Off-road Motorcycle Market Size Is Poised To Reach USD 21.83 Billion By 2028
Posted by Neha Bora on October 18th, 2022
San Francisco, 18 Oct 2022: The Report Off-road Motorcycle Market Size, Share & Trends Analysis Report By Type (Motocross, Enduro, Trail, Track-racing Motorcycles), By Region (Asia Pacific, North America), And Segment Forecasts, 2022 - 2028
The global off-road motorcycle market size is estimated to reach USD 21.83 billion by 2028 and is anticipated to expand at a CAGR of 6.2% from 2022 to 2028, according to a new report by Grand View Research, Inc.Racing and sports events focused on off-road motorcycles are the key factors driving the growth of the market. In addition, the increasing popularity of off-road motorcycle racing among youth is also boosting the market growth. Off-road motorcycles are very expensive in terms of maintenance and cost and these factors hamper the growth of the global market. Most of the major players operating are launching new models to enhance their global presence and to gain maximum share in the market.
The COVID-19 pandemic has positively impacted the market. According to the Motorcycles Data in December 2020, the off-road motorcycles segment promoted the U.S. motorcycles industry in the year 2020, which reported a massive growth. Moreover, it is anticipated that the global market will grow at a considerable pace over the forecast period due to the growing number of sponsorships to riders and racing events from big brands. According to key manufacturers, such as Honda Motor Co., Ltd., and Harley-Davidson Incorporation, as major cities emerge from the quarantine phase in various regions, off-road motorcycles are increasingly seen in various racing events. The enduro motorcycles segment accounted for the largest market revenue share in 2021.
Enduro motorcycles are specially built for long-distance racing and are designed to hold up under extreme situations. According to the Federal Chamber of Automotive Industries (FCAI), the revenue generated by the enduro motorcycles segment was high in 2020. Every year, various AMA-sanctioned enduros are held globally. Thus, the enduro motorcycles demand is high and contributed more to the market revenue. Asia Pacific accounted for the largest market share in 2021. According to MarkLines Co., Ltd., India, and China were the major countries that generated large revenue for the market in 2020. High accessibility of raw materials, innovative manufacturing facilities, and increasing demand for motorcycles are driving the regional market growth. Moreover, the growing consumer inclination towards off-road recreational activities in Asia Pacific drives the market growth.
Access Research Report of Off-road Motorcycle Market @ https://www.grandviewresearch.com/industry-analysis/off-road-motorcycle-market-report
Off-road Motorcycle Market Report Highlights
List of Key Players of Off-road Motorcycle Market
Access Press Release of Off-road Motorcycle Market @ https://www.grandviewresearch.com/press-release/global-off-road-motorcycle-market
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About the AuthorNeha Bora
Joined: September 16th, 2019
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