Global Off-Road High-Performance Vehicle Market To Grow At Rapid Pace By 2023
Off-Road High-Performance Vehicle Market 2018 Global Research Report, Global Off-Road High-Performance Vehicle Market growing at rapid pace by the forecast period of 2018 to 2023. Global Off-Road High-Performance Vehicle Market Information: by Channel (OEM and Aftermarket), Application (Defense & Recreation) and by Regions - Global Forecast To 2023.
The key players in the global Off-road high-performance vehicle market Wildcat (U.S.), AEV Conversions (U.S.), Zone Offroad (U.S.), Icon Vehicle Dynamics (U.S.), 4 Wheel Parts (U.S.), Extreme Offroad & Performance (U.S.), Stylin Trucks (U.S.), and Summit Racing Equipment (U.S.).
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Off-Road High-Performance Vehicle Market Highlights:
Although the off-road vehicle industry hasn’t fully recovered ever since the recession, the recently stabilizing industry is witnessing a change in fortune with growing demand for motorcycles and four-wheelers alike and specifically Off-road high-performance vehicles.
Yamaha led the volume race in the Off-road high-performance vehicle market with a market share of almost 30%, closely followed by Honda with approximately 23% market share. Yamaha’s WR450F is one of the biggest selling Off-road high-performance vehicles, along with YZ250F topping the sales charts for motocross. The motorcycle industry was going through a stabilizing period in the past few years. The industry as a whole is expected to return to rapid surge in demand specifically with the industries Off-road high-performance vehicle segment growing in popularity among individuals. With every major motorcycle manufacturer pushing for product development and innovation in their Off-road segments, the market has flooded with high-quality products across various prices ranges. The shrinking global scooter market is another indication towards growing adoption of entry-level motorcycles by new customers in the market. Major automotive manufacturer Honda derives a significant chunk of its revenue for their motorcycles division (USD 410 million), of which Off-road high-performance vehicles is a major segment.
The global Off-road high-performance vehicle market has been segmented by channel as original equipment manufacturers and aftermarket. By application, the market has been segmented as recreation and defense. By geography the market has been segmented as Americas, Europe, Asia Pacific and Rest of the world.
Rest of the World comprises of the Middle East and Africa. The Middle East & Africa region has an emerging market owing to the increase in adoption of off-road vehicles in this region. The countries like Brazil are significantly contributing in the growth of the market, owing to the government initiatives, which are pushing for rapid development of the automotive components industry. Additionally, with the Middle Eastern governments looking to reduce their dependency on the oil and gas industry, there exist lucrative opportunities for various industries to thrive in this region.
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