Pune, India, May 25, 2021 (GLOBE NEWSWIRE) -- The global Powersports market size is expected to reach USD 12.75 Billion by 2027, exhibiting a CAGR of 5.5% during the forecast period. The market stood at USD 9.44 billion in 2019. Factors such as the increasing demand for snowmobiling and the growing focus on installing after-purchase equipment by the manufacturers are anticipated to favor the product’s demand in the forthcoming years.
The lockdown announced by the government agencies has led to reduced sales of automotive, leading to shunted growth. Moreover, the limited availability of workforce and decreased demand is hampering the growth prospects of several vehicle manufacturers. However, the post-pandemic situation is likely to favor the market growth with the resumption of several manufacturing units by implying the stringent regulations and social distancing norms set by the government to contain the spread of the novel coronavirus.
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On the basis of vehicle type, the market is classified into all-terrain vehicles (ATV), side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles. Moreover, based on application, the market is segmented into on-road and off-road.
Based on application, the off-road segment is expected to hold a significant global powersports market share in terms of revenue in the forthcoming years. This is owing to the increasing demand for such automotive that can efficiently drive on uneven and rocky surfaces globally.
Lastly, based on region, the market is divided into North America. Asia-Pacific, Europe, and Rest of the World.
Increasing Demand for Snowmobiling to Augment Growth
According to the International Snowmobile Manufacturers Association, annually, about USD 36 billion is spent on snowmobiling activities in the US and Canada. Moreover, the sport generates a revenue of around USD 350 million every year in the state of Maine. Therefore, the sought-after recreational sport is expected to positively affect the demand for the product. Moreover, the growing demand for after-purchase accessories is further anticipated to boost the global powersports market growth during the forecast period.
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REGIONAL INSIGHTS:
North America – The region is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is due to the favorable climatic conditions and the presence of several recreational sports in countries such as the U.S. that is likely to propel the demand for advanced powersports in the region. North America stood at USD 7.26 billion in 2019.
Asia-Pacific – The market in Asia-Pacific is anticipated to showcase exponential growth backed by the rising disposable income of the working population and the increasing consumer awareness regarding recreational sports in the region that will boost the demand for powersports in the region between 2020 and 2027.
Product Innovation by Major Companies to Amplify Their Market Prospects
The global market is consolidated by the presence of major companies striving to maintain their presence by adopting innovative methods to develop powersports vehicles and accessories. Moreover, other key players adopt organic and inorganic strategies to gain a competitive edge over their rivals in the highly competitive global marketplace.
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List of the Companies Profiled in the Global Market:
- Polaris Inc. (Minnesota, U.S.)
- Textron Inc. (Rhode Island, U.S.)
- Arctic Cat Inc. (Minnesota, U.S.)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BRP (Quebec, Canada)
- Harley Davidson (Wisconsin, U.S.)
- Kawasaki Heavy Industries, Ltd. (Tokyo, Japan)
- KYMCO (Kaohsiung City, Taiwan)
- Suzuki Motor Corporation (Shizuoka, Japan)
- Yamaha Motor Co., Ltd. (Shizuoka, Japan)
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Global Powersports Market Segmentation:
By Vehicle Type:
- All-Terrain Vehicle
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
By Type:
- On-Road
- Off-Road
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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