Global Recreational Off-Highway Vehicles (ROVs) Market Precise Study on Factors, Market Drivers and
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.
[USPRwire, Wed Dec 12 2018] 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.
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The report finds that off-highway recreational vehicles market has also been negatively impacted by product recalls and notable faults in prominent brands. The US$ 27.25 million civil penalty on Polaris Industries for failure to notify the United States Consumer Product Safety Commission (CPSC), and American Honda’s decision to recall nearly 65,000 recreational off-highway vehicles due to fire and burn hazard have led to a significant dent in consumer confidence. The increasing spate of product recalls and performance issues can create impediments to growth, finds the study. The report also finds that off-highway recreational vehicles landscape is tightly regulated in European Union, with Greenhouse Gas Reporting Program (GHGRP) having a major influence on product launches.
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.
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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.
OEM is the leading channel for off highway recreational vehicles globally, accounting for a leading revenue share of the market. Availability of a wide range of off highway recreational vehicles, combined with familiarity of off-highway enthusiasts with OEM dealerships remain key factors for the pervasiveness of this sales channel. The report expects OEM to remain the prominent sales channel for off highway recreational vehicles during the assessment period.
Global off highway recreational vehicle sales remain concentrated in the US, making North America the largest market globally. Sales in North America are likely to surpass 159 thousand units by 2018, with the US accounting for bulk of revenues. In addition to the US, manufacturers can also expect a steady stream of opportunities to emerge in Europe and Asia Pacific. Currently, Middle East & Africa (MEA) is the smallest market for off highway recreational vehicles market in terms of sales; however, the push by several Middle Eastern governments to develop a services-based industry is likely to create opportunities in the long run.
Table of Content:
- Executive Summary
1.1. Summarizing Key Findings
1.2. Trends and Developments
1.3. Strategic Themes
1.4. Highlighting Action Area – Wheel of Fortune
- Global Recreational Off Road Highway Vehicle Market Overview
2.2. Market Definition and Scope
2.3. Market Taxonomy and Segments Captured
- Global Recreational Off Road Highway Vehicle Market Outlook
3.1. Market Size Value (US$ Mn) and Volume (Units) and Forecast, 2012-2026
3.2. Market Y-o-Y Growth
3.3. Forecast Factors and Relevance of Impact
- Global Recreational Off Road Highway Vehicle Market Dynamics
- Supply Chain and Value Chain Assessment
- Actionable Insights and Analysis
6.1. Global off road Vehicle Market Overview
6.2. Key Regulations
6.3. Technology Roadmap
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