Global Off-Road Vehicle Market 2019-2023 | Electric Drivetrains for Off-Road Vehicles to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 15, 2019--
The global off-road vehicle market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global off-road vehicle market 2019-2023. (Graphic: Business Wire)
Advanced suspension systems with dedicated shock absorbers are necessary for off-road motorcycles as they need to navigate through mud, grass, rivers, gravel, and rocky terrains. These suspension systems must exhibit high durability, reliability, and endurance to tackle off-road conditions. Hence, off-road motorcycle manufacturers are integrating various advanced suspension technologies such as adjustable compression dampening and adjustable rebound damping into their products. The flexibility in setup and overall functioning of modern suspension systems is further increasing their adoption in off-road motorcycles. Thus, the availability of improved suspension technology in off-road motorcycles is expected to drive the growth of the off-road vehicles market.
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As per Technavio, the electric drivetrains for off-road vehicles, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Off-Road Vehicle Market: Electric drivetrains for off-road vehicles
Stringent emission norms and growing awareness of environmental pollution and global warming have increased the popularity of electric vehicles (EVs). This has encouraged ATV manufacturers to develop electric ATVs (e-ATVs) which have low emission levels and low noise. Hybrid ATVs which run on electric power and conventional power are also being designed to reduce pollution. Therefore, the development of electric drivetrains for off-road vehicles is a critical trend that will gain traction during the forecast period and drive market growth.
“Apart from the electric drivetrains for off-road vehicles, the rising number of recreational and adventure sport activities and the increased telecast and viewership for off-road racing events are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Off-Road Vehicle Market: Segmentation Analysis
This market research report segments the global off-road vehicle market by type (side-by-side vehicles (S*S), all-terrain vehicles (ATV), and off-road motorcycle) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market and register the highest incremental growth. This is due to the introduction of newer models of electric powered and hybrid off-road motorcycles in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: OFF-ROAD TRUCKS & SUVS AUTOMOTIVE MANUFACTURING MANUFACTURING AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 10/15/2019 04:00 AM/DISC: 10/15/2019 04:00 AM