What is the demand for off-road high performance vehicles?
The demand for off-road
high performance vehicles (ORVs) is growing rapidly, driven by a number of
factors, including:
- Increased disposable incomes: Rising
disposable incomes have led to increased spending on recreational
activities, including off-roading.
- Growing popularity of outdoor recreation: Outdoor
recreation is becoming increasingly popular, and ORVs are a popular way to
access remote and off-road areas.
- Expanding availability of ORVs: ORVs are
becoming more affordable and accessible, which is driving demand for these
vehicles.
- Improved performance and features: ORVs are
becoming more powerful and technologically advanced, making them more
appealing to consumers.
- Increased visibility of ORV sports and activities: ORV
sports and activities are gaining more visibility through social media and
other channels, which is driving interest in ORVs.
The demand for ORVs is
particularly strong in North America, where there is a long history of
off-roading and a large number of ORV enthusiasts. However, the demand for ORVs
is also growing in other regions, such as Europe, Asia Pacific, and Latin
America.
The key players in the global
ORV market include:
- Polaris
- BRP
- Textron (Arctic Cat)
- Yamaha
- Honda
- Kawasaki
- Suzuki
- Can-Am
- John Deere
- Mahindra & Mahindra
- Force Motors
The global ORV market is expected
to grow steadily in the coming years, driven by the factors mentioned above.
The market is also expected to benefit from the increasing popularity of
electric ORVs and the growing adoption of new technologies in the ORV industry.
Here are some specific
examples of the growing demand for off-road vehicles:
- In the United States, sales of off-road vehicles
reached a record high in 2022.
- The popularity of off-road racing and other ORV
sports is growing rapidly.
- The number of off-road trails and recreation areas
is increasing worldwide.
- The availability of off-road rental and tour
companies is growing.
Market Analysis
The global off-road
high-performance vehicle market size. The off-road vehicle industry, although
still convalescing from the recession's aftermath, is currently in the midst of
a transformative resurgence. The surge is prominently marked by a burgeoning
appetite for both motorcycles and four-wheelers, particularly those endowed
with off-road high-performance capabilities.
The market for off-road high-performance vehicles is
anticipated to expand at a compound annual growth rate (CAGR) of 6.00% between
2023 and 2032, from USD 8.37 billion in 2023 to USD 13.35 billion.
Yamaha, a dominant force, leads
the charge in the off-road high-performance vehicle arena, boasting a
substantial market share of nearly 30%. In close pursuit is Honda, capturing an
approximate market share of 23%. Yamaha's WR450F emerges as an epitome of excellence
among off-road high-performance vehicles, while YZ250F exerts its dominance in
motocross sales charts. The motorcycle industry, in recent years, has been
traversing a trajectory of stabilization. The industry, as a whole, is poised
for an impending resurgence, fueled by an accelerating demand, with off-road
high-performance vehicles acquiring an escalating allure among discerning
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.
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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
In a geographically stratified
fashion, the worldwide domain of off-road high-performance vehicles finds
itself divided into the realms of North America, Europe, Asia Pacific, and the
residual domains of our planet.
Intriguingly, the thriving
automotive industry within the vast expanse of the Asia Pacific region has
managed to captivate the attention and investments of major manufacturers. This
spellbinding development portends a swift and substantial expansion of the
off-road high-performance vehicle market during the forthcoming forecast
period. It is imperative to underscore the heightened level of comprehension
exhibited by individuals regarding off-road motorcycle events, as this
heightened awareness is poised to catalyze a burgeoning demand in this
geographic sphere.
The market, a crescendo of
progress, has witnessed a rapid proliferation over the past biennium, propelled
by the uptick in motorcycle sales, a deliberate pivot of global automotive
conglomerates toward this region, and the advent of pioneering technological
innovations. These innovations, like a gust of wind beneath the wings of the
automotive off-road high-performance sector, offer the much-needed propulsion
to ascend to loftier heights. The Asia Pacific terrain, although still
embryonic in its development concerning off-road high-performance vehicles,
harbors the promise of significant growth on the horizon throughout the
anticipated forecast duration.
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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