Powersports Market to reach US$14 Billion by 2024
SELLBYVILLE, Del., August 31, 2018 /PRNewswire-iReach/ -- The industry report by Global Market Insights, Inc. says "Powersports Market is predicted to be valued USD 14 billion by 2024." Growing inclination towards recreational activity and increasing discretionary spending will fuel powersports market growth over the forecast frame. Rising urban population and utilization of vehicle for entertainment and sports has positively influenced demand for personal watercrafts, snowmobiles and all-terrain vehicles. Increasing travel & tourism industry is continuously enhancing product demand. Increasing investment in motorsports activities will accelerate power sports market size.
Consistent technological advancement offering low noise and enhanced efficiency will boost the overall industry growth. In addition, rising number of training facilities and recreational clubs will positively influence the product penetration. Industry players are constantly focusing on developing vehicles complying with the stringent government regulations.
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All-terrain vehicle dominates powersports market with application in athletic and recreational activities. These vehicles can easily be adopted in activities including camping and other motorsports with minor changes. Rise in outdoor facilities such as recreational parks is continuously augmenting product demand. In addition, product offering no-clutch and semi-automatic transmission will further fuel the industry growth.
Positive product outlook particularly for the ATVs and SSVs across developing countries owing to increasing spending capacity, development of the rugged terrain and increasing distribution of the major manufacturers in the region. Stringent regulatory bodies are focusing on offering safety features along with reducing the accidents caused by these vehicles. Growth in tourism sector across the globe with local participants offering rental services for these vehicles will induce positive impact on the product demand.
Side by side powersports market will foresee around 3% CAGR owing to its demand for sports operations along with ability of the vehicle offering multiple seating facility. The vehicles provide higher functionality and smooth riding experience in difficult terrains. SSV provide multiple driving mode, better suspension and disc break that improves passenger safety and support industry growth. Snowmobile segment will witness sturdy growth in regions including Europe and North America.
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North America dominates the overall powersports market volume share owing to presence of key manufacturers. Industry players such as Harley Davidson has increased product availability and accessibility with increasing number of brand outlet in the country. Companies are expanding their distribution channel to capture large consumer base. Government bodies such as National Park Service, National Oceanic & Atmosphere Administration, Federal Highway administration, The U.S. Forest Service, and Bureau of Land Management have taken initiatives to propel recreational industry resulting in powersports market growth during forecast period.
Asia Pacific powersports market led by Japan, China and India will register gains at over 4.5% owing to rising disposable income. Rise in per capita spending is accelerating ATV and SSV sale. Industry players such as Honda Motors adopting innovative steps such as improving economy of scale to lower product cost and attract more consumers. Emerging nations such as India is taking initiatives to strengthen manufacturing segment further enhancing the product demand. Middle East & Africa powersports market size will foresee healthy growth owing to expansion in tourism industry.
Key powersports vehicle manufacturers include Kubota, Kymco, Kawasaki Motors, John Deere, Suzuki Motors, BRP, Can-Am, Arctic Cats, Harley Davidson, Yamaha Motors, Honda Motors and Polaris Industries. Companies are adopting merger & acquisition strategy for increasing their production capacity and boost their industry share. For instance, in January 2017, Textron Specialized Vehicles, a global manufacturer of utility and personal transportation vehicle acquired Arctic Cat at approximately USD 247 million. This will help the company to enhance product innovation and expand their distribution network to improve consumer reach.
Buy this industry insights spread across 250 pages with 193 market data tables & 9 figures & charts from the report, "Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobile, Heavyweight Motorcycles), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Spain, China, Japan, Thailand, Malaysia, Indonesia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
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Table of Contents (ToC) of the report:
Chapter 4. Power Sports Market, By Vehicle
4.1. Powersports market share by vehicle, 2017 & 2024
4.2. ATV
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. SSV
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 - 2024
4.4. Personal watercrafts
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 - 2024
4.5. Snowmobile
4.5.1. Market estimates and forecast, 2013 - 2024
4.5.2. Market estimates and forecast, by region, 2013 - 2024
4.6. Heavyweight motorcycle
4.6.1. Market estimates and forecast, 2013 - 2024
4.6.2. Market estimates and forecast, by region, 2013 - 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/power-sports-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com
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SOURCE Global Market Insights, Inc.
