The Market of Side-by-Side Vehicles (SSVs) to grow beyond US$ 7.8 billion by 2023

The new report of Stratview Research analyses the Side-by-Side Vehicles (SSVs) Market over the trend period from 2012 to 2017 and forecast period from 2018 to 2023. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.

The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

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An overview- Growth prospects of side by side vehicle market

Next five years for the global side-by-side vehicles (SSVs) market seem vigorous with sizeable growth opportunities for both existing as well as new players. The SSVs market is projected to grow at a healthy rate over the next five years to reach an estimated value of US$ 7.8 billion in 2023. Recovery of the global economy, increasing disposable income, and an incessant shift from ATVs to SSVs are the major factors that are burgeoning the demand for side-by-side vehicles market. Increasing preference of SSVs in sports, agriculture, and entertainment purposes are also likely to drive the demand for SSVs during the forecast period.

SSV has earned its ways in the power sports industry and has voyaged a disruptive journey of over 20 years. Previously, SSVs were preferably used as utility vehicles, later started gaining traction in sports and recreational purposes. An SSV is more like a car and has a steering wheel and pedals. It is equipped with seat belts and rollover protection bars and allows the driver and passenger to sit side-by-side in the vehicle. Some SSV models also contain additional rows of seats to accommodate up to six passengers. Major SSV manufacturers are putting efforts for the development of advanced SSVs targeting enhanced functionality and differentiated riding experience. SSV vehicle is a type of off-road vehicle and offers many advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. In the last ten years, the off-road industry has noticed a continuous shift from ATVs to SSVs.

Utility SSV: The growth engine

The global SSVs market is bifurcated into vehicle type as Utility, Recreational/Utility, and Sports. Utility SSV is projected to remain the largest segment of the market over the next five years, whereas the sports segment is likely to witness the highest growth during the same period, driven by an increasing preference of SSVs for sports purpose.

Dominance of: Sports and entertainment applications

The global SSVs market is segmented into application type as Sports, Entertainment, Hunting, Agriculture, and Others. Sports and entertainment are the major applications which collectively occupied more than 50% of the SSVs market in 2017. Both applications are expected to remain the largest application segments over the next five years. All the major players are launching their SSV models targeting these applications.

A highly/moderately/fragment consolidated Market
The top players are Polaris Industries, Kawasaki Motors Corp., Deere & Company (John Deere), Kubota Corporation, BRP Inc., Yamaha Motors Co., Ltd., and Honda Motors Co., Ltd.

Regional Hegemony of North America

Based on regions, North America is expected to remain the largest market for SSVs over the next five years, driven by the USA and Canada. The USA is the largest global SSVs market due to its large stretches of natural terrain, unpaved roads, and large ranches and farms across the country. Europe, another major region, is likely to grow at a healthy rate over the next five years, propelled by Germany and France. Asia-Pacific is a relatively very small market but is likely to witness the highest growth during the forecast period, driven by an increased demand for power sports in many countries including China, Australia, and India.

Comprehensive Market Coverage
Click Here for Other Reports from Stratview Research in the Consumer Goods industry: https://www.stratviewresearch.com/market-reports/Consumer-Goods.html

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This release was published on openPR.