Rise in the number of recreational facilities due to a high demand for adventure & sporting events will foster off-road vehicles market share over the projected timeframe. There have been several initiatives taken to attract the youth towards different adventure activities like forest trails and hunting. One such initiative taken was from the National Wildlife Refuge System.
There has been growth in the demand for high-performing vehicles on rugged terrains that will help boost the product penetration. With the rise in the number of various distribution channels for all off-road vehicles in line with surging availability of credits, developing nations will witness increased deployment of off-roaders.
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There has been a considerable increase in consumer spending on leisure and recreation practices which has been encouraging the demand for the products. Georgia Department of Natural Resources in 2017 had announced 14 grants along with the financial support of $2.3 million for the provision of recreational facilities like hiking, camping, fishing and golf in the state. Such factors are the prime catalysts that can drive off-road vehicles market size over the projected timeframe.
Will the consistent development of products influence off-road vehicles industry trends?
Off-road vehicles equipment with advanced electric components, reduced maintenance cost, improved efficiency and low carbon emissions, will strengthen the demand for the product and fuel innovations. These vehicles have various applications that include agriculture, sports and construction activities.
This is primarily due their excellent technical benefits comprising improved torque and power, differential locking, and enhanced four-wheel-drive systems that will boost off-road vehicles market trends in the forthcoming years.
For instance, Polaris Industries in 2015 had started to work on Hybrid Utility Vehicle as well as hybrid off-road vehicles both based on the Polaris MRZR 4, equipped with noise damping abilities and amplified power.
How will increasing penchant for sports activities influence off-road vehicles market outlook?
There has been a rise in sports activities like sand rides and travelling through woods all across the world with several of these included in national and international games. Off-road vehicles for sports segment will be accounting for over 40% of revenue share by 2024.
Several configurations have been made which include improved torque and power outputs, reduced cost of maintenance along with variations of options in engines that will bolster the sports segment.
Advancing technologies have had a major effect on the manufacturing of the off-road vehicles that have stimulated its market growth. Manufacturers have focused mainly on reducing the heavy sounds that come from the engines which will fuel the ORV industry forecast in the near future.
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Which region will prove to be a lucrative ground for off-road vehicle industry size?
Government in North America has increased its spending to improve recreational activities and attract even more consumers, triggering off-road vehicles market share. There is a massive consumer base in the region coupled with the presence of major infrastructure to use ATVs which will help strengthen the industry.
North America off-road vehicles market size is estimated to garner more than 55% of industry share by the year 2024. The region has witnessed increasing popularity of various off-road sports events like The Off-Road Championship (TORC), Lucas Oil Off Road Racing Series and Grand National Cross Country which have had a positive influence over the industry trends.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definition and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Off-road vehicles industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Vehicle trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Off-Road Vehicles Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Component Suppliers
3.3.3. Profit margin analysis
3.3.4. Distribution channel analysis
3.3.5. Vendor matrix
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