Off-Road Motorcycles: Key Players and Their Market Dominance
The off-road motorcycle market is garnering substantial traction across the globe. The market growth attributes to the rising action sports and motorcycling events. Besides, the availability of a broad range of motorcycles drives the growth of the market. Product standardization enhanced research & innovation, and increased lab & field tests are significant trends ensuring market growth.
Off-road motorcycles represent a promising frontier within the sports vehicle industry, poised for substantial growth. The market is on the brink of witnessing a surge in motorcycle production, which will expand the customer base, attracting those seeking quality and profitability. In a recent market research report, Market Research Future (MRFR) predicts that the global off-road motorcycle market is destined for exponential growth by 2030.
Global Off-Road Motorcycle Market – Segmentations
The off-road motorcycle market undergoes segmentation based on types, applications, and regions. Within the type segment, further sub-segments include dirt bikes, adventure bikes, trial bikes, enduro bikes, kids' motorbikes, and others. In terms of applications, the market is sub-divided into recreational and defense, with the recreational segment currently holding the largest market share.
For recreational purposes, off-road motorcycles offer a cost-effective solution for consumers who desire to navigate their motorcycles through rural areas and terrains that demand minimal construction standards. Geographically, the region segment includes Americas, Europe, Asia Pacific, and the rest of the world.
Major Players:
Leading the global off-road motorcycle market are key players such as Torrot (Spain), ROKON (US), Husqvarna Motorcycles GmbH (Sweden), Betamotor (Italy), Alta Motors (California), Sherco (Spain), Kuberg (Czech Republic), TRS Motorcycles (US), Honda (Japan), Kawasaki Motorcorp (US), Chritini Technologies (US), KTM (Austria), and Suzuki Motors (Japan).
Industry/ Innovations/ Related News
May 18, 2021 - Triumph Motorcycles India launched the off-road motorcycles Scrambler 1200 and Street Scrambler 900 in India. These special edition motorcycles feature the latest generation of ride-by-wire technology, offering six riding modes, including road, rain, sport, off-road, off-road pro (only on the XE variant), and a rider-configurable mode.
Off-Road Motorcycle Market – Regional Analysis
The Asia Pacific region exerts dominance over the global off-road motorcycle market. The region's growth is fueled by a recent shift in consumer preferences from mileage to vehicle aesthetics and features, resulting in a high demand for off-road motorcycles. With major manufacturers investing in the motorcycle industry and growing awareness among individuals about off-road motorcycle events, the market's demand surges in this region.
Furthermore, the strong presence of numerous notable industry players and increased motorcycle production capacities positively impact regional market growth. China, India, and ASEAN countries collectively contribute significant shares to the regional market, primarily driven by the demand for lightweight commercial vehicles with enhanced fuel efficiency. The APAC off-road motorcycle market is projected to witness rapid growth during the forecast period.
North America accounts for the second-largest market share in the global off-road motorcycle market. This growth is propelled by rising motorcycle sales and technological advancements. Additionally, the increasing demand for lightweight, fuel-efficient commercial vehicles provides significant impetus to the automotive and off-road motorcycle market. The availability of innovative technologies, substantial automotive production, and a burgeoning automotive industry collectively foster market growth in the region.
Europe occupies the third-largest share in the global off-road motorcycle market. Key factors driving market growth include the well-established automotive industry and continuous innovations within the region. Moreover, substantial investments in research and development by industry players drive product and technology advancements, contributing to the growth of off-road motorcycle market sales. The European off-road motorcycle market is expected to exhibit the highest Compound Annual Growth Rate (CAGR) over the forecast period.
Global Off-Road Motorcycle Market – Competitive Analysis
Highly competitive, the off-road motorcycle market appears fragmented due to the presence of several well-established players. Industry players incorporate strategic approaches, such as mergers & acquisitions, innovation, brand reinforcement, and expansion, to gain a larger competitive share. Manufacturers strive to offer an extended range of high-performance motorcycles. Due to the expected innovations and improvements in product, service, and product innovations, the market will soon witness an intensified competition.
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