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    Side-by-Side Vehicles (SSVs) Market Size, Share & Forecast (2019-2024)

    Side-by-Side Vehicles (SSVs) Market Size, Share & Forecast (2019-2024)
    Report code - SRCG105 Published On : Jul,2019 No. of Pages: 142
    Side-by-Side Vehicles (SSVs) Market Size, Share, Trend, Forecast, & Competitive Analys See more...
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    Side-by-Side Vehicles (SSVs) Market Insights

    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.

    Side by Side Vehicle Market Forecast

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    SSV has earned its ways in the power sports industry and has voyaged a disruptive journey of over 20 years. Previously, SSVs were preferably used as utility vehicles later started gaining traction in sports and recreational purposes. An SSV is more like a car and has a steering wheel and pedals. It is equipped with seat belts and rollover protection bars and allows the driver and passenger to sit side-by-side in the vehicle. Some SSV models also contain additional rows of seats to accommodate up to six passengers. Major SSV manufacturers are putting efforts for the development of advanced SSVs targeting enhanced functionality and differentiated riding experience. SSV vehicle is a type of off-road vehicle and offers many advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. In the last ten years, the off-road industry noticed a continuous shift from ATVs to SSVs.

    Side-by-Side Vehicles (SSVs) Market Share Analysis

    Side by Side Vehicle Market Share Analysis

    Insights by Vehicle Type

    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.

    Insights by Type of Inflators

    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.

    Regional Insights

    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.

    Key Players

    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.

    Research Methodology

    For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

    Market Scope & Segmentation

    Side-by-side vehicles are also known as UTV or Utility Task Vehicle is mainly a small recreational off-road vehicle. The capacity of these vehicles varies from 2 to 6 passengers. These versatile vehicles can be used in both, work as well as play purposes by the users.

    Side-by-Side vehicles are equipped with four wheels or more. Loaded with extra horsepower, the vehicle is a perfect option for different off-road conditions. Also, these vehicles are known for their control, power, and security features.

    Research Scope

    Trend & Forecast Period

    2013-2024

    Size in 2024

    US$ 9.2 billion

    Forecast

    5.6% CAGR during 2019-2024

    Regions Covered

    North America, Europe, Asia-Pacific, Rest of the World

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The market is segmented in the following ways:

    Side-by-Side Vehicles (SSVs) Market Size, Share & Forecast by Vehicle Type:

    • Utility Vehicle
    • Recreational/Utility Vehicle
    • Sports Vehicle

    Side-by-Side Vehicles (SSVs) Market Size, Share & Forecast by Application Type:

    • Agriculture
    • Entertainment
    • Hunting
    • Military
    • Sports
    • Others

    Side-by-Side Vehicles (SSVs) Market Size, Share & Forecast by Region:

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

    Report Features

    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.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.


    A bird's eye view of the Side-by-Side Vehicles (SSVs) Market

    What will be the size of the Side-by-Side Vehicle in the foreseeable years?

    Driven by a number of factors like recovery of the global economy, the side-by-side vehicle market size is projected to reach an estimated value of US$ 9.2 billion in 2024.

    Which country/region is expected to remain the largest Side-by-Side Vehicle Market?

    Based on the regions, North America is expected to remain the largest market for SSVs over the next five years.

    Which type of application is expected to remain dominant?

    Sports and entertainment are expected to remain most dominant applications during the forecast period.

    Who are the key players in the Side-by-Side Vehicle Market?

    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). are among the key players in the side-by-side vehicle market.

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