Pune, India, March 03, 2021 (GLOBE NEWSWIRE) --
The global power sports market size is set to expand at substantial CAGR during the forecast period. Individuals across the globe have been engaging in cross country, trail, and motocross events as well as transcontinental touring after being confined to their homes due to the COVID-19 pandemic. The demand for motorsports and recreational equipment has spiked up dramatically during the last few months.
With numerous consumers looking for both enhanced performance and zero-emission benefits, several power sports companies such as Polaris have been adding more EVs to their product portfolios. The following seven key trends have been instrumental in enabling the expansion of the industry:
Racing competitions across the U.S. and Canada
With the increasing popularity of racing and off-road competitions across the region, alongside the growing investments in off-road infrastructure by the regional governments, the North America power sports market share is set to soar.
The U.S. and Canada particularly have been witnessing considerable youth participation in adventure sports. Additionally, some government and military establishments have been collaborating with power sports manufacturers for developing technologically advanced defense-specific automobiles.
For instance, during January 2020, the Government Services Administration or GSA, announced that it has signed a contract with Polaris Government and Defense for providing a new light tactical vehicle, MRZR Alpha.
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Growing popularity of ice sports events in Canada
Due to the favorable geographical factors such as the substantial amount of snow cover during winters across the region, the Canadian powersports market is likely to represent a significant share of the total industry share through 2026.
This factor has been fueling the demand for ice sports events in the country. Although the industry expansion rate is being hindered due to the hike in the costs of raw materials and high import duties in the light of the COVID-19 pandemic, the deployment of snowmobiles in ice sports will gradually rise by 2026.
The growing deployment is promoted by the usage of snowmobiles across snow covered regions for local trips and essential errands also, which are receiving considerable government support in the U.S. Canadian provinces such as the British Columbia and Quebec have been exhibiting high demand owing to heavy snowfall and high consumer inclination.
ATVs and UTVs to see higher adoption in North America
The North America power sports market size is certain to expand as the demand for new ATVs and UTVs in the region has been augmenting. Several industry leaders have been seeking to diversify their product ranges by offering innovative products. For instance, recently, in February 2021, Yamaha announced the launch of its new podium-toping sport ATVs including Raptor 700, Raptor 700R, and YFZ450R in the U.S.
Similarly, Polaris is expected to launch its premier full-size electric ATV by the end of 2022, under its ‘Rev’d Up Strategy’ aiming to offer electric vehicle (EV) options across its snowmobile and off-road vehicle segments.
High demand for heavy-weight motorbikes in Europe
The Europe market for power sports has been categorized into snowmobiles, side by side vehicles, all-terrain vehicles, heavyweight motorcycles, and personal watercrafts in terms of type of vehicle. The heavy-weight motorcycles segment has been expanding at a notable pace through the forecast years.
The demand can be attributed to the rising number of motocross events across the European countries. Heavy-weight motorcycles are considered highly desirable due to their high torque and power, with compact sizes, and better cornering abilities. They can be easily towed and parked and require minimal maintenance.
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Robust presence of tourist industry in APAC
The strong demand for adventure sports activities from the tourism sector in the region has been accelerating the Asia Pacific powersports market size. The presence of scenic beauty alongside the geographical aspects such as the high number of beaches in the region, has been leading to more tourists visiting these countries.
Owing to the robust tourism industry across Thailand, Malaysia, India, Indonesia, and Singapore, these countries are likely to make major contributions toward the growth of the overall Asia Pacific power sports market share in terms of revenue.
The demand for watersports and other recreational equipment has been witnessing a marked uptick since last few years due to the lower costs associated with tourist expenditures in these South Asian countries in comparison to the western countries.
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Side by side vehicles segment to spiral upward in Asia Pacific
The SSV segment in the APAC power sports market is slated to register a high growth rate through the forecast years, fostered by the improved functionality and the superior riding experience offered to the rider. The latest SSVs have been designed for utilization across a variety of ground conditions.
They feature enhanced suspension, four-wheel disc brakes, improved control, and numerous drive mode options. The cost of ownership of these vehicles is also reducing, thanks to the efforts of the leading SSV manufacturers such as Kubota.
Enhanced configuration and better after-sale services in Asia
The APAC powersports market share is slated to receive a considerable impetus from the increased focus of the industry leaders toward the enhancement of configuration of their latest range of automobiles. Numerous manufacturers of ATVs, SSVs, and UTVs have been seeking to offer latest technological features. They have been improving their after-sales services to boost their market presence through enhanced customer satisfaction.
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