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Off Road Vehicles Market Share, Growth & Industry Forecast, 2017 - 2024: Global Market Insights Inc.
Off-Road Vehicles (ORVs) Market size will witness notable gains owing to shifting trend towards power sports and rising demand for all-terrain vehicles (ATVs). Increasing consumer spending on sports & leisure due to changing lifestyles will support the industry growth.
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Strong outlook in military, sports, leisure and agricultural applications will propel off-road vehicles market growth. Rising product adoption in customized applications across several difficult terrains for transportation and military operations will drive industry demand. Inclination towards ORVs as effective substitute over tractors & other heavy equipment vehicles for agricultural activities will drive industry size.
Rising demand for high performance automobiles, subjected to rough environments and landscapes have enhanced manufacturer focus towards sustainable designs & technologies. Furthermore, growing emphasis on innovative automotive designs, stringent emission regulations and decrease in fossil fuel levels are major factors influencing off road vehicles price trend.
U.S. based Specialty Vehicle Institute of America promotes and regulates the use of ATV approved equipment in cars including seatbelts and footrests. Regulatory standards regarding passenger numbers approved per vehicle and limitations on children below 16 years are key guidelines mandated by government to reduce injuries and fatalities.
Off-road vehicles market share is segmented based on vehicle as side by side vehicles (SSVs) and all-terrain vehicles (ATVs). SSVs are expected to witness substantial growth rate in the forecast period. Increasing preference for SSVs over ATVs due to notable benefits including rollover protection bars, better riding experience and ease of mobility will drive industry growth. Additionally, these factors expressively decrease possibility of accidents and injuries as equated to ATVs.
On the basis of product, off-road vehicles market is further segregated as recreational, sports, utility and other ORVs. Utility ORVs accounted for dominating share in overall industry, while sports ORVs are projected to witness substantial growth. Growing preference for these automobiles to fulfil dual necessity of utility as well as sport purposes will support industry demand. Rising product demand from tourism and entertainment/ amusement industry will fuel off road vehicles demand.
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Based on application, global off-road vehicles market is bifurcated as sports, entertainment, agriculture, hunting, military and others. Sports & entertainment hold a notable share in the overall industry share due to rise in recreational and touring activities along with technological advancement.
Polaris, Honda, Yamaha, Arctic Cat, Kubota, Kawasaki and John Deere are major off-road vehicles market players. Other prominent participants comprise Mahindra & Mahindra, Spark Minda, Ram Trucks, Ford, Volkswagen, Mercedes-Benz, Audi, BMW, Hyundai, General Motors, FCA, Mazda, Land Rover, UAZ, Dragon Motors, Tiger Adventure, Tomcar Australia, Supacat and Toyota Tacoma.
Off-Road Vehicles Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024
https://www.gminsights.com/industry-analysis/off-road-vehicles-market
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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