Selbyville, Delaware, Sept. 19, 2022 (GLOBE NEWSWIRE) --
The electric powersports market is expected to record a valuation of USD 800 million by 2030, according to the latest research study by Global Market Insights Inc.
The report cites the increasing customer inclination towards recreational activities as a prominent factor driving the demand for electric power sports. Recreational sports or activities such as watersports and snowmobile riding have gained tremendous popularity across regions such as the Asia Pacific owing to improving economic outlook and rising per capita incomes. These trends, along with the collective efforts by the leading automotive giants to introduce breakthrough products in the industry with improved functionalities and performance, may foster e-powersports market expansion over the forecast timeframe.
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Expansive application avenues to boost the adoption of electric ATVs
The electric powersports market from the electric ATV segment accounted for USD 20 million in 2021. Electric ATVs are rugged, agile, and versatile vehicles offering a superior riding experience. These are extensively used across the defense, forestry, entertainment, and agriculture sectors for a range of applications, including planting gardens, camping on remote spots, snow plowing, ice fishing, load supplies, etc., due to their adaptability to the environment and ease of usage and maneuverability. The rapid upsurge in off-road travel and sports activities may propel product sales in the coming years.
New product rollouts to aid the industry growth across the APAC region
The Asia Pacific electric powersports market held over 45% of the revenue share in 2021. This growth is attributed to the escalating rollouts of several electric sports vehicles, specifically by Chinese manufacturers. For instance, in September 2022, the chine electric bike manufacturer Frey Bike unveiled the first look of its flagship off-road-capable e-bike offering named Frey Beast. Specially designed for experienced MTB riders, the off-roader is equipped with a 60-volt battery with a total capacity of 1.5kWh and can deliver an amusing peak power output of 1,800 watts. These launches, coupled with the rapid growth in recreational travel and tourism activities, may foster product adoption across the region.
Product line expansion remains the key growth strategy
Key participants operating in the electric powersports market are Alke, Damon Motors Inc., Daymak, Inc., DRR USA, Eco Charger, Energica Motor Company S.p.A, Harley-Davidson, Inc., Intimidator UTV, Polaris, Taiga Motors Inc., and Zero Motorcycle. These companies are implementing several strategic moves to strengthen their position in the market and aid the expansion of their existing product line.
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Partial Table of Contents (ToC) of the report:
Chapter 3 E-Powersports Market Insights
3.1 Introduction
3.2 COVID-19 impact
3.3 Ukraine-Russia war impact
3.4 Industry ecosystem analysis
3.4.1 Component suppliers
3.4.2 Manufacturers
3.4.3 Profit Margin Analysis
3.4.4 End-users
3.4.5 Distribution channel analysis
3.4.6 Vendor matrix
3.5 Technological & innovation landscape
3.6 Patent Landscape
3.7 Key News, By Region
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Growing inclination towards recreational activities in Asia Pacific
3.9.1.2 Growing usage of electric power sports vehicles in agriculture sector
3.9.1.3 Increasing deployment of electric power sports vehicles across tourist places
3.9.1.4 Rapid investments in R&D by electric powersports OEMs in Europe and North America
3.9.1.5 Increasing electric power sports vehicles adoption across North America
3.9.2 Industry pitfalls & challenges
3.9.2.1 High initial cost of electric power sports vehicles
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights Inc.
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.
