Powersports Market Eyeing Remarkable Growth at a healthy 5.65% CAGR | Market Research Future (MRFR)

Key Companies Profiled include Honda Motor Co., Ltd, Textron Inc., Polaris Industries, Inc., BRP, and Yamaha Motor Co., Ltd, among others.

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Pune, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Power Sports Market Analysis / Power Sports Market Trends 

The global powersports industry is highly lucrative and predicted to witness significant growth at a healthy 5.65% CAGR over the forecast period (2019- 2025), reveals the Market Research Future (MRFR) report. Power sports have gained enough traction as a popular type of entertainment both to participate in and watch. Simply put, power sports are any form of activities that are facilitated primarily by equipment with engines. This entails some water sports, ATVs, snowmobiles, dirt bikes, and various additional assets. 

Attractive Features that Propel Market Growth 

As per the MRFR report, there are numerous factors that are propelling the power sports market size. These include an increase in the ATV experience zones, growing use in adventure tourism, the introduction of hybrid models, rising establishment of recreational clubs, increased vehicle efficiency, huge investments in R&D to augment efficiency as well as improve the performance of such cars through higher outputs and torque, reduced noise, and innovative solutions. The additional factors adding to the global power sports market revenue include the public and private investments to create recreational infrastructure, government support and favorable policies, rise in the construction of outdoor recreational facilities such as theme parks, trails, and wilderness areas, growth in off-road recreational activities, rising investments in power sports products, growing demand for boat replacement, growing urban population, rising consumer spending, and constant global economic development. 



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On the flip side, rising illegal and unmanaged use of cars, increasing boomer age, alteration of soil structure, unfavorable weather conditions, adverse effect on the environment, and fluctuating components and product prices may have a negative effect on the global power sports market outlook over the forecast period. 

COVID-19 Analysis 

The ongoing COVID-19 pandemic had a negative impact on the worldwide supply chains, market dynamics, and competition. There has been a reduction in revenue owing to a sharp fall in the power sports sales. Besides, lack of production for new units in particular coupled with the flow of vehicles in the remarketing channels is running under the normal level. Health and safety concerns, and lockdowns & physical distancing imposed by the government have slowed down the new units’ intake in the process of remarketing. Also, companies that have optimized their operation along with strategy are likely to sustain well and also beat the competition. 

Market Segmentation 

The Market Research Future report offers an inclusive analysis of the power sports market based on application, type, and model. 

By type, the market has been bifurcated based on side-by-side, all-terrain, watercrafts, snowmobiles, and heavyweight motorcycles. Among these, the segment of heavyweight motorcycles will dominate the market during the forecast period. It will grow at a healthy 4.59% CAGR by 2025. 

By application, the market has been bifurcated based on on-road, off-road, and snow. Among these, the segment of off-road will lead the market during the forecast period. It will grow at a stellar 5.41% CAGR by 2025. 

By model, the market has been bifurcated into sit-down & stand-up. Among these, the sit-down segment will have the lions share in the market during the forecast period. It will grow at a favorable 5.63% CAGR by 2025. 



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Regional Segmentation 

North America to Steer Power Sports Market 
Geographically, the power sports market has been bifurcated into Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). North America, among these, will steer the market during the forecast period. Increasing establishment of recreational clubs, growing expenditure by consumers on sports and recreational activities, and favorable weather conditions are favoring the power sports market value in the region. The United States and Canada have the utmost share in the market. 

Europe to Grab Second-Largest Share in Power Sports Market 

In Europe, the power sports market is predicted to grab the second-largest share during the forecast period. A rising young population, rising interest in sports competitors, growing utility activities, high employment rate, rise in consumer’s purchasing power, adoption in new technologies, increasing use in military and defense activities, recreational, and construction, off-road organizations and powersports organizations working to develop suitable trails to support the product’s high consumption, and companies complying with strict manufacturing regulations and product-related regulations due to concerns for the environment and low carbon emission initiatives. Additional factors adding to the power sports market growth include the established players expanding reach through distribution channels & partnerships with financing companies, increasing recreational activities, favorable weather conditions, and surging need for snowmobiles, personal watercrafts, and UTVs. 

APAC to Have Favorable Growth in Power Sports Market 

In the APAC region, the power sports market is predicted to have favorable growth over the forecast period. Increase in people’s spending capacity, growing demand for power sports, rise in population, growing investments in R&D activities, high demand for ATVs, motorcycles, and side by side vehicles, increased consumer awareness, expansion of manufacturer subsidies, and lower product prices for the availability of low tax options and low manufacturing costs are adding to the global power sports market share in the region. 



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Competitive Landscape 

The prominent players profiled in the global power sports market report include Honda Motor Co., Ltd, Textron Inc., Polaris Industries, Inc., BRP, and Yamaha Motor Co., Ltd, among others. Partnerships, M&A, strategic alliances, contracts, and others are the key strategies adopted by key players to stay ahead in the competition. 

Industry News 

  • December 2020- CEO of Volcon will soon introduce off-road electric cars in Liberty Hill. Their new factory will have the capacity to produce some 9,000 cars per year. 
  • December 2020- Sports aficionado, Dave Sears, has introduced his latest website with an aim to inspire people to enter the fast-paced as well as the exciting power sports world. He is adept in all things power sports. This website has been designed keeping in mind to throw light on the several perks of participating in power sports.



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