Demand Of Recreational Off-Highway Vehicles Is Anticipated To Surpass USD 54.4 Billion By 2032 End

Growing spending on outdoor recreation, especially among millennials, continues to be a driving force for the off-highway recreational vehicles market, finds a new research study by Fact.MR. The market is likely to grow at a CAGR of nearly 16% through 2028, as a growing demographic of outdoor enthusiasts drives demand. The bullishness in the market can be offset by regulatory pressures concerning the threat to environment and rural communities.

The report finds that off-highway recreational vehicles market has also been negatively impacted by product recalls and notable faults in prominent brands. The US$ 27.25 million civil penalties on Polaris Industries for failure to notify the United States Consumer Product Safety Commission (CPSC), and American Honda's decision to recall nearly 65,000 recreational off-highway vehicles due to fire and burn hazard have led to a significant dent in consumer confidence. The increasing spate of product recalls and performance issues can create impediments to growth, finds the study. The report also finds that off-highway recreational vehicles landscape is tightly regulated in European Union, with Greenhouse Gas Reporting Program (GHGRP) having a major influence on product launches.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=S&rep_id=786?PS

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗿𝗼𝗳𝗶𝗹𝗲𝗱

• Textron Specialized Vehicles Inc.
• New Holland
• ODES UTVS
• Polaris Industries Inc.
• Yamaha Motor Co. Ltd.
• KYMCO USA
• Mahindra USA Inc.
• Bennche, LLC
• Bombardier Recreational Products
• CFMOTO
• Hisun Motors Corporation

𝗡𝗲𝗲𝗱 𝗳𝗼𝗿 𝗦𝗽𝗲𝗲𝗱 𝗙𝘂𝗲𝗹𝘀 𝗣𝗲𝘁𝗿𝗼𝗹 𝗩𝗮𝗿𝗶𝗮𝗻𝘁𝘀, 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗚𝗮𝗶𝗻𝗶𝗻𝗴 𝗚𝗿𝗼𝘂𝗻𝗱 𝗦𝘁𝗲𝗮𝗱𝗶𝗹𝘆

The prevailing low crude oil prices have meant that sales of petrol recreational off highway vehicles have remained robust. According to the report, petrol recreational off highway vehicle sales totaled nearly 166 thousand units in 2017 - higher than both diesel and electric variants.
End-users continue to show a marked preference for 4-seater off highway recreational vehicles. 4-seater off highway recreational vehicles will continue to be the top-selling variant, with 2-seater and crew size following suit. On account of this, the market is likely to witness launch of high-power 4-seater petrol variants during the assessment period.

According to the study, off-highway recreational vehicles are available in a range of engine displacement capacities - from 400cc to over 900cc. Global off-highway recreational vehicle sales continue to remain concentrated in the 750cc segment, whereas over 900cc variants continue to witness sluggishness.

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=RC&rep_id=786?PS

OEM is the leading channel for off highway recreational vehicles globally, accounting for a leading revenue share of the market. Availability of a wide range of off highway recreational vehicles, combined with familiarity of off-highway enthusiasts with OEM dealerships remain key factors for the pervasiveness of this sales channel. The report expects OEM to remain the prominent sales channel for off highway recreational vehicles during the assessment period.

Global off highway recreational vehicle sales remain concentrated in the US, making North America the largest market globally. Sales in North America are likely to surpass 159 thousand units by 2018, with the US accounting for bulk of revenues. In addition to the US, manufacturers can also expect a steady stream of opportunities to emerge in Europe and Asia Pacific. Currently, Middle East & Africa (MEA) is the smallest market for off highway recreational vehicles market in terms of sales; however, the push by several Middle Eastern governments to develop a services-based industry is likely to create opportunities in the long run.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗥𝗲𝗰𝗿𝗲𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗢𝗳𝗳-𝗛𝗶𝗴𝗵𝘄𝗮𝘆 𝗩𝗲𝗵𝗶𝗰𝗹𝗲𝘀 𝗠𝗮𝗿𝗸𝗲𝘁 𝗯𝘆 𝗖𝗮𝘁𝗲𝗴𝗼𝗿𝘆

By Fuel Type:

• Gasoline
• Diesel
• Electric

By Vehicle Type:

• All-Terrain Vehicle (ATV)
• Utility Task Vehicle (UTV)
• Snowmobiles
• Others

By Engine Capacity:

• Less than or equal to 750 cc
• Greater than 750 cc

By Application:

• Sports
• Agriculture
• Military
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

𝗚𝗲𝘁 𝗙𝘂𝗹𝗹 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/checkout/786

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This release was published on openPR.