According to a new report published by Allied Market Research, titled, “Off-road Motorcycle Market,” The off-road motorcycle market was valued at $8.5 billion in 2021, and is estimated to reach $16.02 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
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The concept of the off-road motorcycle is typically attributed to a non-road licensed motorcycle used for recreational and different off-road motorcycling events. Meanwhile, this motorcycle is lightweight, powerful, fast, and nimble and is equipped with rugged tires and suspension for riding cross country or over unpaved ground. Also, it offers enhanced durability and performance in rocky and mountainous terrains, grassy regions, and steep slopes. In addition, it has an attractive shape that attracts youth and helps to change their preference.
Furthermore, off-road motorcycle manufacturers are also focusing on new inventions related to frame metals, riding styles, and shapes to make them more advanced. Thus, the continuous focus & improvement in off-road motorcycles owing to their demand propels the off-road motorcycle market.
Covid-19 Scenario:
- The COVID-19 outbreak impacted the motorcycle industry significantly due to stay-at-home orders and limited business operations in countries worldwide. Industry leaders in the motorcycle sector made considerable efforts in restructuring their supply chain and production line for the delivery of critical medical supplies.
- In 2020, the pandemic compelled motorcycle manufacturers to skip major motor shows & racing events in 2020 and turn towards alternative platforms like digital premieres.
- However, many off-road motorcycle manufacturers decided to make several key decisions in the wake of COVID-19 and withdrew from global trade shows in 2020.
- However, the global market is recovering with the pandemic situation improving and is expected to remain in the growth stage during the forecast period.
In addition, the global off-road motorcycle market has witnessed significant growth in recent years, owing to the increase in investments in automation, launches of new & technologically advanced products, increase in the consumer demand for high-speed, attractive design & digital dashboards, and government initiatives for vehicle production for mountain areas. Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence.
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For instance, in June 2021, Torrot Electric Europa S.A. announced the launch of a new generation of motorcycles in the Motocross, Trial, Enduro, and Supermotard models. The motorcycles featured a simple and intuitive battery exchange system, without connectors or cables, which allowed the motorcycle to be ready to run again in less than 15 seconds.
KEY FINDINGS OF THE STUDY
- By type, the track-racing motorcycle segment is projected to dominate the global off-road motorcycle market in terms of growth rate.
- By application, the industrial segment is projected to dominate the global off-road motorcycle market in terms of growth rate.
- By price range, the high segment is projected to dominate the global off-road motorcycle market in terms of growth rate.
- By engine capacity, the less than 500 cc segment is projected to dominate the global off-road motorcycle market in terms of growth rate.
The leading players operating in the off-road motorcycle market are Benelli, Betamotor S.p.A., BMW AG, Bultaco, Christini AWD Motorcycles, Cobra, Honda Motor Co., Ltd., Husqvarna Motorcycles, Kawasaki Heavy Industries Ltd., KTM AG, Kuberg, Piaggio & C. SpA (Aprilla), Polini Motori , ROKON International Inc., Scorpa, Sherco, SSR Motorsports, Suzuki Motor Corporation, Torrot Electric Europa S.A., Triumph Motorcycles, TRS Motorcycles, Ural Motorcycles, Yamaha Motor Co., Ltd., and Zero Motorcycles, Inc.
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