Off-Road Motorcycle Market is Expected to Grasp the Value with Excellent CA
The global off-road motorcycle market is expected to grow with a CAGR of 7% from 2018 to 2023 (forecast period). The report outlines the strengths, opportunities, threats, and future business risks and provides an accurate summary of the global market conditions with the influence of COVID-19.
Off-road motorcycle relates to a nonlicensed motorcycle used for recreation or off-road riding. These can be driven on all-terrain roads, including trails and other roads. They're most prepared for the racing course, competitions, and adventure.
Market Dynamics
The growth of off-road motorcycles is largely driven by the advent of off-road motorcycle training centers around the globe. A variety of training centers have been set up, including BMW Performance Center Off-Road Motorcycle Training (South Carolina), Black Swan Moto Off-Road Training Program (California), among others. Growth in the off-road motorcycle training centers will make it possible for people to increase their buying power. Since training centers provide relevant skills and techniques, people will be more drawn to buying off-road bikes. This will boost the sales of bikes, which will impact the customer's purchasing pattern.
In addition, growing demand from the defense sector is expected to display growth opportunities over the forecast period. Technological advances and the introduction of electric motorcycles and hybrid electric motorcycles have dramatically changed the off-road motorcycle market's reach, especially in the field of defense. There has been a substantial rise in defense budgets worldwide in significant economies, which is expected to have a knock-on impact on the off-road motorcycle industry. In addition to the defense application, the overall popularity and growing awareness of off-road motorcycle events and the devoted core customer base of off-road motorcycle enthusiasts are expected to substantially increase in the off-road motorcycle market over the forecast period.
Market Segmentation
The global off-road motorcycle market has been segmented into type and application.
By type, the global off-road motorcycle market has been segmented into dirt bikes, adventure bikes, kids motorbikes, and others.
By application, the global off-road motorcycle market has been segmented as recreational and defense. The recreation segment is projected to have the largest market share in the off-road motorcycles market. Off-road motorcycles for recreation purposes serve as a low-cost alternative for consumers wishing to use their off-road motorcycles for recreation on country roads and areas requiring minimum construction standards. Recreational off-road motorcycles are subject to a range of standards, including general construction, exhaust noise requirements, general safety requirements, and others. The recreation segment for off-road motorcycles has a substantial market share during the forecast period, primarily due to the increasing popularity among individuals for the same period.
Regional Analysis
Geographically, the global off-road motorcycle market has been divided into four major regions such as North America, Europe, Asia Pacific, and Rest of the World.
The Asia Pacific region is expected to rise with the highest CAGR in the forecast period. The recent change in preference from mileage to vehicle looks and features is also predicted to result in high demand for off-road motorcycles. The market is also expected to expand during the forecast period due to a rise in population, rapid industrialization, and aggressive expansion of the manufacturing sector.
With big manufacturers investing in the thriving automotive industry in the Asia Pacific region, the off-road motorcycle market is projected to see rapid growth during the forecast period. Increasing awareness among individuals about off-road motorcycle events is expected to fuel demand in the region. The market has been experiencing exponential growth due to increasing sales of motorcycles, the shift of global players to this region, and technological advancements are giving much-needed impetus to the off-road automotive market.
Key Players
Notable players in the global off-road motorcycle industry include ROKON (U.S.), Torrot (Spain), Sherco (Spain), Husqvarna Motorcycles GmbH (Sweden), Alta Motors (California), Kuberg (Czech Republic), Betamotor (Italy), TRS Motorcycles (U.S.), Chritini Technologies (U.S.), KTM (Austria), Kawasaki Motorcorp (U.S.), Honda (Japan), and Suzuki motors (Japan).
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