According to a new report published by UnivDatos Markets Insights, the Off-Road Motorcycle Market was valued at more than USD 8.97 billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Dirt Bikes, Adventure Bikes, Trial Bikes, Enduro Bikes, Kids Motorbikes and Others); Application (Recreational and Defence); Engine Capacity (500CC to 1000CC and Above 1000CC); Region/Country.
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The Off-Road Motorcycle Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Off-Road Motorcycle Market. The Off-road motorcycle market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the off-road motorcycle market at the global and regional levels.
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Market Overview
The Off-road Motorcycle Market is expected to grow at a steady rate of around 5% during the forecast period. Off-road motorcycles are those without a road license that are used for off-road riding or leisurely purposes. They may be driven on several types of all-terrain roads, including trail routes. In recent years, the demand for off-road motorcycles has risen dramatically due to the rising awareness and interest of adventure enthusiasts in Powersports as well as the growing number of recreational events. For instance, the U.S holds multiple racing events across the year where participants compete for titles and rewards. World Off-Road Championship Series (WORCS) is one of the biggest racing events organized in the country.
Some of the major players operating in the market include ROKON, Torrot, Husqvarna Motorcycles, Alta Motors, Betamotor, Hero, Bajaj Auto, Royal Enfield, Sherco, and TRS Motorcycles.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the automotive industry and has transformed the way industry is delivered. The off-road motorcycle market has been significantly affected during these times owing to the restriction on import and export and limitations in travelling.
The global Off-Road Motorcycle Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into dirt bikes, adventure bikes, trial bikes, enduro bikes, kids motorbikes and others. The enduro bike category is to witness a higher CAGR during the forecast period. This is mainly due to the high-performance output of the enduro bike which is mainly designed for off-road endurance racing events. The growing number of off-road sports activities is also considered the reason for the lucrative growth of the market.
· Based on application, the off-road Motorcycle market has been classified into recreational and defence. The recreational category is to witness higher adoption of the off-road motorcycle during the forecast period. The growing popularity among individuals for sports activities related to off-roading racing events. Moreover, Consumers who want to ride their motorcycles for off-road leisure on rural roads and other places requiring minimal construction standards have a cheap choice in the form of off-road motorcycles.
· Based on engine capacity, the off-road Motorcycle market has been classified into 500 to 1000cc and above 1000cc. The 500cc to 1000cc category is to witness higher adoption of the off-road motorcycle during the forecast period. Due to their lightweight design and ease of manoeuvrability on unpaved roads, adventure bikers and motorcyclists tend to favour motorcycles with 500CC to 1,000CC engine capacities. These motorcycles can also conveniently transport two persons, camping gear, food, and spare components for off-road and lengthy journeys. According to customer demand, manufacturers now offer two-cylinder and four-cylinder models.
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Off-Road Motorcycle Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
· For a better understanding of the market adoption of the Off-road Motorcycle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of off-road recreational activities backed by growing disposable income and surging per capita spending of individuals in the region's emerging economies is driving the market's growth. Moreover, the wide expanse of applications along with growth in the military & defence is further expected to support the market growth. In addition, the constant development of remote & hilly areas along with growth in recreational activities further accelerates the market growth in the region. Also, major players in the market continue to invest in organizing various championships for Powersports enthusiasts. For instance, Kawasaki Heavy Industries, Ltd. launched the KX250 and KX450 dirt bikes in India in September 2021.
The major players targeting the market include
· Rokon International Inc.
· TORROT ELECTRIC EUROPA S.A
· Husqvarna Motorcycles
· Alta Motors
· BETAMOTOR Spa
· Hero MotoCorp Ltd
· Bajaj Auto Ltd.
· Royal Enfield
· Sherco
· TRS Motorcycles
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Off-Road Motorcycle Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the off-road motorcycle market?
• Which factors are influencing the Off-Road Motorcycle Market over the forecast period?
• What are the global challenges, threats, and risks in the off-road motorcycle market?
• Which factors are propelling and restraining the off-road motorcycle market?
• What are the demanding global regions of the off-road motorcycle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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