2024 MHCV Production Expected To Decline by 1.6%

News: Global

2024-07-15

2024 MHCV Production Expected To Decline by 1.6%

GLOBAL REPORT
Chris Fisher
Chris Fisher

In 2024, medium and heavy commercial vehicle production in Europe, South Asia and North America is expected to decline modestly while production in China, South America, Japan and Korea is expected to improve over last year.   

Globally, medium and heavy commercial vehicle production is expected to decline by 1.6% this year over 2023.  Moving into 2024, much of the focus on demand is centered around slowing global economic conditions that will likely impact overall freight demand. 

North America. Medium and heavy commercial vehicle production is expected to decline by 4.3% this year over 2023 after strong class 8 truck production last year was driven by on-going pent-up demand.  While class 8 demand is expected to decline this year, it will still be at a relatively high level, especially during the first part of the year. 

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2024 Global Motorcycle Market Estimated at $144 Billion

Michael Aistrup

The global motorcycles market size is estimated to be valued at $144.1 billion in 2024 and is estimated to rise at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2033 and to be valued at $288.46 billion in 2033, according to research by Power Systems Research (PSR).

The unit sales of Motorcycles market are expected to reach 61.62 million by 2029 according to PSR. In the United States, the trend in the motorcycle market is shifting towards electric bikes, as consumers become more environmentally conscious.

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2024-06-18

2024 Global Golf Cart Revenue To Hit $1.84 Billion

Michael Aistrup

Power Systems Research estimates the Global Golf Cart Market to be $1.84 billion in 2024 and expects this market to reach $2.81 billion by 2032, growing at a CAGR of 5.65% during the forecast period.

Market Demand Drivers. Theincreased popularity of the game of golf by senior citizens, women, and juniors has increased the demand for golf carts. The increased use of these eco-friendly electric vehicles by government and industry also has pushed demand.

  • Sustainability and Environmental Concerns. Governments, golf courses, and consumers increasingly are emphasizing the need for eco-friendly alternatives. Electric golf carts, with their lower emissions and reduced environmental impact, meet these concerns.
  • The solar golf cart segment is projected to experience rapid growth, primarily due to its eco-friendly nature and lower operating costs.
  • Popular golf destinations and resorts experienced an influx of tourists, and millions of new participants have started golfing for the first time are leading to higher demand for golf carts.
  • Increased participation. More than 2 million newcomers have been added to the industry for eight consecutive years between 2012 and 2019, with the number exceeding 3 million per year between 2020 and 2022.
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2024 Global Snowmobile Production 

89,400 units is the estimate by Power Systems Research of the number of Snowmobiles expected to be produced in Canada, Finland, Italy, Japan and U.S. in 2024.

Snowmobiles, often called sleds, are motor vehicles that have a revolving tread in the rear and steerable runners in the front, for traveling over snow off-road, often at speeds exceeding 100 mph. They are used for recreation and industrial purposes.

This product information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink™ , which provides information on engines, and OE Link™, a database of equipment manufacturers. PSR

Carol Turner is Senior Analyst, Global Operations, at Power Systems Research

2024-05-25

2032 Global ATV-SxS Market To Hit $22.9 Billion

GLOBAL REPORT
Michael Aistrup

According to the latest research by Power Systems Research, the global ATV & SxS market size is valued at $13.54 billion in 2024 and is expected to expand at a CAGR of 6.87% during the forecast period, reaching $22.85 billion by 2032.

ATV stands for “All Terrain Vehicle.” An ATV is an off-road vehicle with handlebar steering and a motorcycle-style seat that can seat a driver and one passenger in tandem. ATVs are designed for a variety of uneven terrain and roads. A side-by-side vehicle (SxS) is an off-road vehicle known for its 4- to 6-wheel design, unique side-by-side bucket seat setup, and steering wheel and pedal drive system.

Source: Power Systems Research

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2024-04-17

Global Lawn and Garden Equipment Market

GLOBAL REPORT
Michael Aistrup

The global lawn and Garden Equipment Market, which includes commercial and residential equipment, is projected by Power Systems Research to reach sales of $46.16 billion by 2030. This is a projected increase of $15.96 billion dollars from 2023 to 2030, an increase of 52.8%.

The global impact of COVID-19 is stating to wane and the market is returning to a normal growth rate. Individual homeowners are still interested in lawn and garden care, just not as much as during COVID-19. More people are returning to recreational activities.

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