The Recreational Off-Highway Vehicle Association (ROHVA) projects a continuous rise in sales of the recreational off-highway vehicles (ROVs) in the forthcoming years, with shifting trends toward power sports, and high demand for all-terrain vehicles (ATVs). Consumer spending on leisure and sports has surged on account of their inclining preference toward leading a healthy lifestyle, complemented by growing GHDI across developed and developing nations. Touring and recreational activities have been influenced by the upward trend of leisure & sports expenditure, thereby impacting demand for ROVs as a consequence.
Primarily a discretionary purchase, recreational off-highway vehicle sales flow and ebb with fluctuations in disposable income. As disposable income increases, demand for ROVs at retail level rises, subsequently stimulating demand at manufacturing level. Prospects of recreational off-highway vehicles market continue to be positive, as demand for high-performance vehicles, subjected to rough landscapes and environments, direct manufacturers’ focus toward sustainable technologies & designs, according to a recent Fact.MR report.
The report projects the recreational off-highway vehicles (ROVs) market to illustrate a splendid 15.9% value CAGR between the forecast period 2018 and 2028. Approximately 1,780,000 units of ROVs are pegged to be sold worldwide by 2028-end.
ROVs Market: Hybridization Persists as a Major Trend
Current trend in the ROVs Market is widening the application scope and curtailing costs for facilitating & driving technological penetration. In off-highway machinery industry, progression in the development of electrical hybrid vehicles and systems continues to pick pace, with the rise in incorporation of electronics and sensors. The recreational off-highway vehicles industry continues to explore different electrification levels, including full electrification or mild hybridization, given the consensus that there are a couple of effective strategies apropos of alternative energy for powering these vehicles.
The industry is demonstrating a paradigm shift toward all-electric ROVs, driven by the convergence of a plethora of factors that include reduction of fossil fuel dependency, recapturing energy, and ability of electric power in making vehicles more productive by leveraging efficient hybrid systems. Integration of technologies such as battery advancements, artificial intelligence (AI), combined electro-hydraulic actuators, and autonomy, will further turbocharge the abilities of electrification in ROVs.
ROVs Market: North America Remains at the Forefront
Led by the U.S., North America will continues to spearhead the recreational off-highway vehicles market, with an estimated value share of over 50% by 2028-end. Legislations are currently being set up in North America, proposing alternations to current laws related to ROVs. These changes will potentially result in a battle between the environmentalists who focus on protecting valuable natural resources and off-road enthusiasts who seek access public lands. Changes in ROVs’ legislations will further impact growth of the market in North America.
Furthering its commitment toward improving safety of ROVs and reducing the number of serious injuries and mortalities across the nation, the U.S. Consumer Product Safety Commission (CPSC) has rolled out an advance notice of proposed rulemaking (ANPR) for addressing safety hazards pertaining to ROVs. Inadequate lateral stability & occupant protection during a rollover crash, coupled with undesirable steering attributes of ROVs are engulfed in primary evaluations of CPSC. The ANPR of CPSC is expected to significantly influence future development and manufacturing of recreational off-highway vehicles in North America.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
Fact.MR has recently published a new research report on recreational off-highway vehicles (ROVs) market that offers incisive insights and forecasts on the overall scenario of recreational off-highway vehicles (ROVs) across major regions and countries worldwide. The forecast analysis in the report has been carried out for a period of 10 years, starting from 2018 till 2028. This report is a definite source of information that portrays intelligence on recent trends in recreational off-highway vehicles (ROVs), new developments and other industry related aspects that influence the growth of the recreational off-highway vehicles (ROVs) market.
An extensive researched data analysis on recreational off-highway vehicles market in this report can support the reader in understanding key facets of the market. Key drivers that positively impact the sales of recreational off-highway vehicles (ROVs), such as consumer preference for recreational vehicles with the growing tourism industry worldwide, favorable government regulations and technological advancements attracting auto tech savvy customers, are covered in this report. Moreover, challenges or restraints in the recreational off-highway vehicles (ROVs) market, for instance increasing product recalls, are also mentioned. For example, the report includes analysis regarding vehicle recalls of key participants such as Polaris and American Honda along with factors causing product recalls. This can give a realistic market information to the reader that can be used to make informed decisions and formulate key growth strategies.
In-depth Market Segmentation
The report on recreational off-highway vehicles (ROVs) market reflects a holistic angle considering all elements of the market. A 360 degree view of the entire market along with detailed segmental analysis across important geographies has been covered in the report. Analysis on key segments such as fuel type, vehicle type, application, engine displacement, speed, sales channel and region has been covered in the report.
The report offers value and volume analysis on these segments across major regions. Drawing inferences from regional trends that support the growth of the recreational off-highway vehicles (ROVs) market and estimations on the current regional market scenario have been compiled in this research report.
Research Methodology
The data and statistics on recreational off-highway vehicles (ROVs) market have been gleaned using a one-of-its-kind research methodology, which is a combination of primary and secondary research activities. Extensive secondary research is carried out in the initial stages of the research process, followed by in-depth primary research wherein interviews with market observers, opinion leaders, key stakeholders and subject matter experts are conducted. During each primary interview, the data collected from secondary sources is validated and this process is continued till the conclusion of the research. These multiple funnels of verification of data and validation of insights brings a higher level of accuracy in the gleaned statistics thus depicting a realistic market scenario in front of the reader.
Recreational off-highway vehicles (ROVs) Market’s Competitive Landscape
The report on recreational off-highway vehicles (ROVs) market’s final chapter covers analysis on key market participants that includes intelligence on major players as well as emerging players in the market. Various facets of the competition such as company overview, SWOT analysis, supply chain analysis, product portfolio overview, product developments and new innovations in pipeline, market shares and sales revenues, future expansion plans and key growth strategies of the recreational off-highway vehicles (ROVs) market participants have been compiled in this chapter. This chapter can give a complete intelligence support to the reader that can be utilized to gain edge over the competition by anticipating future moves based on the forecast analysis and competitive scenario in the report.
The report on recreational off-highway vehicles (ROVs) market delivers value by offering actionable intelligence on the said factors and industry related aspects. The in-depth analysis can assist in achieving business milestones by addressing challenges faced, subsequently supporting in gauging potential revenue pockets and achieve a global footprint in the years to follow.
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Recreational Off-Highway Vehicles (ROVs) Market Forecast, Trend Analysis & Competition Tracking - Global Market insights 2018 to 2028