Pune, May 31, 2021 (GLOBE NEWSWIRE) — Rise in the Action Sport Industry Worldwide Drive the Market
The off-road high-performance vehicle market outlook looks extremely promising, mainly due to the rising action sports and motorcycling events. Besides, product standardization, enhanced research & innovation, and increased lab & field tests are significant trends ensuring market growth. Also, the availability of manual & automatic transmission with high off-road performance has spearheaded high-end automobiles to a new level.
Rising demand for off-road vehicles and SUVs that can also be used on roads in cities and expressways substantiates the market size. Major industry players make substantial investments in developing innovative off-road high-performance vehicles. Therefore, the off-road high-performance vehicle market share is projected to escalate further during the forecast period.
In this regard, Market Research Future (MRFR) asserts that the global off-road high-performance vehicle market is poised to reach exponential valuation by 2027, continually growing at an impressive CAGR during the assessment period (2020 to 2027). Rising uptake of these vehicles in off-road, construction and mining settings where safety and durability are of utmost importance drive the market growth.
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COVID 19 Impacts on the Market
Just like many industries, the off-road high-performance vehicle industry was too impacted by the COVID-19 pandemic drastically. Lockdown mandates initiated by governments worldwide disrupted the manufacturing of these vehicles, impacting production and sales. Besides, broken supply chains and halted exports of the raw materials and components required for production also affected the market growth.
Moreover, the change in consumers’ purchasing behavior due to economic uncertainties affected the demand for high-performance off-road vehicles. However, as various construction and mining activities are rapidly returning to normalcy, the market demand is gradually picking up. Also, gradually reopening action sports and bike racing events are expected to boost the growth of the market significantly.
The market is increasingly witnessing launches of the toughest vehicles engineered for the most extreme off-road missions. For example, on April 28, 2021, IVECO SpA (Italy), an Italian transport vehicle manufacturing company, announced a complete, renewed line-up for off-road missions with the new IVECO T-WAY and the IVECO X-WAY.
The new rear disc brakes, the heavy-duty rear suspension system for Tandem axles with the high connectivity, digital services and high-comfort cab add up to outstanding efficiency and profitability. Also, advances in batteries used in the extreme e off-road racing series and electric touring car series push the market growth.
Various trends benefitting the off-road high-performance vehicle market growth include favorable government policies fostering the production of these vehicles and the increasing demand and production of off-road high-performance vehicles. Vast R&D investments made by manufacturers to develop high-performance vehicles drive the market growth.
Due to growing government mandates & updated policies for driver’s safety, emerging countries offer significant untapped opportunities to international players. Manufacturers strive to increase production capacities in emerging markets with improved cost efficiency and a leaner organization. Additionally, targeted projects implemented in remote areas and lightweight solutions to expand the growth area.
Despite promising growth prospects, the market witnesses major setbacks such as high initial investments required to produce and maintain high-performance off-road vehicles. Moreover, high maintenance costs associated with high-performance vehicles act as a major challenge for market growth.
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The off-road high-performance vehicle market analysis is segmented into channel, application, and regions. The channel segment is sub-segmented into original equipment manufacturers (OEMs) and aftermarkets. The application segment is sub-segmented into recreation and defense. The region segment is sub-segmented into Americas, Europe, Asia Pacific and the Rest of the world.
The Asia Pacific region dominates the global off-road high-performance vehicle market. The recent shift in preference for vehicles that offer improved mileage and features creates a high demand for off-road motorcycles for defense and recreation purposes. Also, growing production capacities and off-road high-performance vehicle manufacturers in the region positively impact the regional market growth.
Besides, aggressive expansion of the off-road high-performance vehicle manufacturing sector in the region increases the market share. Raw material advantage and the availability of cost-effective labor forces in the region are the major factors impacting the off-road high-performance vehicle market growth. The region is estimated to maintain its market position in the coming years as well.
North America holds the second-best position in terms of the off-road high-performance vehicle market value. The region’s landscape features many remote locations with limited accessibility. Besides, large mining and farmlands in this region create substantial market demand. Technological advancements are providing vast impetus to the automotive, off-road high-performance vehicle.
With major manufacturers investing in the booming automotive industry, the North American off-road high-performance vehicle market is also growing rapidly. The market has constantly been witnessing rapid growth in the last two years, owing to the rising sales of motorcycles. Growing numbers of off-road motorcycling events and a large number of action sports enthusiasts push the market demand in this region.
The Middle East & Africa region is rapidly emerging as a promising market for high-performance off-road vehicles. Factors such as the increase in the adoption of off-road vehicles and government initiatives pushing for the rapid development of the automotive components industry significantly contribute to market growth. Furthermore, 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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The off-road high-performance vehicle market is predicted to witness several strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product launches. Key industry players are also making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on February 18, 2021, Hebei Zhongxing Automobile Company Limited and its exclusive national partner in Ghana, Stallion Motors, officially launched the all-new Terralord pickup for ZXAuto pickup in their showrooms at Obetsebi Lamptey. ZxAuto Terralord pickup is a high-performance off-road vehicle and the first corporation in the industry to realize large order export.
Key players involved in the market are AEV Conversions (U.S.), Wildcat (U.S.), Zone Offroad (U.S.), 4 Wheel Parts (U.S.), Icon Vehicle Dynamics (U.S.), Extreme Offroad & Performance (U.S.), Summit Racing Equipment (U.S.), and Stylin Trucks (U.S.).
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