Market Research Future (MRFR) projects the global off-road high-performance vehicle market to expand at a significant pace
Although the off-road vehicle
industry has not completely recovered since the recession, the recently
stabilizing industry is seeing a change in fortune with increasing demand for
motorcycles and four-wheelers alike, especially off-road high-performance
vehicles.
Yamaha dominated the volume race
in the off-road high-performance vehicle market with a market share of nearly
30%, closely followed by Honda with a market share of approximately 23%.
Yamaha's WR450F is one of the best-selling off-road high-performance vehicles,
along with YZ250F topping the sales charts for motocross. In recent years, the
motorcycle industry has been undergoing a spell of stabilization. The industry
as a whole is expected to return to a rapid surge in demand, with the Off-road
high-performance vehicle segment increasing in popularity among individuals.
With every major motorcycle
manufacturer focusing on product growth and innovation in their Off-road
segments, the market has become swamped with high-quality products in a variety
of price ranges. The declining global scooter market is another indicator of
increased market acceptance of entry-level motorcycles by new customers. Honda,
a major automobile manufacturer, generates a large portion of its sales from
its motorcycles division (USD 410 million), of which off-road high-performance
vehicles are a significant segment.
The recent shift in the
preference for mileage to vehicle looks and features is also projected to
result in the high demand for off-road motorcycles. The global off-road
high-performance vehicle market is expected to expand during the forecast
period as a result of rising population, rapid industrialization, and
aggressive expansion of the manufacturing sector.
COVID-19 Impact on the Global
Off-Road High-Performance Vehicle Market
Implementation of a series of regulations
by governments of different nations to battle the COVID-19 crisis, such as a
full shutdown of manufacturing units, is found to impact the growth of the
global off-road high-performance vehicle industry.
Market Segmentation
The global off-road high-performance
vehicle industry has been segmented into channel and application.
Based on the channel, the global
off-road high-performance vehicle market has been segmented into original
equipment manufacturers and aftermarket.
Based on application, the global
off-road high-performance vehicle market has been segmented into recreation and
defense.
Regional Analysis
Region-wise, the global
off-road high-performance vehicle market has been segmented into North America,
Europe, Asia Pacific, and the rest of the world.
With major manufacturers
investing in the Asia Pacific region's thriving automotive industry, the off-road
high-performance vehicle is expected to expand rapidly during the forecast
period. Individuals' growing understanding of off-road motorcycle events is
expected to drive demand in this region. The market has grown rapidly in the
last two years, owing to increasing motorcycle sales, a shift in global
players' emphasis on this region, and technological advances, which are
providing the much-needed impetus to the automotive off-road high-performance
vehicle. The Asia Pacific area is still a developing market for off-road
high-performance vehicles and is expected to grow significantly during the
forecast period.
Key Players
Notable players in the global off-road
high-performance vehicle market Wildcat (U.S.), 4 Wheel Parts (U.S.), AEV
Conversions (U.S.), Zone Offroad (U.S.), Icon Vehicle Dynamics (U.S.), Stylin
Trucks (U.S.), Extreme Offroad & Performance (U.S.), and Summit Racing
Equipment (U.S.).
Summary
The global off-road
high-performance vehicle market is anticipated to expand at a significant pace
from 2020 to 2027 (forecast period). The recent change in preference for
mileage to vehicle looks and features is also anticipated to result in high
demand for off-road motorcycles. The global off-road high-performance vehicle
market is anticipated to expand during the forecast period as a result of
rising population, rapid industrialization, and aggressive expansion of the
manufacturing sector.
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