OffRoad Motorcycle Market is Set to Exhibit 7% CAGR by 2023
2023, the offroad motorcycle market size is projected to expand at a
compound annual growth rate (CAGR) of 7%. The research gives a precise overview
of the state of the worldwide market circumstances with the impact of COVID-19
and highlights the advantages, opportunities, challenges, and potential
business risks.
An
unlicensed motorbike used for off-road riding or leisure is referred to as an OffRoad
Motorcycle. These may be driven on other roads as well as trails and
all-terrain surfaces. Their greatest readiness is for the racetrack,
tournaments, and exploration.
Market
Dynamics
The
emergence of OffRoad Motorcycle training facilities around the world has played
a significant role in the expansion of off-road bikes. Numerous training
facilities have been established, such as the Black Swan Moto Off-Road Training
Program in California and the BMW Performance Center OffRoad Motorcycle
Training in South Carolina. People's purchasing power will rise with the
expansion of off-road motorbike training facilities. The provision of pertinent
skills and methods by training institutions is likely to increase consumer
interest in off-road bike purchases. Bicycle sales will increase as a result,
which will affect consumers' buying habits.
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Sample Report of Off-Road Motorcycle Market
Over the
course of the projection period, expanding demand from the military industry is
also anticipated to present potential prospects. The OffRoad Motorcycle
industry has seen significant change due to technological advancements and the
introduction of electric and hybrid bikes, particularly in the defense sector.
considerable economies throughout the world have seen a considerable increase
in military spending, and this is anticipated to have a ripple effect on the
off-road motorbike market. Apart from the military application, the OffRoad
Motorcycle market is anticipated to have significant growth over the projected
period due to the general popularity, increasing awareness of OffRoad
Motorcycle events, and the loyal core customer base of off-road motorbike
enthusiasts.
Key
Players
Notable
players in the global OffRoad 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).
Market
Segmentation
The global OffRoad
Motorcycle market has been segmented into type and application.
By type,
the global OffRoad Motorcycle market has been segmented into dirt bikes,
adventure bikes, kids motorbikes, and others.
By
application, the global OffRoad Motorcycle market has been segmented as
recreational and defense. The recreation segment is projected to have the
largest market share in the OffRoad Motorcycles market. OffRoad Motorcycles for
recreation purposes serve as a low-cost alternative for consumers wishing to
use their OffRoad Motorcycles for recreation on country roads and areas
requiring minimum construction standards. Recreational OffRoad Motorcycles are
subject to a range of standards, including general construction, exhaust noise
requirements, general safety requirements, and others. The recreation segment
for OffRoad 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 OffRoad 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 OffRoad 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 OffRoad Motorcycle market is projected to see rapid growth during
the forecast period. Increasing awareness among individuals about OffRoad
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.
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