Side By Side Vehicles Market Report
The Side-By-Side Vehicles Market is Segmented 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)
The Side-By-Side Vehicles Market is Segmented by Vehicle Type (Utility, Recreational/Utility, and Sports), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), and by Region
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
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.
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.