New York, July 19, 2021 (GLOBE NEWSWIRE) -- Off-Road Motorcycle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Off-Road Motorcycle Market Research Report, Type, Application and Region - Forecast till 2027” the market as seen remarkable growth and it has been observed that its demand in future is expected to grow with the CAGR of 9.58%.
Off-road motorcycles are recreational vehicles gaining huge prominence among riders and bike enthusiasts. The machines have higher torque and ground clearance in comparison with on-road motorcycles. The global off-road motorcycle market report by Market Research Future (MRFR) provides a new perspective on the industry amid rise of personal mobility and increasing interest towards adventure sports among the populace. The COVID-19 pandemic and its effects are included in the report.
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Competitive Analysis
Top motorcycle vendors of the global off-road motorcycle market -
- Torrot
- Honda
- ROKON
- Kuberg
- Suzuki Motors
- Husqvarna Motorcycles GmbH
- Sherco
- Chritini Technologies
- TRS Motorcycles
- Betamotor
- Alta Motors
- Kawasaki Motorcorp
- KTM
Launch of new models is the primary strategy adopted by players to strengthen their customer base and market share. Partnerships and collaborations are also on the cards for many motorcycle companies to stave off the competition.
Industry Update
The Grunt, an electric off-road motorcycle, by Volton Inc. has been designed for exploring the outdoors.
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Rental of Adventure Sports Bikes to Push Market Growth
Adventure sports bikes are gaining speed in the global market owing to recreational and motorsports activities. But enduro and trail bikes are not legal to drive on streets coupled with high costs of the bike can deter enthusiasts. Riders Share, a peer-to-peer rental platform, has proved to be beneficial to riders. With 500,000 miles of trials in the United States, unlimited opportunities for bike riders can attract market growth. The COVID-19 pandemic has proven to be a golden opportunity for rental platforms.
Racing Events to Drive Market Demand
Racing and sports events centered around off-road vehicles can drive global market demand significantly. The Fédération Internationale de Motocyclisme (FIM) recently announced a racing event supporting electric motorcycles. The E-Xplorer series with hosting expected in 2022 can bolster motorcycle sales.
Third-party Insurance to be a Challenge to Market
A legislation announced in the European Union warranting the need for third-party insurance for off-road motorcycle riders can pose a challenge to the market. This could affect participants in the motocross tournament and future sport events. The refusal to underwrite insurance for such accidents by the insurance industry can pose a problem to the market.
Adherence to Green Stickers in U.S. to Restrict Off-road Motorcycle Manufacturers
Off-road motorcycle manufacturers adhering to emission standards mandated by the California Air Resources Board (CARB) obtain a green sticker. This lets riders to operate on public lands and approved dirt bike paths. Manufacturers unable to meet the standards achieved a red sticker and provided them time to improve their technology to qualify for a green sticker.
COVID-19 Impact
The COVID-19 had a zero-sum impact on the market as off-road and adventure motorcycles were being sold from showrooms. Features and benefits of these motorcycles coupled with heightened interest in adventure races has facilitated market growth. Easing of lockdown measures can help the momentum in sales and alleviate market distress.
Electrification of motorcycles are likely to benefit the market growth as prominent manufacturers such as Harley-Davidson are launching off-road motorcycles with long-travel suspension. New design concepts for adventure vehicles coupled with integration of novel technologies can drive market growth. Recently, Polaris Inc., made a pledge of electrifying its off-road vehicle series by 2025.
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Segmentation Analysis
Trial Bikes to Dominate Market Sales
Trial bikes are expected to dominate the global off-road motorcycle market as competitions focusing on balance and precision rather than speed are being organized.
Recreational to Take Large Market Share
The recreational segment is expected to account for the largest market share in the off-road motorcycles market. Off-road motorcycles for recreational purposes are viable for registration in most countries and accepted to be ridden in permitted areas. Popularity of road-riding trips and trail rides can propel the market demand from the segment. Rise in tourism and luxury activities coupled with heightened demand for hiking and motorsports in Europe can favor the segment growth.
Regional Analysis
APAC to Take Lead in Off-road Motorcycle Market
APAC is expected to take the lead in the global market owing to a sizeable population interested in adventure tours and a penchant for bikes. Shifting preference from speed to features can work in favor of the market. Investments by motorcycle manufacturers and establishment of completely knocked down (CKD) facilities can attract customers. Showrooms advertising the latest bikes coupled with races aimed to create interest can work in favor of the off-road motorcycle market.
North America to Follow in Global Race
North America is estimated to register an impressive growth rate during the forecast period owing to large number of motocross events and interest towards recreational activities among customers. Improvements in capacities of engines, powertrains, brakes, and combustion technologies can attract customers towards showrooms.
Segmentation of Market covered in the research:
Information Report by Type (Dirt Bikes, Adventure Bikes, Trial Bikes, Enduro Bikes, Kids Motorbikes and Others), By Application (Recreational And Defense) And By Region - Forecast To 2027
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