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.
Key Players
- 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.)
- 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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