According to a new Fact.MR study, increasing spending on outdoor recreation, particularly among millennials, continues to be a driving force for the recreational off-highway vehicle market. As a growing demographic of outdoor enthusiasts drives demand for recreational off-highway vehicle market, the market is expected to grow at a CAGR of nearly 16 percent through 2028. Regulatory pressures addressing the damage to the environment and rural communities could counteract the market’s bullishness.
Product recalls and noticeable flaws in renowned brands have also had a negative impact on the off-highway recreational vehicle sector, according to the report. Polaris Industries’ US$ 27.25 million civil penalty for failing to notify the US Consumer Product Safety Commission (CPSC), as well as American Honda’s decision to recall approximately 65,000 recreational off-highway vehicles.
Need for Speed Fuels Petrol Variants, Electric Gaining Ground Steadily
Because of the current low crude oil costs, sales of gasoline recreational off-highway vehicles have remained strong. According to the data, sales of gasoline recreational off-highway vehicles reached about 166 thousand units in 2017, outnumbering both diesel and electric models.
Off-highway recreational vehicles with four seats continue to be favoured by end-users. As a result, throughout the assessment period, the market is anticipated to see the introduction of high-power 4-seater petrol models.
Off-highway recreational vehicles come in a variety of engine displacement ranges, ranging from 400cc to over 900cc, according to the study. Global off-highway recreational vehicle sales have remained centred in the 750cc sector, with sluggishness in the over 900cc variations.
ROVs Market: Hybridization Persists as a Major Trend
The current trend in the ROVs Market is to broaden the application area while lowering costs in order to facilitate and accelerate technology adoption.
With the increased inclusion of electronics and sensors, advancement in the development of electrical hybrid vehicles and systems continues to pick up speed in the off-highway machinery business.
Given the consensus that there are a handful of effective alternative energy solutions for powering these vehicles, the recreational off-highway vehicle sector continues to investigate various electrification degrees, including full electrification or moderate hybridization.
The industry is displaying a paradigm change toward all-electric ROVs, driven by a slew of causes including reduced fossil fuel dependency, energy recapturing, and electric power’s potential to make vehicles more productive by utilising efficient hybrid systems.
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