The off-road vehicles market has grown consistently at a CAGR of 4.8%, and the market has been expanding at a gradual pace. The vendors in the off-road vehicles market are focusing on product development companies that provide Off-road vehicles and gain a competitive edge in the market by providing diversified product categories. Every high-quality and sophisticated off-road vehicle has an immensely efficient engine which can produce an optimum level of horsepower and torque. A potent engine aids the vehicle in performing well in testing circumstances such as mountainous environments. Given off-road vehicles are built with higher ground clearance, they tend to possess a higher center of gravity. As such, the high probability of rolling over substantiates the all-important addition of rollover sensing system to this type of vehicles.
With ever-expanding recreation and trails areas, the importance of safety and responsibility apropos operating vehicles has increased. Despite painstaking efforts by governments and industry to promote safety and safer riding behaviors, debilitating injuries and deaths persist to occur. As of May 1, 2019, The Consumer Federation of America that leads a coalition of individuals and organizations devoted to curb deaths and injuries caused by off-highway vehicles (OHVs), identified 96 off-highway vehicles fatalities—comprised mostly of ATVs and ROVs.
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Accordingly, various studies have perused helmet-wearing and other safety behaviors among juvenile ATV riders. Inadequate physical size and strength, novice drivers, immature motor and cognitive development and inclination to engage in thrilling behaviors all account for injury risks for children and youth operating ATVs.
The defense budget across countries has skyrocketed in the recent past. Accordingly, countries are procuring growing number of off-road vehicles to transport cargo, fuels, arms and ammunition. The use of off-road vehicles in World War I & II and Gulf war attenuate the significance of the ORH.
Aimed at curbing labor cost, utility off-road vehicles are prevalently being used for agriculture operations such as crop plotting, picking rocks and irrigation purpose. As such, manufacturers have increased its investments in off-road vehicles.
The growing use of off-road vehicles for recreation has had considerable economic value to local communities where off-road vehicles are popular. Accordingly, it has become hugely popular among stakeholders. Moreover, it also propels fuel efficiency, curbs carbon emission furthered by the advent of electric powered alternative.
Off-Road Vehicles Market: Overview
The report presents a coherent analysis on the off-road vehicles market that is bolstered by quantitative and qualitative analysis. In addition, the report delineates the happenings in the market which have bearing on the growth of the off-road vehicles market, comprising drivers, restraints, trends and opportunities. Further, the report also sheds light on segmentation to exhibit an exhaustive analysis of the Off-road vehicles market.
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The report also delineates executive summary, overview section, which are aimed at revealing a thorough analysis of the off-road vehicles market. Besides, the market overview section peruses into supply chain, cost structure and pricing analysis along with PESTLE analysis to present a thorough analysis on the off-road vehicles market. Moreover, the overview section also sheds light on Porters’ Five Force analysis which is known to help in assimilating competitive scenario with regards to off-road vehicles market.
Primary sources and secondary sources have been used to provide a judicious and unbiased analysis on off-road vehicles market. As such, the secondary research banks on EC filing, trade journals, resourceful database and Factiva. On the other hand, the report relies upon primary research, incorporating veracious and unbiased assessment from seasoned analyst, genuine analysis from pundits and surveys and telephonic interview. Furthermore, the report throws light on absolute dollar opportunity analysis and Y-o-Y projections to offer a thorough analysis of the market.
Off-Road Vehicles Market: Competitive Landscape
The robust assessment of competitive landscape of the off-road vehicles market heavily banks on Porters’ Five Force Analysis. Furthermore, the Porters’ Five Force Analysis delves into the strategies of the pertinent players in the off-road vehicles market. Furthermore, the deep dive analysis of the key players and their business strategies are backed up by company profile, SWOT analysis, product portfolio and recent development, key differentiation, to name a few.
Key competitors in off-road vehicles market are as Arctic Cat Inc., Honda Motor Co. Ltd., Deere & Company, Kawasaki Motors Corp., Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yahama Motor Co., Ltd., Bombardier Recreational Products, Kässbohrer Geländefahrzeug, Textron Specialized Vehicles Inc., Wildcat Automotive, Massimo Motor Sports, LLC, KTM AG and Mahindra & Mahindra Ltd.
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Off-Road Vehicles Market: Augmented Fuel Efficiency, Reduced Carbon Emissions, Advent Electric Power
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