Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The global powersports market size was valued at USD 36.27 billion in 2022. The market is expected to grow from USD 37.96 billion in 2023 to USD 54.52 billion by 2030, exhibiting a CAGR of 5.31% during the forecast period. Powersport vehicles are designed for both off-highway and on-highway use, delivering exceptional performance. As per the Specialty Equipment Market Association (SEMA), within three months of purchase, approximately 82% of powersport vehicle owners express their intent to acquire accessories for their vehicles. Fortune Business Insights™ presents this information in its report titled “Powersports Market, 2023-2030.”
Market Players Aim for High-tech Technologies to Increase Market Share
Prominent players in the powersports industry, such as Arctic Cat Inc., BRP, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., and Polaris Inc., are strategically focused on introducing new models that incorporate electric models and cutting-edge technologies.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 5.31% | |
| 2030 Value Projection | USD 54.52 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 36.27 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 160 | |
Drivers & Restraints-
Promotion by Regional Authorities Fuels Snowmobile Tourism to Augment Market Growth
Snowmobile tourism is endorsed by state and regional travel agencies through trail maps and information guides. In Maine, snowmobiling contributes around USD 350 million to the economy, while in Quebec, the snowmobile industry generates approximately USD 2 billion, according to economic impact studies. Owing to these factors, the powersports market share is anticipated to increase.
On the contrary, these vehicles operate on conventional fuels leading to pollution, which may stifle the powersports market growth.
COVID-19 Impact-
Alternative Transportation Options During Pandemic Fueled ATVs Demand
The automotive industry experienced widespread shutdowns during the pandemic, prompting people to explore alternative modes of transportation. This shift resulted in a surge in sales within the market. For instance, data released by Solomon Partners indicates that not only the U.S. but also other regions witnessed a significant year-on-year growth in the sales of ATVs/SxS vehicles by 24%.
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Segments-
Multiple Robust Properties of ROVs to Exhibit Steady Growth
By vehicle type, the market is segmented into heavyweight motorcycles, ROVs (all-terrain vehicles, side-by-side, and utility terrain vehicles), jetski, and snowmobiles. The ROVs segment holds the largest share and is anticipated to exhibit consistent growth due to the ability to handle both utility and luxury tasks, advanced rollover protection systems, versatility in off-road applications (including forestry and agriculture), and the presence of multiple seating configurations.
Strong Structure of Off-road Vehicles to Support Segment Growth
By application, the powersports market is segmented into on-road, off-road, and others. In 2022, the off-road segment dominated the market as off-road vehicles provide better performance on uneven surfaces due to the sturdy structure and chassis provided.
Gasoline Dominates the Market Owing to its High Octane Levels
Based on fuel type, the market is segmented into diesel, electric, and gasoline. Higher octane levels and the purity of gasoline compared to other fuel types contribute to its enhanced performance leading to the gasoline segmental growth.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Favourable Weather Conditions Drive the Growth in North America
North America dominated the market with a larger market share. This can be attributed to good weather conditions, the presence of market leaders, and a wide range of recreational facilities.
In Europe, the market experienced notable growth due to the increasing presence of provincial organizations and recreational clubs actively promoting recreational leisure and off-road activities.
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List of Key Players Covered in Powersports Market Report:-
- Polaris Inc. (U.S.)
- Textron Inc. (U.S.)
- Arctic Cat Inc. (U.S.)
- Honda Motor Co., Ltd. (Japan)
- BRP (Canada)
- Harley Davidson (U.S.)
- Kawasaki Heavy Industries, Ltd. (Japan)
- KYMCO (Taiwan)
- CF Moto (China)
- KTM (Austria)
- Argo (Canada)
- Taiga Motors (Canada)
- Alpina (Germany)
- Suzuki Motor Corporation (Japan)
- Yamaha Motor Co., Ltd. (Japan)
Powersports Market Segmentation:-
By Vehicle Type
- Heavyweight Motorcycle
- ROVs
- Jetski
- Snowmobiles
By Application
- On-road
- Off-road
- Others
By Fuel Type
- Gasoline
- Diesel
- Electric
Key Industry Development:
April 2023 – BRP launched its first European Design and Innovation Center in Sophia Antipolis. The company aims to further expand its processes in Europe and to elevate its market position in the Europe markets.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Key Insights
- Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights - Impact of COVID-19 Pandemic on Global Powersports Market
- Global Powersports Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Vehicle Type
- ROVS
- Heavyweight motorcycles
- PWC (Jet skis)
- Snowmobiles
- Market Analysis, Insights and Forecast - By Application Type
- On-Road
- Off-Road
- Others (water and Snow)
- Market Analysis, Insights and Forecast - By Fuel Type
- Gasoline
- Diesel
- Electric
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast - By Vehicle Type
Toc Continue…
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