodontists, around 14% of edentulous population in North America orders customized dentures every year. More than 35% of U.S. adults are edentulous, and if only one percent of edentulous population seek treatment every year, the U.S. market volume for denture implants will be doubled in the next two

All 5 Releases


More Releases for ROVs

Global Observation Mini ROVs Market 2019 - MarineNav, AC-CESS, Subsea Tech, CISC …
A market study based on the Observation Mini ROVs Market across the globe, recently added to the repository of Market Research, is titled ‘Global Observation Mini ROVs Market 2019’. The research report analyses the historical as well as present performance of the worldwide Observation Mini ROVs industry, and makes predictions on the future status of Observation Mini ROVs market on the basis of this analysis. Get Free Sample Copy of Report
Recreational Off-Highway Vehicles (ROVs) Market: Drivers, Restraints, Opportunit …
The Recreational Off-Highway Vehicle Association (ROHVA) projects a continuous rise in sales of the recreational off-highway vehicles (ROVs) in the forthcoming years, with shifting trends toward power sports, and high demand for all-terrain vehicles (ATVs). Consumer spending on leisure and sports has surged on account of their inclining preference toward leading a healthy lifestyle, complemented by growing GHDI across developed and developing nations. Touring and recreational activities have been influenced
Recreational Off-Highway Vehicles (ROVs) Market to receive overwhelming hike in …
Fact.MR has recently published a new research report on recreational off-highway vehicles (ROVs) market that offers incisive insights and forecasts on the overall scenario of recreational off-highway vehicles (ROVs) across major regions and countries worldwide. The forecast analysis in the report has been carried out for a period of 10 years, starting from 2018 till 2028. Report overview @ https://www.xploremr.com/report/1523/recreational-off-highway-vehicles-market This report is a definite source of information that portrays intelligence
Global Recreational Off-Highway Vehicles (ROVs) Market Growth Opportunity: Recre …
FactMR has recently published a new research report on recreational off-highway vehicles (ROVs) market that offers incisive insights and forecasts on the overall scenario of recreational off-highway vehicles (ROVs) across major regions and countries worldwide. The forecast analysis in the report has been carried out for a period of 10 years, starting from 2018 till 2028. This report is a definite source of information that portrays intelligence on recent trends
Remotely Operated Vehicles (ROVs) Market 2018: Epax, Aker BioMarine, Innovix Pha …
Qyresearchreports include new market research report “Global Remotely Operated Vehicles (ROVs) Market Research Report 2018” to its huge collection of research reports. The global Remotely Operated Vehicles (ROVs) market is broadly evaluated in this report that bears studies on top-priority growth aspects and how they could impact during the completion of the forecast tenure under consideration. The analysts have performed a brilliant job of comprehensively assessing each growth factor of the
TechnipFMC selects RTI’s Connectivity Technology for Underwater ROVs
SUNNYVALE (USA)/London, March 2018 – Real-Time Innovations (RTI), the Industrial Internet of Things (IoT) connectivity company, announced that the Schilling Robotics business unit of TechnipFMC, a global leader in Oil & Gas projects, technologies, systems and services, has selected RTI Connext DDS as the connectivity framework for its underwater remotely operated vehicles (ROVs). TechnipFMC is leveraging RTI’s technology to build next-generation remote robotics controls, an integration that is enabling faster