Europe off-road vehicles market is anticipated to grow at a CAGR of over 8% between 2021 and 2027. Rise in the number of recreational facilities due to a high demand for adventure & sporting events will foster off-road vehicles industry 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.
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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.
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.
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.
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.
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Partial Chapter of the Table of Content
Chapter 5 Off-Road Vehicles Market, By Vehicle
5.1 Key trends, by vehicle
5.2.1 Market estimates and forecast, 2016 – 2027
5.3.1 Market estimates and forecast, 2016 – 2027
5.4 Off-road motorcycles
5.4.1 Market estimates and forecast, 2016 – 2027
5.5.1 Market estimates and forecast, 2016 – 2027
Chapter 6 Off-Road Vehicles Market, By Application
6.1 Key trends, by application
6.2.1 Market estimates and forecast, 2016 – 2027
6.3.1 Market estimates and forecast, 2016 – 2027
6.4.1 Market estimates and forecast, 2016 – 2027
6.5.1 Market estimates and forecast, 2016 – 2027
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