The increasing spending on construction of outdoor facilities is driving the global power sports market growth
The global power sports market size is likely to attain over USD 49 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 5.65% during the forecast years 2021-2028. 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.
The present and future global power sports market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the global power sports market opportunities during the forecast years. Factors such as the the growing preference of youths towards recreational activities is the key factor driving the market growth for global power sports.
Also government support and growing investment by private and public institutes for the development of recreational infrastructure. 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 is likely to provide lucrative development opportunities for the global power sports market in the forthcoming years.
The report also emphasizes several distinctiveness of the global power sports industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the global power sports industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The global power sports market has tough competition among the new emerging and pre-established market vendors. Besides, the global power sports industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the application, the market is categorized into on-roas 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.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the global 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. However, 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 the presence of vast public lands and waterbodies attracts industry participants and provides lucrative opportunities for the market.
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.. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America