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The off-road vehicle braking system market share is expected to increase to USD 121.23 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.36%.
This off-road vehicle braking system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers off-road vehicle braking system market segmentations by application (SxS, ATV, and off-road motorcycle) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The off-road vehicle braking system market report also offers information on several market vendors, including Aisin Corp., BorgWarner Inc., Brembo SpA, CentroMotion, Continental AG, Freeman Automotive UK Ltd., Hitachi Ltd., Industrias Galfer SA, Robert Bosch GmbH, Tenneco Inc., Westinghouse Air Brake Technologies Corp., Wilwood Engineering Inc., and ZF Friedrichshafen AG among others.
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The growing adoption of disc brakes in off-road vehicles is notably driving the off-road vehicle braking system market growth, although factors such as design complexities associated with sophisticated braking systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the off-road vehicle braking system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Off-road Vehicle Braking System Market Driver
The growing adoption of disc brakes in off-road vehicles is one of the key factors driving the off-road vehicle braking system market growth. Disc brakes are now adopted more in off-road vehicles due to the high amount of stopping power of these brakes and they cool down more easily when compared with drum brakes, as disc brakes are located outside the wheel. Furthermore, disc brakes make the wheels more durable, unlike drum brakes, which damage the wheels gradually during their operation. Moreover, they are way more convenient to clean and maintain than drum brakes. These factors of disc brakes will drive the off-road vehicle braking system market growth during the forecast period.
Key Off-road Vehicle Braking System Market Trend
The development of ABS-equipped ATVs is one of the key off-road vehicle braking system market trends supporting the market growth. An ABS is becoming a standard fitment in on-road vehicles as it prevents the wheels from locking during braking. Currently, the adoption of safety-critical functions such as ABS is increasing in off-road vehicles due to the growing demand for high-performance ATVs among customers in developed regions such as North America and Europe. Furthermore, ABS has additional features such as the ability to detect loss of traction during acceleration and in four-wheel mode on the front tires. Thus, the adoption of ABS to grow in ATVs during the forecast period as ABS allows these vehicles to have effective braking and increase their maximum speed, which is preferred by many users of high-performance ATVs.
Key Off-road Vehicle Braking System Market Challenge
Design complexities associated with sophisticated braking systems is one of the factors hindering the off-road vehicle braking system market growth. There are certain installation restrictions involved in off-road vehicles in terms of the space and the ideal location. For instance, the ideal location is an important factor for the installation of ABS due to the presence of a computer chip in the control unit, which can be damaged as a result of the excessive vibrations and noise that an off-road vehicle produces. Also, an off-road ABS consists of many advanced components, all of which make ABS extremely sophisticated and complex for end-users. Moreover, the sophisticated nature of an ABS demands the presence of skilled professionals to repair these systems in the event of any defect leading to the increased cost of repairs. Such challenges may hinder the off-road vehicle braking system market growth during the forecast period.
This off-road vehicle braking system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the off-road vehicle braking system market encompasses successful business strategies deployed by the key vendors. The off-road vehicle braking system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The off-road vehicle braking system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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40% of the market's growth will originate from North America during the forecast period. The US is the key market for the off-road vehicle braking system market in North America. Market growth in this region will be faster than the growth of the market in Europe.
Strong sales of off-road vehicles such as ATVs, SxS, and off-road motorcycles in the US and Canada will facilitate the off-road vehicle braking system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic affected the regional market. However, with the initiation of vaccination drives and the reopening of manufacturing sites in the region in 2021, the demand for off-road vehicles has increased, thereby contributing to the growth of the market. Therefore, the regional off-road vehicle braking system market will witness growth during the forecast period.
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The off-road vehicle braking system market share growth by the SxS segment will be significant during the forecast period. SxS vehicles have a short travel suspension, a high-power rated motor, multiple passenger seats, and space for cargo. The lightweight, high suspension, and short-wheelbase enable better handling and stability as compared to on-road vehicles in extreme terrain conditions. As a result, SxS vehicles are the preferred choice for people seeking adventure, including recreational activities in groups. Such factors of SxS will drive the off-road vehicle braking system market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the off-road vehicle braking system market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global off-road vehicle braking system market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the off-road vehicle braking system market during the forecast period.
Our report provides extensive information on the value chain analysis for the off-road vehicle braking system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Off-road Vehicle Braking System Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2022-2026 |
$ 121.23 million |
Market structure |
Fragmented |
YoY growth (%) |
2.92 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 40% |
Key consumer countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aisin Corp., BorgWarner Inc., Brembo SpA, CentroMotion, Continental AG, Freeman Automotive UK Ltd., Hitachi Ltd., Industrias Galfer SA, Robert Bosch GmbH, Tenneco Inc., Westinghouse Air Brake Technologies Corp., Wilwood Engineering Inc., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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