Powersports Market Share Projected to Reach USD 30.2 billion, with a CAGR of 6.65% by 2030 – Report by Market Research Future (MRFR)

Powersports Market Growth Boost by Growing Trends, Innovations in Powersports Products and Rise In Adventure Tourism

New York, US, May 03, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Powersports Market Research Report Information by Model, Region, Application, and Type - Forecast Till 2030, the global powersports market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.65%. The reports further predict the market will acquire nearly USD 30.2 billion by the end of 2030. As per the documents, the powersports industry was valued at nearly USD 18.1 billion in 2022.

Powersports Industry Overview:

The global Powersports market has lately demonstrated immense development. The primary parameter is causing a surge in the growing popularity of leisure activities.

Competitive Analysis

The listing of the prominent leaders across the global powersports market includes players such as:

  • BRP
  • Honda Motor Co. Ltd
  • Textron Inc.
  • Polaris Industries
  • Yamaha Motor Co. Ltd
  • Among others.

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Powersports Market USP Covered

Market Drivers

The global Powersports market has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising trend of recreational sports. Furthermore, the popularity of leisure pursuits like off-road biking is also likely to boost the market's development over the assessment era. Moreover, factors such as expanding participation in leisure activities, the trend of recreational activities, and reduced maintenance expenses are also likely to catalyze the development of the market over the coming years.

Market Restraints

On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high initial costs.

Powersports Market Report Scope:

Report Metrics Details
Market Size 2030 2030: USD 30.2 billion
CAGR during 2022-2030 6.65% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type and Application
Key Market Opportunities Innovations in powersports products
Key Market Dynamics Increase in all-terrain vehicle popularity and experience zones Rise in use of powersports to boost adventure tourism

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Powersports Market:


Powersports Market COVID-19 Impact

The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The power sports market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.

Powersports Market Segment Analysis

Among all types, the new energy engine segment is anticipated to hold the top spot across the global market for powersports over the review era. The prime parameter supporting the brilliant performance of the segment is the more government initiatives. Furthermore, factors such as increased access to fast charging stations in both public & private spaces, increased R&D operations, and increasing public awareness of environmental issues are also likely to boost the segment's performance over the coming years. However, the diesel engine segment is anticipated to display the highest development over the coming years owing to the growing use in commercial & heavy-duty vehicles.

Among all the application areas, the commercial car segment secured the leading position across the global market for Powersports in the year 2021, owing primarily to the recovery of the world economy along with the rising disposable income. Furthermore, the factors such as the rising use of off-road vehicles in military & recreational activities, technological advancements in off-road vehicles, and rising travel & leisure activities are also likely to boost the segment's performance over the coming years. On the contrary, the passenger vehicle sector will likely showcase the maximum growth rate over the coming years, given the factors such as consumers' growing preference for eco-friendly vehicles and mobility service providers to daily commuters.

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Powersports Market Regional Analysis

The global market for Powersports is studied across five major parts of the world: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.

The research reports by MRFR suggest that the North American region held the top position across the global powersports industry in 2021, with the largest contribution of around USD 7.7 billion. The reports further anticipate the regional market to thrive considerably during the assessment period at a healthy growth rate. The prime parameter supporting the brilliant performance of the regional market is the region's abundant leisure opportunities along with the brilliant local weather. In the US, there are nearly 7,539 neighborhood parks and recreation facilities. All these parks and facilities employ 45,701 people, produce more than USD2 billion in annual revenue, and have USD 9 billion in assets. In addition, the presence of well-known competitors, such as Yamaha Motor Corporation, Arctic Cat, and Polaris, will encourage consumers to implement the product. Given the substantial economic impact of powersports activities, state and federal governments in the US and Canada also provide major support.

The European regional market for Powersports is anticipated to ensure the second spot globally, given mainly to the development of recreational clubs and regional organizations that strongly encourage off-road & recreational leisure activities across the region. Various substantial players are launching the newest technological items in the area to enhance their market value. The region has the UK and Germany as the leading growth contributors.

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The Asia-Pacific regional market is anticipated to showcase the highest expansion during the review era. Given customers' growing awareness and leisure options, the market is predicted to develop substantially over the review era. The regional market has witnessed a massive development in demand for off-highway vehicles; various well-known automakers and some fresh faces are focusing on generating these vehicles to increase their market share and revenue streams.

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