This report, from Stratview Research, studies the global side-by-side vehicles market over the trend period 2013 to 2018 and the forecast period of 2019 to 2024.
The report on Side-by-Side Vehicles (SSVs) Market, published on July,2019 by Stratview Research, will showcase the market trend of 2013-2018 and forecast period of 2019-2024.
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The 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$ 9.2 billion in 2024. Recovery of the global economy, increasing disposable income, and an incessant shift from ATVs to SSVs are the major factor that is burgeoning the demand for side-by-side vehicles market. Increasing preference of SSVs in sports, agriculture, and entertainment purposes are 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 noticed a continuous shift from ATVs to SSVs.
The supply chain of this market comprises raw materials suppliers, component manufacturers, SSV manufacturers, and distributors. SSV is a highly consolidated market with the presence of global as well as regional players. The key SSV manufacturers are Polaris Industries, BRP Inc., Deere & Company (John Deere), Kubota Corporation, Honda Motors Co., Ltd., Kawasaki Motors Corp., Yamaha Motors Co., Ltd., and Textron Inc. (Arctic Cat Inc). The development of new SSVs, vast product portfolio, in-house key component manufacturing, and wide geographical presence in the key markets are the key strategies adopted by the key players to gain a competitive edge in the market.
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The report on Side-by-Side Vehicles (SSVs) Market is explained segment-wise for a better understanding of the market trend.
The SSVs market is bifurcated into the 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.
The SSVs market is segmented into the application type as Sports, Entertainment, Hunting, Agriculture, and Others. Sports and entertainment are the major applications collectively occupied more than 50% of the SSVs market in 2018. 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.
Based on the 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 increased demand for power sports in many countries including China, Australia, and India.
Salient Features of the Report
The Stratview Report will offer you a detailed view the growth of the global side-by-side vehicle market and the future prospects of the market. Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth
What we offer?
The global market research company, Stratview Research has been dealing with different market research reports in different sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. The team consists of the best experts who are known to offer the best assessments and screenings so that the interested companies can afford to rely upon and take corrective decisions ahead.
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