Jul 11, 2023   SOURCE: BusinessWire

Global Powersports Market to 2030: Players Include Kawasaki Heavy Industries, Yamaha Motor, BRP, Arctic Cat and KTM - ResearchAndMarkets.com

The "Global Powersports Market Size, Share, Growth Analysis, By Vehicle type, By Application, By Model - Industry Forecast" report has been added to ResearchAndMarkets.com's offering.

The global powersports market size was valued at USD 29.62 billion in 2021 and is poised to grow from USD 31.43 billion in 2022 to USD 50.85 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).

The global powersports market includes various vehicles such as ATVs, snowmobiles, personal watercraft, and motorcycles. The market is driven by factors such as increasing disposable incomes, recreational activities, and the growing popularity of powersports vehicles.

Emerging economies and increasing urbanization are expected to further drive market growth. However, concerns over safety regulations and environmental issues may hinder market growth in the future. The market is highly competitive, with players focusing on innovation and product differentiation to gain a competitive advantage.

Segments covered in this report

Global powersports market has been segmented based on vehicle type, application, Model, and region. Based on vehicle type, the market is segmented into all-terrain vehicles (ATV), side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles.

Based on the application, the market is segmented into on-road and off-road. Based on model, the region is segmented into multi personal, sit down. Based on region, the powersports market is segmented into North America, Europe, Asia-Pacific, South America, and MEA

Driver

In contrast to other power sport vehicles, ATVs have less restrictive age limits, lower maintenance costs, and easier maneuverability. These qualities, coupled with their affordability, make them attractive to both younger and older individuals.

Furthermore, governmental efforts in North America and Europe to increase the number of ATV trails in parks are expected to boost the Powersports industry's expansion by promoting the widespread adoption of ATVs.

Restrain

Conventional fuel is widely used in most powersports vehicles, which are notorious for their highly polluting engines. In particular, heavyweight motorcycles consume significant amounts of fuel and emit considerable amounts of pollution. In response to regulatory standards aimed at reducing their adverse impact and increasing demand for fuel-efficient cars, sales of these vehicles have declined.

Trend

According to the Specialty Equipment Market Association (SEMA), approximately 82% of powersports vehicle owners intend to purchase their vehicle's accessories or upgrade within three months of buying.

These vehicles are used for a wide range of activities in various terrains, which is why enhancing their functionality through utility-oriented modifications is a top priority for both off-road and on-road vehicle enthusiasts. Industry experts suggest that the per-vehicle spending on accessories has increased by 50 to 60% over the last two years.

Consequently, the proliferation of product accessories will likely result in higher profitability for OEMs, which will positively impact the expansion of the powersports market.

Companies Mentioned

  • Polaris Inc.
  • Honda Motor Co., Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • Yamaha Motor Co. Ltd.
  • BRP Inc.
  • Arctic Cat Inc.
  • KTM AG
  • Ducati Motor Holding S.p.A.
  • Suzuki Motor Corporation
  • Triumph Motorcycles Ltd.
  • Harley-Davidson Inc.
  • Piaggio & C. SpA
  • Bombardier Recreational Products Inc.
  • Textron Inc.
  • CFMoto Powersports Inc.
  • Bajaj Auto Ltd.
  • Hero MotoCorp Ltd.
  • TVS Motor Company Ltd.
  • Mahindra Two Wheelers Ltd.
  • Royal Enfield (India)

For more information about this report visit https://www.researchandmarkets.com/r/8ts4s2

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