Power Sports Market Size to Exceed USD 57.2 billion By 2031, with a Robust CAGR of 5.2%| States Transparency Market Research, Inc.
Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global power sports market is projected to flourish at a CAGR of 5.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 57.2 billion is anticipated for the market in 2031. As of 2023, the demand for power sports is expected to close at US$ 38.2 billion.
Continuous innovation in power sports vehicles, including advancements in engine efficiency, lighter materials, smart features, and alternative fuel options like electric or hybrid vehicles, attracts consumers seeking improved performance and eco-friendliness.
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The global trend towards outdoor recreation and adventure sports. Power sports vehicles cater to this trend by providing enthusiasts with the means to explore and engage in various recreational activities. Growing interest in power sports in countries like India, China, Brazil, and other emerging economies due to expanding middle-class populations and increased urbanization presents significant opportunities for market expansion.
Manufacturers continually introduce new models, variations, and accessories to cater to different consumer preferences, demographics, and specialized uses, broadening the consumer base. The popularity of adventure tourism contributes to the demand for power sports vehicles in regions with diverse landscapes, as tourists seek activities like off-road adventures, snow sports, and water-based activities.
Power Sports Market - Competitive Landscape
The power sports global market exhibits a high level of consolidation, primarily led by major players holding the lion's share. These dominant firms heavily invest in extensive research and development initiatives, aiming to engineer top-tier products that push the boundaries of power sports vehicle performance. Strategies revolving around expanding their product ranges and engaging in mergers and acquisitions stand out as key tactics embraced by these manufacturers.
Key players operating in the global power sports market include
- Arctic Cat Inc.
- Ducati Motor Holding S.p.A.
- Harley-Davidson Inc.
- Hisun Motors Corp.
- Honda Motor Company Ltd.
- John Deere
- Kawasaki Heavy Industries Ltd.
- Kubota Corporation
- Kymco
- Polaris Inc.
- Suzuki Motor Corporation
- Textron Inc.
- Triumph Motorcycles Ltd
- Yamaha Motor Co. Ltd.
- Zero Motorcycles Inc.
Key Takeaways from the Market Study
- As of 2022, the power sports market was valued at US$ 36.40 billion.
- Based on vehicle type, the motorcycle segment held a major share of the market in 2021, owing to increased adoption among younger buyers.
- In terms of application, the off-road segment accounts for the highest share of the global power sports market in 2021.
Power Sports Market : Key Trends and Opportunistic Frontiers
- Integration of smart features like GPS navigation, smartphone connectivity, telemetry systems, and advanced safety features is becoming more common in power sports vehicles, enhancing convenience, safety, and the overall riding experience.
- Manufacturers are investing heavily in electric ATVs, motorcycles, and other vehicles to meet eco-conscious consumer demands and stricter emission regulations.
- Some companies are exploring subscription-based or rental models for power sports vehicles, providing more affordable access to a wider audience without the commitment of ownership.
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Power Sports Market – Regional Analysis
- North America has been a significant market for power sports, including ATVs, snowmobiles, and personal watercraft. The United States and Canada are major consumers due to a strong culture of outdoor recreation and a robust economy. Trends in this region often influence global market dynamics.
- Europe also has a considerable market for power sports vehicles, with countries like Germany, France, and the Nordic nations showing interest in snowmobiles, ATVs, motorcycles, and other recreational vehicles. Environmental concerns and regulations regarding emissions and noise levels have impacted this market significantly.
Key Developments in the Power Sports Market
- Polaris Industries is known for its diverse range of power sports vehicles including ATVs, snowmobiles, and side-by-side vehicles. Polaris has been a frontrunner in introducing new technologies and features in its products, focusing on performance, safety, and rider experience.
- Honda Motor Co. has a strong presence in the power sports market, producing motorcycles, ATVs, and side-by-side vehicles. Known for reliability and innovation, Honda continually refines its products and introduces new models with enhanced features and performance.
Power Sports Market – Key Segments
By Vehicle Type
- Motorcycles
- Scooters & Mopeds
- ATVs (All Terrain Vehicles) & Quads
- Golf Carts
- Watersports
- Snowmobiles
- UTVs (Utility Terrain Vehicles)
- Lawn Mowers
By Model
- Multi Personal
- Sit Down
- Stand Up
By Propulsion
- Conventional
- Electric
By Application
- On-road
- Off-road
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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