Side-by-Side Vehicles (SSVs) Market to Grow Beyond US$ 9.2 billion by 2024
February 18, 2020
Side by Side Vehicle Market Overview:
The next five years for the global side-by-side vehicles (SSVs) market seem vigorous with sizeable growth opportunities for both existing as well as new players. The SSVs market size is projected to grow at a healthy rate over the next five years to reach an estimated value of US$ 9.2 billion in 2024. Recovery of the global economy, increasing disposable income, and an incessant shift from ATVs to SSVs are the major factor that is burgeoning the demand for side-by-side vehicles market. Increasing preference of SSVs in sports, agriculture, and entertainment purposes are likely to drive the demand for SSVs during the forecast period.
Report Overview:
This report, from Stratview Research, studies the global side-by-side vehicles market over the trend period 2013 to 2018 and the forecast period of 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Side by Side Vehicle Market Segment Insights:
Side by Side Vehicle Market: The growth engine
The SSVs market is bifurcated into the vehicle type as Utility, Recreational/Utility, and Sports. Utility SSV is projected to remain the largest segment of the market over the next five years, whereas the sports segment is likely to witness the highest growth during the same period, driven by an increasing preference of SSVs for sports purpose.
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https://www.stratviewresearch.com/toc/119/side%20-by-side-vehicles-market.html
Dominance of: Sports & Entertainment
The SSVs market is segmented into the application type as Sports, Entertainment, Hunting, Agriculture, and Others. Sports and entertainment are the major applications collectively occupied more than 50% of the SSVs market in 2018. Both applications are expected to remain the largest application segments over the next five years. All the major players are launching their SSV models targeting these applications.
A highly/moderately/fragment consolidated Market
The supply chain of this market comprises raw materials suppliers, component manufacturers, SSV manufacturers, and distributors. SSV is a highly consolidated market with the presence of global as well as regional players. The key SSV manufacturers are Polaris Industries, BRP Inc., Deere & Company (John Deere), Kubota Corporation, Honda Motors Co., Ltd., Kawasaki Motors Corp., Yamaha Motors Co., Ltd., and Textron Inc. (Arctic Cat Inc). The development of new SSVs, vast product portfolio, in-house key component manufacturing, and wide geographical presence in the key markets are the key strategies adopted by the key players to gain a competitive edge in the market.
Regional Hegemony of North America
Based on the regions, North America is expected to remain the largest market for SSVs over the next five years, driven by the USA and Canada. The USA is the largest global SSVs market due to its large stretches of natural terrain, unpaved roads, and large ranches and farms across the country. Europe, another major region, is likely to grow at a healthy rate over the next five years, propelled by Germany and France. Asia-Pacific is a relatively very small market but is likely to witness the highest growth during the forecast period, driven by increased demand for power sports in many countries including China, Australia, and India.
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