Introduction of the electric powered and hybrid motorcycles is expected to be one of the major factors for driving the demand for off-road vehicles in the market during 2020-25. The utilization of innovative technologies in these vehicles such as GPS for marking boundaries, reducing the overall planting time, and plotting the lines are key factors surging the growth of the market. In addition, the government in United States is focusing on expanding recreational parks on public lands. The Government has permitted the use of all-terrain vehicles on the existing recreational parks. Increase in the recreational parks is anticipated to boost the growth of all-terrain vehicles during 2020-25.
According to the MarkNtel Advisors’ research report titled “Global Off-road Vehicles Market Analysis, 2020”, the CAGR is projected to be around 5.8% during 2020-25. With the emergence of numerous sport activities in the terrain land, the youth generally prefers the off-road motorcycles. Thus, the demand for off-road motorcycles is anticipated to boost in the forthcoming years. The increased degree of military and agricultural activities, the demand for all-terrain vehicles, and side-by-side utility vehicles is surging as these vehicles are used for the loading cargos and for transportation of agricultural products and crops. The Sports and entertainment sector is also anticipated to grow at a steady rate due to increasing use of side-by-side vehicles coupled with rise in the sports activities and increasing disposable income.
“Global Off-Road Vehicles Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and growth opportunities and challenges available for Off-Road Vehicles providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
North America as the Market Leader
United States, followed by Canada, were the market leaders of global off-road vehicles in North America in 2019. This is due to the rising number of recreational, tourism, and military activities in the countries. In military, the of- vehicles are used for the transportation of fuels, ammunition, and cargo. Europe currently ranks second, followed by Asia-Pacific. Asia-Pacific is witnessing a positive growth and is anticipated to show an increased demand for off-road vehicles on account of increased usage of off-road vehicles in all the sectors. Latin America and Japan are expected to grow at a considerable pace during 2020-25 as the regions are currently facing economic crisis and would develop at a slow pace as stated in MarkNtel Advisors.
The major leaders in global off-road vehicle market are Honda Motor, Yamaha Motor Co., Kubota Corporation, Kwang Yang Motor co., Arctic Cat Inc., Polaris Industries, Bombardier Recreational Products, Deere & Company, Caterpillar and Kassbohrer Gelandefahrzeug, among others.
Key questions answered in the study: