New study sizes market, reveals trends and explores future potential of market in transition.
CORTLANDT MANOR, N.Y. – Sept. 13, 2017 – ANEWSWIRE — In a new market study on the small task-oriented vehicle (STOV) market in the US and Canada, Small Vehicle Resource (SVR), LLC predicts growth over the 2017-2021 period. The market research reveals four trends coming together that will result in market gains of mid to high single digits in the forecast period and an industry value in the range of $15.8 billion at retail including parts and accessories.
• Growing appreciation in a highly diverse market for the effectiveness of small task-oriented vehicles specifically designed to meet individual segment needs;
• Increasing competition that will drive new product development as manufacturers seek to strengthen current market strongholds and stake out additional market segments with new and/or expanded product lines;
• Continuing focus on accessories and attachments to enhance the versatility and value of STOVs, boost revenues and supplant other vehicle types such as pick-ups and tractors for work and full-size vehicles for transportation;
• Golf manufacturers emphasizing non-fleet markets over the continuing slow/negative growth golf car fleet market.
Steve Metzger, SVR Managing Director, states that “While the fleet market remains in a downsizing mode, it is a marginal decline. It will remain a significant component of the golf car-type vehicle market. On the other hand, SVR forecasts continued sizeable gains in the non-fleet market, including light utility and transporter vehicles and personal transportation vehicles.” Metzger also notes, “SVR anticipates that important new opportunities lie ahead, including self-driving technology applications, as well as the potential for a much broader market on a global basis.”
Marc Cesare, SVR Managing Director adds, “The off-road utility vehicle market continues to be a competitive vortex for golf car manufacturers seeking new markets, the Powersports industry, and traditional manufacturers of work related utility vehicles. While market growth will be slower than the recent high growth years, it remains solid,” Cesare notes, ” and competition will drive product innovation in both base vehicles as well as options and attachments that improve vehicle performance and versatility.”
The new study, the eighth in the series of studies produced by SVR since 2000, covers utility, off-road, and personal transportation vehicles, and fleet golf cars.
The study is entitled, 2017 Market Report on the Small, Task-Oriented Vehicle Industry: Transition and Growth –Trends from 2012; Forecasts to 2021.
Stephen Metzger, Managing Director
Small Vehicle Resource, LLC