Global Off-Road Vehicle Market Trends, Regulations And Competitive Landscape Outlook to 2024 - Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yahama Motor
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Arctic Cat Inc.
2. Honda Motor Co. Ltd.
3. Deere & Company (John Deere)
4. Kawasaki Motors Corp.
5. Kubota Corporation
6. Polaris Industries Inc.
7. Suzuki Motors Corporation
8. Yamaha Motor Co., Ltd.
9. Bombardier Recreational Products
10. Kässbohrer Geländefahrzeug
12. Tomcar Australia
13. Massimo Motors
According to a 2017 report by the Specialty Equipment Market Association (SEMA), the mainstream use of UTVs has predominantly been in commercial activities. In today’s scenario, UTVs designed for commercial activities are far outselling the ones designed for purely recreational activities, as a result, the UTV segment held over 45% of the revenue shares of the off-road vehicle market in 2017. These sales numbers could also be attributed to the advantages offered by added features like roll-cages, seatbelts, storage facilities and the ability to seat multiple passengers.
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Unveiling off-road vehicle market trends with respect to the vehicle landscape:
The market for off-road motorcycles like adventure and dirt bikes was previously well defined with dirt-bikes governing the off-road territory and street bikes handling the tamer terrain. However, with the introduction of dual-sports motorcycles, tackling two different terrains with the same bike has become possible. According to a report by Web Bike World, though the U.S. motorbike market witnessed incredible growth from the late 1990’s to the late 2000’s with a record 1 million motorbikes sold in 2005, the market hit a major slump in 2009 and 2010 due to the economic crisis.
However, with recovering economy, introduction of newer models with better capabilities and the growing trend of bike touring and off-roading as a recreational activity, the off-road vehicle market from off-road motorcycles market has steadily started to recover and has been depicting commendable growth. As per estimates, around over 500,000 motorbikes were sold in the U.S. itself in 2015.
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