A new breed of machine with fun, versatility and functionality—recreational off-highway vehicles (ROVs)—have been garnering attention of outdoor mavericks in huge numbers. Known mainly for recreational use; recreational off-highway vehicles have carved a niche in the workplace, incorporating construction, farming, namely. From transporting gear to a favorite campsite or exploring the scintillating outdoors, ROVs have been the apt choice.
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The growing incorporation of sensors and electronics has led to the robust development of electrical hybrid vehicles(EHVs). As such, recreational off-highway vehicles industry persists to survey various electrification levels, incorporating mild hybridization, full electrification. Besides, the advent of artificial intelligence (AI and popularity of electro-hydraulic actuators are expected to fuel the growth of recreational off-highway vehicles (ROVs).
The ROVs industry are tilted towards adoption of all-electric ROVs which augur well for the growth of market. In the wake of rising concern apropos injuries and mortalities, the U.S. Consumer Product Safety Commission (CPSC) launched a sophisticated notice of purposed rulemaking (ANPR) for addressing safety hazards related to ROVs.
Need for Speed Fuels Petrol Variants, Electric Gaining Ground Steadily
The prevailing low crude oil prices have meant that sales of petrol recreational off highway vehicles have remained robust. According to the report, petrol recreational off highway vehicle sales totaled nearly 166 thousand units in 2017 – higher than both diesel and electric variants.
End-users continue to show a marked preference for 4-seater off highway recreational vehicles. 4-seater off highway recreational vehicles will continue to be the top-selling variant, with 2-seater and crew size following suit. On account of this, the market is likely to witness launch of high-power 4-seater petrol variants during the assessment period.
The report offers a robust assessment on the recreational off-highway vehicles market underpinned by quantitative and qualitative analysis. In addition, the report focuses on the dynamics of the market that have significant influence on the development of the Recreational off-highway vehicles market, elucidating drivers, trends, opportunities and restraints. The report focuses on the segmentation of the market to provide a deep dive assessment of the market.
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The report incorporates executive summary and overview section that presents a robust assessment on the recreational off-highway vehicles market. Moreover, the report in the market overview section sheds light on PESTLE analysis to offer comprehensive analysis on the market. Further, the overview section further throws light on Porters’ Five Force analysis which will aid in assessing competitive landscape with respect to recreational off-highway vehicles market.
Global off highway recreational vehicle sales remain concentrated in the US, making North America the largest market globally. Sales in North America are likely to surpass 159 thousand units by 2018, with the US accounting for bulk of revenues. In addition to the US, manufacturers can also expect a steady stream of opportunities to emerge in Europe and Asia Pacific. Currently, Middle East & Africa (MEA) is the smallest market for off highway recreational vehicles market in terms of sales; however, the push by several Middle Eastern governments to develop a services-based industry is likely to create opportunities in the long run.
Recreational Off-Highway Vehicles (ROVs) Market: Competitive Landscape
The coherent analysis of competitive scenario of the recreational off-highway vehicles market is backed up by the Porters’ Five Force Analysis. Further, the Porters’ Five Force Analysis focuses on feasible strategies of the pertinent players in the recreational off-highway vehicles market. Additionally, the report also elucidates SWOT analysis, company profile, product portfolio, recent development, company profile, key differentiation and annual revenue.
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