Global Off-road Vehicle Braking System Market 2019-2023| Development of Advanced Stability Control Systems to Boost Growth | Technavio
LONDON–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/Research?src=hash" target="_blank"gt;#Researchlt;/agt;–The global off-road vehicle braking system market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
Disc brakes have a high amount of stopping power, and they cool down more easily when compared with drum brakes, as they are located outside the wheel. Further, disc brakes make the wheels more durable unlike drum brakes, which damage the wheels gradually during their operation. Also, disc brakes are more convenient to clean and maintain than drum brakes. Such advantages of disk brakes are propelling their demand and adoption in off-road vehicles. As a result, significant OEMs in the off-road vehicle segment are adopting disc brakes as a standard fitment in their models. This will have a positive impact on revenue growth in the global off-road vehicle braking system market.
As per Technavio, the development of advanced stability control systems for off-road motorcycles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global off-road vehicle braking system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global off-road vehicle braking system market: Development of advanced stability control systems for off-road motorcycles
The use of safety and stability control systems is increasing in off-road motorcycles owing to the need for stability in these vehicles. Hence, modern off-road motorcycles are being equipped with advanced stability control technologies to provide added stability. The use of stability control systems in off-road motorcycles help riders in preventing crashes that may occur from misjudgment on sharp bends. Motorcycle OEMs are working on improving the stability of adventure and dirt motorcycles by syncing the different safety systems. Traction control systems are finding increasing penetration in motorcycles and are serving as the base for the development of advanced stability control systems. Such developments will boost the growth of the off-road vehicle braking system market during the forecast period.
“Recreational and adventure sports activities are gaining immense popularity across the world. A growing number of sports enthusiasts are showing immense interest in mountain racing and dirt racing activities. Associations such as the American Council of Snowmobile Associations and the Canada Council of Snowmobile Organizations conduct sports events every year, which help in enhancing the sales of off-road vehicles. Moreover, the growth in tourism will also promote off-road recreational activities globally and will spur the sales of off-road vehicles,” says a senior research analyst at Technavio.
Global off-road vehicle braking system market: Segmentation analysis
This market research report segments the global off-road vehicle braking system market by application (SxS, ATV, and off-road motorcycle) and geographic regions (North America, Europe, APAC, MEA, and South America).
The SxS segment held the largest off-road vehicle braking system market share in 2018. The growth of this segment is driven by the growing use of SxS vehicles for both utility and recreational purposes.
The North America region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. The market growth in North America can be attributed to the strong sales of off-road vehicles such as ATV, SxS, and off-road motorcycle in the region.
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This article published with permission from Business Wire
