Selbyville, Delaware, May 06, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the electric off-road vehicles market which estimates the market valuation for electric off-road vehicles will cross US$ 250 million by 2027. The market is forecast to grow at a high CAGR, driven by strategic new product launches by industry players. Companies, such as Polaris, Inc., BRP Group, and Yamaha, are investing heavily in R&D to electrify their off-road vehicle portfolio.
The electric off-road vehicles industry witnessed a steady growth during the last two quarters of 2020. Product sales witnessed an increase in North American and European economies with high consumer spending capability. Shifting consumer preference toward spending leisure time with their friends and family in outdoor locations supported the market size growth during the COVID-19 pandemic. The positive outlook of the powersports industry also assisted the market for electric off-road vehicles.
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The electric ATV segment is driven by the availability of several innovative models along with attractive color combinations and features. The rising emphasis of electric ATV manufacturers on expansion of their distribution channel will also contribute to the growing market share of electric ATVs. The growing adoption of electric ATVs for utility applications including forestry and goods transport is augmenting the industry growth.
The Asia Pacific electric off-road vehicles market led by China, Japan, and India will witness a significant growth with rising spending capacity. The increasing disposable income is leading to more discretionary spending, accelerating vehicle sales. Industry players, such as Polaris and KTM AG, are expanding their distribution channels to capture the industry share. Start-up companies are also launching new electric models of ATVs and UTVs, supporting the industry share in Asia Pacific.
The prominent players in the electric off-road vehicles market include LINHAI, Alke S.r.l, Daymak, Inc., DRR USA, Ecocharger Quad Bikes, HISUN Motors, KTM AG, Massimo Motors, Electric Motion, Polaris, Inc., TACITA S.r.l, and Zero Motorcycles. These players are focusing on partnership strategies to develop new electric models of off-road vehicles. For instance, in September 2020, Polaris, Inc. and Zero Motorcycles signed a 10-year long partnership to develop electric models of off-road vehicles.
Some major findings in the electric off-road vehicles market report include:
- High emphasis of industry players toward the development of advanced powertrains and battery management technologies will drive the market over the forecast timeframe.
- The ATV segment will witness a steady growth rate due to the growing demand for these off-road vehicles in recreational and sports activities.
- The emergence of new market players with innovative models of electric ATVs, UTVs, and off-road motorcycles is anticipated to enhance the market revenues.
- Some of the key strategies adopted by prominent market players include partnerships, strategic alliances, and new product launches.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on electric off-road vehicles industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Growing participation in off-road recreational activities in North America
3.6.1.2 Emergence of new players in the electric-off road vehicles industry in Europe
3.6.1.3 Rising awareness related to adoption of electric vehicles in Asia Pacific
3.6.1.4 Positive outlook of the tourism industry in Latin America and MEA
3.6.1.5 Growing investments by OEMs in new product development
3.6.2 Industry pitfalls & challenges
3.6.2.1 Safety concerns related to off-road vehicles
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.