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Electric Off-Road Vehicles Market Analysis
- Report ID: GMI5050
- Published Date: Mar 2023
- Report Format: PDF
Electric Off-Road Vehicles Market Analysis
The industry size from the recreation application type is poised to witness 15% growth rate during 2023 to 2032. Increasing world government support towards boosting the global tourism sector is said to encourage more people from participating in recreational activities, stimulating segment expansion. In wake of the COVID-19 pandemic, a new trend is being observed across developed economies where the younger population is showing a renewed interest in the great outdoors.
The electric off-road vehicle market from the off-road motorcycle type will amass USD 90 million by 2032, backed by the growing popularity of e-bikes. With affordability on mind, consumers are increasingly making a shift towards owing an e-bike. In fact, many consumers find electric off-road motorcycles more cost-effective, low maintenance, lightweight and compact than their fossil fuel-powered counterparts. The relatively low recharge costs of electric off-road bikes also allow owners to partake in off-roading more frequently by significantly freeing up budgetary constraints that were previously held up by high fossil fuel prices.
North America off-highway electric vehicle market recorded a valuation of USD 50 million in 2022, fueled by the presence of leading industry players such as Polaris Inc., and Zero Motorcycles among others. Meanwhile, higher interest of the regional population when it comes to recreational activities is also consolidating the region’s standing as the key growth hub for e-off-road vehicles.
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Electric Off-Road Vehicle Market Scope
