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Market research analysts at Technavio have predicted that the global off-road high-performance vehicle market will grow steadily during the forecast period and will post a CAGR of more than 6% by 2020. The recent years have witnessed an increasing demand for the aftermarket conversion of off-road cars, heavy-duty trucks, and other vehicles across the world, especially in the American and European countries. These regions have the presence of several aftermarket shops that provide customized kits for on-and-off road racing vehicles to handle the toughest of terrains. ‘Street-to-sand’ is one such vendor that provides off-road conversion of vehicles mainly for performance SUVs and pick-up trucks. The rising popularity of off-road racing and rallies will increase the number of aftermarket conversion shops that offer custom kits for various needs in several other parts of the globe as well and will be one of the primary factors for the growth of this market.
The increasing focus on developing a sustainable automotive design will lead to the emergence of electric off-road vehicles. Though electric vehicles have been around for quite some time now, off-road vehicle manufacturers showed little to no interest in making electric off-road vehicles. Strategic Recovery Institute (SRI), a California-based group, has recently developed an electric off-road racer ‘EV1,’ that is capable of delivering 750 lb. ft. of torque at zero rpm with a top speed of 125 mph. The increasing number of stringent emission regulations, environmental concerns, and the decreasing levels of fossil fuel will lead to the shift towards the electrification of off-road vehicles, which will be one of the major trends that will gain traction in this market in the coming years.
Marked by the presence of various players offering several aftermarket conversion kits, this market appears to be fragmented. Owing to the high popularity of off-road conversions, the US has the largest number of aftermarket players. One of the notable vendors, Off-road Warehouse, based in California, has a large inventory of off-road products and offers various 4x4 performance products for pick-up trucks, jeeps, and other off-road vehicles such as shockers, off-road lights, body building components, and off-road suspension kits. Another major vendor, Clayton Off-Road Manufacturing, designs and fabricates suspension systems especially for jeeps and offers products such as jeep lift kits, jeep springs, jeep axle brackets, jeep builder components, and jeep control arm kits. The 4*4 Performance shop established in Croatia and Europe are similar vendors who provide winches and other products for races, government vehicles, and off-road trucks.
The leading vendors in the market are:
The other prominent vendors in the market are 4 Wheel Parts, Extreme Offroad & Performance, Stylin Trucks, and Summit Racing Equipment.
Owing to the popularity of the entry-level and mid-sized SUVs that are increasing the demand for SUVs in the American and European market, the OEM segment is expected to dominate this market during the forecast period. Analysts estimate that due to factors such as the popularity of off-road rallies across North America and Europe and the presence of several manufacturers who offer SUVs and pick-up trucks in the region, this market segment will grow at a CAGR of more than 7% by 2020.
This market study estimates that in terms of geography, the Americas will account for about 51% shares of the off-road high-performance vehicle market by 2020 and will also dominate this industry throughout the forecast period. The region’s high growth will be mainly attributed to the high popularity of off-road racing events and aftermarket off-road conversions of vehicles, especially SUVs and trucks.
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An off-road vehicle is a type of vehicle that can be driven on and off paved or gravel surface. It characterized by the presence of large tires with deep, open treads, and a flexible suspension. Such vehicles have a higher ground clearance ratio, which allows these high-traction vehicles to ply on trails and forest roads that have rough and low-traction surfaces. They are typically two-wheelers (motorcycles) or four-wheelers (SUVs). High-performance off-road vehicles are a sub-segment of the overall off-road vehicle market that is used in racing or riding events. Few of the most popular formats for such vehicles include Rally, Desert Racing, and Rockcrawling for four-wheelers and among motorcycles events such as Motocross, Enduro, and Baja 1000 are famous.
The report, global off-road high-performance vehicle market, is part of Technavio’s automotive research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as auto accessories, automotive components, automotive electronics, automotive manufacturing, automotive services, powertrain, and wheels and tires. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
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