It’s being expected that by 2028,, the Power Sports market cap will hit USD 52.43 Billion at a CAGR growth of about 5.97%.
Recreational activities and power sports have increasingly been preferred by the majority of the population. Infrastructural development of outdoor recreational facilities including wilderness areas, theme parks, and trails is paving the way for power sports and with further advancements power sports is now leveraging the benefits of technological advancement. The growing fascination for sports vehicles and adventure sports among people is the key motivation for power sports. Besides, technology has played a crucial role in developing new age vehicles.
This can be ascribed to the growing preference of youths towards recreational activities, increasing spending on construction of outdoor facilities, government support and growing investment by private and public institutes for the development of recreational infrastructure. Besides, rapid urbanization and growing travel and tourism industry in developing countries are also the key factor driving the market growth for power sports.
However, lack of standardization for the development of power sports, and rise in unmanaged usage of vehicles are hampering the market growth. Furthermore, increasing investment in research and development activities along with product innovation are likely to provide lucrative development opportunities for the power sports market in the forthcoming years.
Power Sports Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 52.43 Billion|
|Growth Rate||CAGR of 5.97% during 2021-2028|
|Segment Covered||By Vehicle Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Rommelag, Unither, HealthStar, AUTOMATIC LIQUID PACKAGING SOLUTIONS, LLC, Weiler Engineering, Inc., Pharmapack Co., Ltd., Mahanagar Engineering Pvt. Ltd., Catalent, Inc.|
Key Segments of the Global Power Sports Market
Vehicle Type Overview, 2019-2028 (USD Million)
- All-Terrain Vehicle
- Side by Side Vehicle
- Personal Watercrafts
- Heavyweight Motorcycle
Application Overview, 2019-2028 (USD Million)
Model Overview, 2019-2028 (USD Million)
- Stand Up
- Sit Down
- Multi Personal
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global power sports market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global power sports market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the power sports industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Vehicle Type, Application, and Model. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global power sports market. The report will benefit Every stakeholder involved in the power sports market.
- Managers within the power sports industry looking to publish recent and forecasted statistics about the global power sports market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global power sports market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Over the past few years, Adventure sports have emerged gradually from conventional vehicular structure to more designable and powered structure. With the growing adoption of numerous technologies, many countries have established state-of-the-art infrastructure to promote racing among their people.
Advanced technologies such as hybrid powertrain, automatic engine system, independent suspension, and capacitor discharge ignition system are enhancing speed of vehicles and reducing driver fatigue. Thus these technological advancements are expected to create lucrative opportunities for power sports market over forecast period. In addition, with all these capabilities power sports allows organizations to save costs and develop technically advanced vehicles.
Furthermore, as the adoption of power sports is increasing, manufacturers in the sports market are primarily focused on partnerships and collaborations to enhance their share. The company aims to increase its productivity through this initiative, contributing toward the market growth. Hence, power sports market is expected to help organizations in increasing their production capability at a faster pace.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries
Vehicle Type Segment
Based on the Vehicle Type segment, the market is bifurcated into All-Terrain vehicle, Side by Side Vehicle, Personal Watercrafts, Snowmobile, Heavyweight Motorcycle, and Others. In 2020, the All-Terrain Vehicle segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. In 2020, over 450,000 units of ATVs were sold worldwide. Numerous features of ATVs, such as straddle seating position and handlebar steering is projected to attain major growth throughout the forecast years. However, the Heavyweight motorcycle segment is projected to attain major growth throughout the forecast years.
Based on the application, the market is segmented into On-Road, and Off-Road. The Off-Road sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing number of off-road leisure activities, and changing lifestyle with rising disposable income of the people.
Based on the Model, the market is segmented into Sit Down, Stand Up, and Multi Personal. The sit-down segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. The growing use in adventure tourism of sit-down model is boosting the market growth.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to presence of several major players. Moreover, the presence of vast public lands and waterbodies attracts industry participants and provides lucrative opportunities for the market. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the power sports market in this region is mostly ascribed to the rise in disposable income, improving microeconomic factors and technological advancements. Moreover, growing adoption of power sports by companies in countries such as India, Japan, and China to compete against other regional players is also the driving factor.
The major players of the global power sports market are Polaris Industries, Inc., Bombardier Recreational Products Inc., Arctic Cat Inc., Yamaha Motor Co. Ltd, Kawasaki Heavy Industries, Ltd, Textron Inc., Harley Davidson, Inc., Honda Motor Company, Ltd, John Deere, and Suzuki Motor Corporation. Moreover, the additional prospective market players in the power sports market are Pyramid Analytics, Kubota Corporation, and Yamaha Motor Co. Ltd. Renowned companies are offering new and modern power sports All-Terrain Vehicle solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic Side by Side Vehicle and solutions and to remain competitive in the global market