Off-Road High-Performance Vehicle Market Projected to Hit USD 12,171.14 Million at a 5.95% CAGR by 2030 - Report by Market Research Future (MRFR)
Rise in ATV Experiences to Boost Global Off-Road High-Performance Vehicle Market Growth
New York, US, Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Off-Road High-Performance Vehicle Market Research Report Information By Application, Regions - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 12,171.14 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5.95% during the assessment timeframe.
Off-Road High-Performance Vehicle Market Key Players
Eminent market players profiled in the global off-road high-performance vehicle market report include-
- Yamaha Motors Co., Ltd
- Honda Motors Co., Ltd
- Extreme Offroad & Performance
- Rezvani Motors
- Zarooq Motors
- Rally Fighters
- AEV Conversions
- Suzuki Motor Corporation
- Polaris Industries, Inc.
- PCOR 4x4
- Bowler Manufacturing
- Chelsea truck company
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Off-Road High-Performance Vehicle Market Report Scope:
|Revenue forecast in 2030||USD 12,171.14 Million|
|Growth Rate||CAGR of 5.95% from 2022 to 2030|
|Key Market Opportunities||Technological advancements in off-road vehicles|
|Key Market Drivers||Increasing demand from the military sector|
Browse In-depth Market Research Report (100 Pages) on Off-Road High-Performance Vehicle Market:
Market USP Covered
Off-Road High-Performance Vehicle Market Drivers
Rise in ATV Experiences to Boost Market Growth
The rise in ATV experiences will boost market growth over the forecast period. ATV organizations & ATV manufacturers are creating ATV-specific experience zones to stimulate the global adoption of off-road ATV vehicles. Such ATV experience zones include artificially made tracks and a variety of undulations, inclines, slush pits, and obstacles that contribute to an interesting route for ATV users to feel the pleasure of riding an ATV.
Increasing Use of Machinery for Easing Human Work to offer Robust Opportunities
The increased use of automated machinery has resulted in less human labor in a variety of industries, including construction, agriculture, mining, & infrastructure. These industries have increased their use of off-road vehicles, increasing demand for off-road high performance vehicles. This will offer robust opportunities for this market over the forecast period.
Restraints and Challenges
Safety Concerns to act as Market Challenge
The safety concerns associated with off-road vehicles and environmental effect of various off-roading activities may act as market challenges over the forecast period.
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Off-Road High-Performance Vehicle Market Segmentation
The global off-road high-performance vehicle market has been bifurcated based on application.
By application, recreation will lead the market over the forecast period. During the projected period, the recreation sector is expected to have the greatest CAGR and dominate the market share. ROVs are motorized vehicles with four or more tires designed for off-road use and intended for recreational use by one or more people by the manufacturer. ROVs are designed to be operated on terrain comparable to those of all-terrain vehicles (ATVs). With the growing popularity of outdoor leisure activities and adventure tourism, the market for off-road high-performance vehicles is expected to increase significantly throughout the study period.
With the novel coronavirus COVID-19 spreading around the globe, automakers are adopting drastic steps such as plant shutdown to limit its spread. COVID-19's impact on the global economy is altering on a daily basis. It is proving to be a significant challenge for a number of businesses, resulting in employment losses. Due to the epidemic, recreational activities and sporting events have been postponed or widely cancelled globally. Large gatherings were rigorously restricted in order to control the spread of the virus, severely affecting the motorsports business. Due to COVID-19, global important players in the off-road high-performance vehicle sector are experiencing a slowdown and are unable to launch projects or implement new innovations. Furthermore, in order to minimize the slowdown in production processes, many corporations rely on their individual governments to implement unique tax schemes and incentives that could assist the companies in minimizing and mitigating losses caused by the pandemic.
Off-Road High-Performance Vehicle Market Regional Analysis
North America to Head Off-Road High-Performance Vehicle Market
North America controls a sizable portion of the Off-Road High-Performance Vehicle market. The rising demand for off-road vehicles, as well as the expanding number of Powersports experience zones in Canada, the United States, and Mexico, drive up demand for off-road vehicle products in the region. Furthermore, because to the significant presence of eminent off-road high-performance vehicle manufacturers like BRP Inc., Polaris Industries Inc., and Arctic Cat, off-road vehicle sales in the region are skyrocketing. Many off-road high-performance vehicle manufacturers are investing in R&D to augment fuel efficiency, fuel storage capacity, and engine lightweight technology, which is expected to raise off-road high-performance vehicle sales in North America over the forecast period. The terrain of the region includes several inaccessible locations with limited access. Furthermore, the region's huge mining and farmlands generate significant market demand. Technological improvements are giving a significant boost to the automotive, off-road high-performance vehicle market. The North American off-road high-performance vehicle market is expanding quickly as major manufacturers invest in the thriving automotive industry. Because of increased motorbike sales, the market has experienced consistent rapid expansion over the last two years. Growing off-road motorcycle events and a huge number of action sports fans drive market demand in this region.
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Europe to Have Admirable Growth in Off-Road High-Performance Vehicle Market
Because of the rising usage of these vehicles in leisure, construction, defense, and military activities, Europe is a vital market for automotive vehicle makers. Because of the strong employment rate and rising consumer purchasing power, Europe is actively adopting new technology. The growing young population, increased interest in sporting contests, and increased utility activities fuel the European market for off-road high-performance vehicles. Because of prominent off-road high-performance vehicle manufacturers like Yamaha and Honda, as well as a huge consumer base, Europe is a hub for car makers. Furthermore, numerous automotive vehicle manufacturers are focusing on expansion by establishing production facilities in the region. At the European & national levels, the all-terrain vehicle industry European organization has produced an acceptable legal and regulatory framework for the design and use of ATVs. Furthermore, rising military spending and improved purchasing power of customers are likely to drive expansion in the region's off-road high-performance vehicle market during the forecast period. In 2020, the recreation segment in Europe will account for more than 35% of the off-road vehicle market, driven by rising demand for motorsports, hiking, and camping activities. The expansion of tourism and leisure activities has resulted in an increase in the use of off-road vehicles in the tourism industry. The expanding tourism industries in the United States, Australia, and Canada will drive market expansion. Tourists' increasing demand for snowmobiles, ATVs, and UTVs for a variety of leisure sporting activities drives market statistics.
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