Global Off-road Vehicle Market 2019-2023
About this market
Increasing outdoor recreational activities are benefiting the off-road vehicle market in regions such as North America and Europe. Mountain racing and dirt racing activities are gaining popularity amid a growing number of sports enthusiasts. The growth in tourism will promote off-recreational activities globally and requires governments to focus on developing tourism hubs, which will increase sales of off-road vehicles further. Off-road motorcycle or adventure motorcycle was a niche market a decade ago. Changing lifestyles, adoption of recreational activities by the youth and middle-age population and improving tourism infrastructure are the major factors driving the off-road vehicle market in emerging countries. Hence, Technavio expects the rise in recreational and adventure sports activities to drive the global off-road vehicle market during the forecast period. Technavio’s analysts have predicted that the off-road vehicle market will register a CAGR of over 4% by 2023.
GPS navigation for off- road vehicles
GPS navigation services have been developed for off-road vehicles. GPS devices are no longer used just for mapping, but also for preparing for off-roading adventures, locating difficult-to-find off-roading locations, and ensuring safety. Off-road vehicles encounter rough weather conditions such as snow, wind, sand, and dense fog. The development of the GPS navigation system for off-roading to be a driving factor for the global off-road vehicle market during the forecast period.
Environmental impact due to off- road motorsport racing
Off-road racing activities can erode the soil. increase soil bulk density. soil strength. and soil permeability. Generally, soil bulk density and strength increase with compaction, while permeability decreases. Hence, such adverse effects of racing activities on the environment and the ecosystems pose a threat to the legibility of such bikes, thereby challenging the growth of the global off-road vehicle market.
For the detailed list of factors that will drive and challenge the growth of the off-road vehicle market during the 2019-2023, view our report.
The off-road vehicle market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Off-road Vehicle Market 2019-2023
Technavio recognizes the following companies as the key players in the global off-road vehicle market: BRP, Honda Motor, KTM Industries, Polaris Industries, Yamaha Motor.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the innovations in advanced suspension control systems.”
According to the report, one of the major drivers for this market is the advanced stability control systems for off- road motorcycles.
Further, the report states that one of the major factors hindering the growth of this market is the legal limitations on use of off- road vehicles.
and Yamaha Motor
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