Off-Road Motorcycles Segment to Dominate Global Off-Road Vehicles (ORVs) Market till 2024
Growing focus towards
entertainment and sports activities to drive global off-road vehicles market
through 2024
According to TechSci Research report, “Global Off-Road Vehicles (ORVs) Market By Vehicle Type, By Product Type, By Application, By Region,
Competition, Forecast & Opportunities, 2014 – 2024”, global off-road
vehicles (ORVs) market is projected to cross $ 23 billion by 2024, owing to increasing
recreational and touring activities coupled with advancements in the ORV
technology. Over the coming years, major global ORV manufacturers are
anticipated to come up with a wide range of advanced and specifically designed
off-road vehicles to meet varying customer requirements. Growing number of
off-roading sports events and widening application areas of all-terrain
vehicles in several industries including agriculture are further likely to push
demand for ORVs in the coming years.
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Off-road motorcycles dominated
the market in 2018, on account of additional features such as knobby tires,
long suspension travel, and minimalistic frames, headlights,
taillights and bodywork in this vehicle segment. On the basis of product type,
global off-road vehicles market has been segmented into utility, sports and
others. Utility vehicles, followed by sports vehicles, is the leading product segment
in the off-road vehicles market, owing to their high load carrying capacity,
easy maintenance and economical pricing when compared with sports ORVs.
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Major players operating in global off-road vehicles
market are Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company (John
Deere), Kawasaki Motors Corp., Kubota Corporation and Polaris Industries Inc., among
others. Their continued
research & development efforts to manufacture technologically advanced and
affordable ORVs are further anticipated to intensify the market over the course
of next five years. Increasing investments and continuous product developments
by automotive companies in the off-road vehicles market is also expected to
fuel the market.
“Growing use of ORVs in several applications such as sports, entertainment
and agriculture, in addition to increasing number of international brands and
reducing component manufacturing cost, is expected to boost the sales of ORVs
in the global market during the forecast period. Moreover, increasing focus of
manufacturers to develop advanced ORVs is expected to act as a catalyst for the
industry growth.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Off-Road
Vehicles (ORVs) Market By Vehicle Type, By Product Type, By Application, By
Region, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of global
off-road vehicles (ORVs) market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global off-road
vehicles (ORVs) market.
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