Side By Side Vehicles Market Report
Side-by-Side Vehicles (SSVs) Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Side-by-Side Vehicles (SSVs) Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Side-by-Side Vehicles (SSVs) Market by Vehicle Type (Utility, Recreational/Utility, and Sports), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Side-by-Side Vehicles (SSVs) Market by Vehicle Type (Utility, Recreational/Utility, and Sports), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and by Region (N...
SSV has earned its way in the Powersports 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 into 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 a 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.
Unlike other vehicles, such as cars and commercial vehicles that recorded a tremendous decline amid the pandemic, SSVs emerged as a rising star and recorded magnetic growth amid the pandemic, mainly driven by an extraordinary boost in the North American market. Overall, the SSV market registered over 25% growth in the year 2020 in terms of the number of vehicles sold.
Based on the primary interview results conducted across the value chain, it is estimated that the market may maintain its dazzling growth momentum in the near future. Also, the long-term growth would be healthy keeping the transition from ATVs to SSVs in mind. Overall, the SSV market is likely to grow at an impressive CAGR of 8.6% over the next five years to reach a value of US$ 18.1 billion in 2027.
Based on the vehicle type, the market is segmented 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 for SSVs for sports purposes.
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 2020. 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. Therefore, all of the major players are focusing on the development of SSVs, keeping these applications in consideration.
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.
The following are the key players in the side-by-side vehicles market:
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.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s side-by-side vehicles market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a 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. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The side-by-side vehicle's market is segmented into the following categories:
Side-by-Side Vehicles Market, by Vehicle Type
Side-by-Side Vehicles Market, by Application Type
Side-by-Side Vehicles Market, by Region
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Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at email@example.com.
The side-by-side vehicles market is estimated to grow at a CAGR of 8.6% in the coming five years to reach US$ 18.1 Billion in 2027
Polaris Inc., Honda Motor Co., Ltd., BRP, Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, and Arctic Cat Inc. are some of the key players in the market.
Sports and entertainment are expected to remain most dominant applications during the forecast period.
North America is estimated to remain the dominant region in the SSVs market in the coming years.
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