Pune, India, Sep 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Off-Road High-Performance vehicle Market.
Off-road high-performance vehicles are characterized by high power, high ground clearance, and capability of performance that ordinary vehicles cannot pull off. For the study, we have considered all off-road all-terrain vehicles and utility task vehicles that are powered by turbo engines and have a horsepower of 250 PS and above.
Off-Road High-Performance Vehicle
According to the MRFR analysis, the global off-road high-performance vehicle market size is projected to reach USD 12,171. 14 million by 2030 at a CAGR of 5.95%.
The global off-road high-performance vehicle market is driven by increasing demand from the military and growing ATV experience zones. However, the slowdown in the automotive industry is expected to restrain global market growth. Technological advancements in off-road vehicles are expected to create a growth opportunity for the market players. Global key companies in the off-road high-performance vehicle market are facing a slowdown due to COVID-19 and are unable to initiate projects and execute product developments. To minimize the slowdown in production processes, many companies depend on their respective governments to create special tax schemes and incentives that could help the companies minimize the losses and mitigate the losses that occurred in this pandemic.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Off-Road High-Performance Vehicle Market Research Report
Off-Road High-Performance Vehicle Market Competitive Landscape
The global off-road high-performance vehicle market consists of various global and regional service providers who are continuously evolving to enhance their market position. The growth for the off-road high-performance vehicle market is driven by the growing demand for these vehicles from the military sectors. Furthermore, the technological advancement in off-road vehicles is expected to create a huge growth opportunity for the market in the future years. However, the slowdown in the automotive industry can hamper the growth of the market. Off-road high-performance vehicle manufacturers compete based on the basis of cost, efficiency, and reliability of products to sustain in the market.
Yamaha Motors Co., Ltd, Honda Motors Co., Ltd, Extreme Offroad & Performance, Rezvani Motors, Zarooq Motors, Rally Fighters, AEV Conversions, BRP, Suzuki Motor Corporation, Polaris Industries, Inc., PCOR 4x4, Bowler Manufacturing, Chelsea truck company, and Wildcat are the major players in the market.
Off-Road High-Performance Vehicle Market Based on application:
- Recreation: ROVs are motorized vehicles having four or more tires designed for off-road use and intended by the manufacturer for recreational use by one or more persons. ROVs are intended to be used on terrain similar to that on which all-terrain vehicles (ATVs) are used. ROVs are distinguished from ATVs by the presence of a steering wheel instead of a handlebar for steering, bench or bucket seats for the driver and passenger(s) instead of straddle seating, and foot controls for throttle and braking instead of levers located on the handlebar. With the increasing popularity of outdoor recreational activities and adventure tourism, the off-road high-performance vehicle market is likely to witness significant growth during the study period.
- Defense: Military trucks are designed to transport troops, fuel, and military supplies to the battlefield through off-roads such as asphalted roads and unpaved dirt roads. Several countries have manufactured their models of military trucks, each of which has its technical characteristics. Increasing demand for light off-road mobility platforms from the defense and military sector boosting the market.
Off-Road High-Performance Vehicle Market Based on region:
- North America: The increase in demand for off-road vehicles and the growing number of powersports experience zones across the US, Canada, and Mexico boost the demand for off-road vehicle products in the region. Furthermore, there is a massive increment in the off-road vehicle sales in the region due to the extensive presence of major off-road high-performance vehicle manufacturers, such as BRP Inc., Polaris Industries Inc, and Arctic Cat. Many off-road high-performance vehicle manufacturing companies are investing in research and development to improve the fuel storage capacity, fuel efficiency, and engine light-weight technology, which is expected to enhance the sale of off-road high-performance vehicles in North America during the forecast period.
- Europe: The region is one of the key markets for automotive vehicle manufacturers due to the increasing use of these vehicles in recreational, construction, defense, and military activities. Europe is actively adopting new technologies due to the high employment rate and an increase in the purchasing power of consumers. The rising young population, growing interest in sports competitions, and increasing utility activities drive the off-road high-performance vehicle s market in Europe.
- Asia-Pacific: The region is. anticipated to grow significantly over the forecast period due to many tourist places, a rise in the purchasing power of consumers, and improving economic factors. In China and India, sports, leisure, and entertainment activities play a significant role in increasing the region's share in the off-road high-performance vehicle market. Furthermore, rising per capita disposable income and an increase in defense spending fuel the demand for off-road high-performance products in the region. There has been a massive increment in the sale of off-road high-performance vehicles due to the increased presence of major off-road high-performance vehicle manufacturers
- Middle East and Africa: The GCC countries are expected to witness strong economic development due to low-interest rates, growth of private sector operations, and increased government spending. The growth in private and public sector transportation and an increase in the number of parts manufacturers and retailers drive the growth of the off-road vehicles market. Powersports are a key attraction for tourists in the Middle East region, such as off-road biking in UAE and Saudi Arabia. Such factors are expected to drive the off-road high-performance vehicle market growth in the middle east during the forecast period. The Middle East & Africa region has an emerging market due to increased off-road vehicles in this region.
- South America: The government authorities in South America have introduced many policies for the benefit of the automobile and automobile components manufacturers, which comprise rules related to import restraints, export requirements, and subsidies. South America's automotive components market has been growing with a high growth rate owing to the high growth of the automotive business.
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