Market Research Future (MRFR) projects the global off-road high-performance vehicle market to expand at a significant pace
Although the off-road vehicle industry has not completely recovered since the recession, the recently stabilizing industry is seeing a change in fortune with increasing demand for motorcycles and four-wheelers alike, especially off-road high-performance vehicles.
Yamaha dominated the volume race in the off-road high-performance vehicle market with a market share of nearly 30%, closely followed by Honda with a market share of approximately 23%. Yamaha’s WR450F is one of the best-selling off-road high-performance vehicles, along with YZ250F topping the sales charts for motocross. In recent years, the motorcycle industry has been undergoing a spell of stabilization. The industry as a whole is expected to return to a rapid surge in demand, with the Off-road high-performance vehicle segment increasing in popularity among individuals.
With every major motorcycle manufacturer focusing on product growth and innovation in their Off-road segments, the market has become swamped with high-quality products in a variety of price ranges. The declining global scooter market is another indicator of increased market acceptance of entry-level motorcycles by new customers. Honda, a major automobile manufacturer, generates a large portion of its sales from its motorcycles division (USD 410 million), of which off-road high-performance vehicles are a significant segment.
The recent shift in the preference for mileage to vehicle looks and features is also projected to result in the high demand for off-road motorcycles. The global off-road high-performance vehicle market is expected to expand during the forecast period as a result of rising population, rapid industrialization, and aggressive expansion of the manufacturing sector.
COVID-19 Impact on the Global Off-Road High-Performance Vehicle Market
Implementation of a series of regulations by governments of different nations to battle the COVID-19 crisis, such as a full shutdown of manufacturing units, is found to impact the growth of the global off-road high-performance vehicle industry.
Market Segmentation
The global off-road high-performance vehicle industry has been segmented into channel and application.
Based on the channel, the global off-road high-performance vehicle market has been segmented into original equipment manufacturers and aftermarket.
Based on application, the global off-road high-performance vehicle market has been segmented into recreation and defense.
Regional Analysis
Region-wise, the global off-road high-performance vehicle market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
With major manufacturers investing in the Asia Pacific region’s thriving automotive industry, the off-road high-performance vehicle is expected to expand rapidly during the forecast period. Individuals’ growing understanding of off-road motorcycle events is expected to drive demand in this region. The market has grown rapidly in the last two years, owing to increasing motorcycle sales, a shift in global players’ emphasis on this region, and technological advances, which are providing the much-needed impetus to the automotive off-road high-performance vehicle. The Asia Pacific area is still a developing market for off-road high-performance vehicles and is expected to grow significantly during the forecast period.
Key Players
Notable players in the global off-road high-performance vehicle market Wildcat (U.S.), 4 Wheel Parts (U.S.), AEV Conversions (U.S.), Zone Offroad (U.S.), Icon Vehicle Dynamics (U.S.), Stylin Trucks (U.S.), Extreme Offroad & Performance (U.S.), and Summit Racing Equipment (U.S.).
Summary
The global off-road high-performance vehicle market is anticipated to expand at a significant pace from 2020 to 2027 (forecast period). The recent change in preference for mileage to vehicle looks and features is also anticipated to result in high demand for off-road motorcycles. The global off-road high-performance vehicle market is anticipated to expand during the forecast period as a result of rising population, rapid industrialization, and aggressive expansion of the manufacturing sector.
