Recreational Off-Highway Vehicles (ROVs) Market: Drivers, Restraints, Opportunities, and Threats 2018–2028
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.
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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 Overview at https://www.factmr.com/report/786/recreational-off-highway-vehicles-market
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