Power Sports Market: Global Industry Analysis and Forecast (2023-2029)

Power Sports Market size was valued at US$ 14.02 Bn. in 2022 and expected to reach US$ 22.23 Bn. by 2029, at a CAGR of 6.8% through out the forecast period.
Power Sports Market Overview:
Powers Sports is part of motorsport and is the most commonly used vehicle at adventure games. The car involves the use of handlebars to control the driver's movements and climbs. Power Sports products include motorcycles, scooters, dirt bikes, ATVs, UTVs, ships, and snowmobiles. Power sport vehicles are high-performance vehicles intended for off-highway and on-highway use and are designed to withstand extreme operating conditions such as shock/vibration, debris, and other environmental hazards.To know about the Research Methodology :- Request Free Sample Report
Power Sports Market Dynamics:
ATVs have lower age restrictions and maintenance costs than other vehicles and are easier to operate due to their lighter weight. These factors and their affordability have made them very popular with young and old people. Government initiatives in North America and Europe to increase the number of ATV routes in the park are increasing. These factors are driving the growth of power sports in the market.

The growing popularity of adventure sports has spurred the development of infrastructure for outdoor leisure facilities such as wilderness areas, theme parks, and hiking trails. Increasing private sector investment in the construction of special infrastructure for recreation and entertainment purposes is increasing the demand in the market.

Positive economic outlooks associated with increased consumer purchasing power are expected to increase demand for power sports. Growing demand for off-road adventure tourism and leisure activities, rising disposable income, clubs and state organizations promoting power sports activities, and government policies supporting the development of recreational infrastructure. These factors are driving the growth of the product in the market.

Snowmobile tourism has become a major economic driver of active outdoor recreation and is actively promoted through trail maps, information guides, and state and local travel agencies. These factors are driving the growth of snowmobiles, which is driving the growth of the power sports market.

Most power sports vehicles run on traditional fuel and highly polluting engines. Large two-wheeled vehicles, in particular, consume a lot of fuel and emit a lot of emissions. There are no suitable safety devices in this due to the high number of falls and collisions. The environmental impact of these vehicles and the growing attention to uncontrolled use by children have resulted in many deaths. These factors are restraining the growth of the power sports market.

Market trends and challenges are analyzed and compiled in the report. The data of 2022 is considered for a better understanding of the client. Moreover, Analytics of the market is based on real numbers of past years from 2018 to 2022 with market forecast until 2029.
Power Sports Market Segment Analysis:
By Product, the Side by Side segment dominated the market with a 37% share in 2022. Installing structures such as roll cage housings and individual seat belts to increase safety. Commercial vehicles, along with more storage space, provide a comfortable driving experience for a few passengers. These factors are driving the demand of segment in the market.

Personal Warcraft is expected to grow at a CAGR of 4 % through the forecast period. Improved power-to-weight ratio and fuel efficiency. Watercraft offers excellent maneuverability and cornering ability. Increasing use of vessels for coastal patrol activities. These factors are expected to drive the growth of the market through the forecast period.

Snowmobiles are expected to grow at a CAGR of 5.7 % through the forecast period. Increase in snowmobile trails and racing events. Multiple models with a variety of engine alternatives, including 2-stroke and 4-stroke technologies, are available and combined with multiple seat configurations facilitate segment penetration. The widespread presence of snowmobile clubs involved in trail maintenance and development, funding activities, and sponsorship excursion programs. These factors are expected to drive the growth of the segment through the forecast period.

By Application, the Off-Road segment dominated the market with a 62% share in 2022. Power sports vehicles can travel on rugged rocky roads and steep trails, providing diversity in all-terrain. Its compact size provides impressive handling and can be maneuvered in tight spaces such as crowded forests and snowmobile trails and increasing trends for off roading adventure sports. These factors are driving the growth of the segment in the market.

On Road is expected to grow at a CAGR of 2.4% through the forecast period. Increased demand for passenger cars, especially on-road bikes, rising usage in parks, malls, etc. by children. These factors are expected to drive the growth of the segment through the forecast period.
Regional Insights:
North America dominated the market with a 47.6 % share in 2022. Due to the good weather in the area and the availability of a wide variety of leisure facilities. The presence of well-established companies such as Arctic Cat, Yamaha Moto, BRP, and Polaris. The US and Canadian provinces and federal governments provide extensive support due to the high economic impact of power sports activities. These factors are driving the growth of the market in this region.

Europe is expected to grow at a CAGR of 4.8 % through the forecast period. The rise of leisure clubs and local organizations that strongly promote off-road and leisure. Increased disposable income and increased consumer awareness of recreational activities. Increased consumer spending, growth of the tourism industry, and the presence of snowmobile trails and clubs. Government-sponsored initiatives for the development of hiking trails in countries such as Russia and Sweden. These factors are expected to drive the growth of the market in this region through the forecast period.

Asia Pacific is expected to grow at a CAGR of 3.4% through the forecast period. Players are strengthening their sales and distribution networks to improve the availability and accessibility of power sports vehicles especially ATVs. Increasing tourism, rising disposable income, etc. these factors are expected to drive the growth of the market through the forecast period.

The objective of the report is to present a comprehensive analysis of the Power Sports market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Power Sports market dynamics, structure by analyzing the market segments and project the Power Sports market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Power Sports market make the report investor’s guide.
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Power Sports Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 14.02 Bn.


Forecast Period 2023 to 2029 CAGR:
6.8 %
Market Size in 2029:
US $ 22.23 Bn.


 Segments Covered:
by Product
Side by Side
Personal Warcraft
Snowmobiles
Others


by Application
Off Road
On Road


by Model
Multi Personal
Sit Down
Stand Up



Power Sports Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Polaris Industries, Inc.
2. Bombardier Recreational Products Inc.
3. Arctic Cat Inc.
4. Yamaha Motor Co. Ltd
5. Kawasaki Heavy Industries, Ltd
6. Textron Inc.
7. Harley Davidson, Inc.
8. Honda Motor Company, Ltd
9. John Deere
10. Suzuki Motor Corporation
11. BRP Inc.,
12. Arctic Cat Inc.
13. Kubota Corporation
14. Suzuki Motor Corporation
15. Yamaha Motor Co. Ltd.
16. Deere & Company
17. Kymco

FAQ:

1] What segments are covered in the Power Sports Market report?
Ans. The segments covered in the Power Sports Market report are based on Product and Application.

2] Which region is expected to hold the highest share in the Power Sports Market?
Ans. Europe Region is expected to hold the highest share in the Power Sports Market.

3] What is the market size of the Power Sports Market by 2029?
Ans. The market size of Power Sports Market by 2029 is US $ 22.23 Bn.

4] Who are the top key players in the Power Sports Market?
Ans. 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, Suzuki Motor Corporation, BRP Inc., Arctic Cat Inc., Kubota Corporation, Suzuki Motor Corporation, Yamaha Motor Co. Ltd., Deere & Company, Kymco.

5] What was the market size of the Power Sports Market in 2022?
Ans. The market size of Power Sports Market in 2022 was US $ 14.02 Bn.