Power Sports Market has been driven by the rise in participation of people in recreational activities, like surfing, snowmobiling, and off-road biking. The growth of the market is also driven by the rise in participation in the construction of infrastructure which is needed for amusement purposes along with recreational purposes. Also, there has been a rise in the advancements in technology which is another driving factor of the market.
There is a need to enlarge the market as there is a rise in the interest of people in recreational or water sports activities. They are becoming more confident with water. There is a rise in demand for these power sports products as people are entering into international competitions besides national competitions which need a lot of practice. As these products wear and tear easily due to harsh weather conditions, there is more demand.
Power Sports Market has a few amazing benefits like it is light in weight which makes it easy to carry with people. They have advanced features in comparison to the normal vehicles used for activities. These help them maintain high speed. These sports help people to become physically fit.
Power Sports is a sub-category of motorsports. The features which make these products more valuable are their engine and handlebars, which helps to control the movement of the vehicle. The vehicles are getting more improvised on a regular basis which is leading to an increase in investment in this market.
The market for power sports is estimated to be worth USD 33.12 billion in 2021, but it is likely to reach USD 54.16 billion by 2031, with a compound annual growth rate (CAGR) of 5.81% throughout the ensuing years of the forecast period.
There are some limitations for the Power Sports market such as the cost of maintenance of the power of the product sports is high which can not be done by everyone. The costs to own or buy power sports vehicles if high. Also, these vehicles require maintenance on a regular basis as they are used in weather conditions which are extreme along with their use in hostile terrains.
The study report gives an analysis with full details of various leading Power Sports Market vendors, which involve Polaris Inc., American Honda Motor Co., Powersports Company, BRP, Yamaha Motor Corporation, Arctic Cat Inc., KYMCO, John Deere, FEISHEN, Harley Davidson, RATO AUSTRALIA, Kubota, CFMOTO, Kymco, Kawasaki Heavy Industries, H-D U.S.A., Textron Inc., Suzuki Motor of America, and HISUN. This research study is full of data and information in order to give sustenance to firms to misuse and strategize on any upcoming opportunities which are linked to the growth of the market.
Power Sports Market by Type (All-Terrain Vehicles Segment)
Based on Type, it has been analyzed that the segment of All- Terrain vehicles (ATV) holds a major part of the market. This market is rising as these vehicles involve various advanced features like handlebar steering, and straddle seating position. These vehicles are able to travel all terrain regions along with the emission of carbon in less quantity. These vehicles are low in weight, less cost of maintenance in comparison to other vehicles. Also, the age limit to use these vehicles is let low in comparison to the age limit for the use of other power vehicles.
Power Sports Market based on Region
Evaluation has been done and it is stated that the North American region holds the major part of the market and is expected to grow in the upcoming years of the forecast period. This is due to the rise in the number of recreational clubs which is enhancing the market of power sports. It is also expected that the market of the Asia Pacific region will also rise in the upcoming years of the forecast period as more and more people are shifting to sports activities.
Covid-19 Impact & Market Status
According to observations, COVID-19 had a significant impact on all markets and even had a global impact on consumer behaviour. Similarly, COVID-19 had an impact on the market for power sports. Due to the global pandemic, there was a shutdown of all sports activities which included these water activities also in order to reduce the spread of COVID- 19. Due to the closure of activities, the demand for these power sports vehicles was also reduced. Also, for a longer span of time, there was a major decline in the market as these vehicles have huge costs and people were willing to save more money and spend only on the purpose of items that are essential for survival.
Latest Innovations in the Power Sports Market: A Snapshot
- In August 2021, there was a new launch of the electric UTV Ranger EV by Polaris Inc. This new launch had a single 48- volt induction motor with 30 HP. This UTV had a capacity of direct transmission which had low noise gears and four-wheel hydraulic disc front and rear brakes.
- A solid and trustworthy set of lessons about the Power Sports Market is what trade research analysis aims to deliver. The research study has located complicated data, and it also shows the current and historical status of the industry, together with predicted market drifts and expected market size. All the descriptions of the sector have been recognized by the reported study which also includes leaders of the market, investors, customers, and new entrants.
Power Sports Market Scope
|Revenue forecast in 2031
|USD 54.16 billion
|CAGR of 5.81% during 2021-2031
|Type, Application, By End-use, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Polaris Inc., American Honda Motor Co., Powersports Company, BRP, Yamaha Motor Corporation, Arctic Cat Inc., KYMCO, John Deere, FEISHEN, Harley Davidson, RATO AUSTRALIA, Kubota, CFMOTO, Kymco, Kawasaki Heavy Industries, H-D U.S.A., Textron Inc., Suzuki Motor of America, and HISUN
Key Segments of the Power Sports Market
By Type Overview
By Application Overview
• Off- Road
By End User Overview
By Regional Overview
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa