Selbyville, Delaware, Feb. 03, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the power sports aftermarket which estimates the industry valuation will cross US$ 14 billion by 2027. The growing demand for replacement parts of power sports vehicles due to high wear & tear during off-roading activities is driving the market. The rising number of accidents during racing leads to significant damage, increasing the adoption of aftermarket parts.
The rapid spread of Coronavirus health-crisis across the globe has impacted the market negatively. Government restrictions on travel and trade have led to a gradual decline in the market revenues. The implementation of lockdown globally has adversely affected the production capacity of companies. Several market players had to briefly suspend production of power sports vehicles and components during the initial six months of 2020.
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The UTV segment is expected to witness a growing share in the market. UTVs are being increasingly used in farming and goods transportation across different terrains. These machines are also used in sports & recreational off-road activities. The enhanced passenger and load carrying capacity offered by UTVs compared to ATVs on difficult terrains is driving the segment growth.
The power sports aftermarket in Asia Pacific held a high market share in 2020 owing to growing consumer inclination toward off-roading water sports and other recreational activities in the region. The increasing investments in the development of amusement parks, trails, and water sports clubs in countries, such as Australia, Japan, China, and India, are supporting the regional market. For instance, in March 2021, Motorcycling Australia organization will organize the Australian off-road championship event, supporting the demand for aftermarket spare parts in the country.
Market players are emphasizing on strategic acquisitions and partnerships to strengthen their market position. For instance, in January 2018, Arrowhead Engineered Products acquired Ratioparts, a German distributor of aftermarket parts for power sports equipment and components. The acquisition was made to expand the company’s global footprint and enhance the service offerings.
Some major findings in the power sports aftermarket market report include:
- Rising development and integration of new components, such as audio bars and communication systems, are accelerating the power sports aftermarket growth.
- Availability of low-cost parts and components compared to products offered by the OEMs is one of the major factors positively influencing the market demand.
- The increasing number of off-road activities, championships, and racing events across North America and Europe is contributing to the demand for power sports vehicles, driving the market.
- Rising consumer disposable income levels in Asia Pacific and the MEA have resulted in high inclination toward recreational products and sports events. Individuals are spending on modification of their power sports vehicles to enhance the performance.
- The integration of GPS systems, audio, and video systems into power sports vehicles will enhance the safety of the rider by facilitating communication during emergencies.
- The growing development of electric power sports vehicles to reduce carbon emissions is expected to have a positive impact on the industry.
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Some of the major players operating in the power sports aftermarket industry are Yamaha Motor Co., Ltd., Polaris Inc., KWANG YANG MOTOR CO., LTD, Bombardier Recreational Products, AISIN SEIKI Co., Ltd., Harley Davidson, Honda Motor Co., Ltd., Kubota Corporation, Motorsport Aftermarket Group, and Western Power Sports.
Partial chapters from the report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Power sports aftermarket industry 360° synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Vehicle trends
2.1.4 Sales channel trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on power sports aftermarket industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Rising disposable income of individuals in North America and Europe
3.6.1.2 Growing number of accidents and damage caused during the events increases the demand for aftermarket parts
3.6.1.3 Increasing off-road and coastal events in Asia Pacific
3.6.1.4 Rising development of amusement park and trails in MEA and LATAM
3.6.1.5 High R&D investments and product innovation
3.6.2 Industry pitfalls & challenges
3.6.2.1 High cost for aftermarket manufacturing setup
3.6.2.2 Counterfeiting of components
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
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.