Powersports Market Size to Grow at a CAGR of 5.60% in the Forecast Period of 2023-2028
The ‘Global Powersports Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global powersports market, assessing the market on the basis of its segments like vehicle type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Powersports Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 9.28 billion
• Forecast CAGR (2023-2028): 5.60%
With the growing popularity of ATVs, the market for powersports is anticipated to expand during the forecast period. In comparison to other vehicles, these machines are less complicated to manoeuvre and have lower age limits. In regions such as North America and Europe, there are more ATV paths being added to parks and beaches, as well as new recreational sites being developed. The powersports market expansion is significantly accelerated by their affordability, and by travel agencies, trail maps, and travel guides progressively promoting snowmobile tourism.
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The market share of powersports vehicles is growing due to their high torque and durable shock absorbers. A favourable climate for the market is being created by the initiatives of various governments to develop the tourism sector by helping various recreational clubs improve their service offerings. An important factor driving the global powersports market is the increase in participation in leisure activities like surfing, off-road biking, and snowmobiling, which has led to an increased demand for powersports vehicles. The development of personal watercrafts, as a result of technical advancements, is another important factor driving the growth of the global powersports market.
Powersports Industry Definition and Major Segments
Powersports, a subgenre of motorsports, involves the use of motorcycles, ATVs, snowmobiles, and personal watercrafts (PWCs) for recreational and racing purposes, among others. One of the features that sets this activity apart from others is the usage of handlebars on the vehicles, the rider mounting on the machine rather than going inside, and the rider’s exposure to the weather.
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On the basis of vehicle type, the market is divided into:
• All-terrain Vehicles (ATV)
• Side-by-side Vehicles
• Snowmobiles
• Personal Watercraft
• Heavyweight Motorcycle
Based on application, the market is bifurcated into:
• On-road
• Off-road
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Powersports Market Trends
The personal watercraft segment is expected to account for a significant portion of the market during the forecast period as these devices offer a lot of power while being ecologically responsible. They are also frequently used by both young and old people because they are built with safety for the rider in mind and have features like engine cut-off lanyards. In the event that the rider disengages from the steering wheel and becomes separated from the vehicle, this feature engages to ensure that the engine is switched off. These factors will likely accelerate the powersports market expansion.
Off-road applications of powersports are a growing trend in the market due to the increasing development of vehicles designed for off-road use, with durability and capacity to operate on various types of terrain. Key market players are augmenting their market share and boosting their revenue streams by expanding their product lines of UTVs and SSV vehicles. For example, brands like Kawasaki Motor Corporation and Arctic Cat, Inc. are releasing new side-by-side vehicles.
Key Market Players
The major players in the global powersports market report are
• Polaris Inc.
• Arctic Cat Inc.
• Bombardier Recreational Products Inc.
• Suzuki Motor Corporation
• Yamaha Motor Co., Ltd.
• Kawasaki Motors, Ltd.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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