Selbyville, Delaware, Jan. 30, 2020 (GLOBE NEWSWIRE) --
According to latest report “Powersports Market by Vehicle (ATV, Side by Side Vehicles, Personal Watercrafts, Snowmobiles, Heavyweight Motorcycles), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of power sports will reach $50 billion by 2026. The increase of off-road leisure and recreational activities is supporting the demand for power sports vehicles.
The construction of new recreational centers along with the maintenance and upgrading of existing sites will positively influence the power sports market share. Governments across the globe are actively involved in the commissioning of new trails and upgrading the existing ones, supporting the industry growth.
For instance, in 2016, the Ministry of Culture, Sport, and Parks inaugurated snowmobile and ATV trails in the Moose Mountain Provincial Park. The government of Saskatchewan along with the National Trains Coalition invested over USD 250,000 for this project, playing a significant role in attracting off-roading enthusiasts for recreational and sports activities.
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The ongoing mobility trends and developments in the automotive industry, such as vehicle sharing, machine learning, electrification, and self-driving features, are transforming the powersports market offerings. Autonomous cars and driver-assisted technologies are expected to support the transformation of conventional power sports products over the forecast timeline. Introduction of electric cars and machine learning is compelling power sports vehicle manufacturers to innovate their offerings by integrating electric and eco-friendly features.
The Asia Pacific power sports market size is expected to witness high demand for ATVs, side by side vehicles, and motorcycles owing to expansion of manufacturer subsidies and increased consumer awareness. The regional growth is attributed to lower product prices on account of low manufacturing costs and availability of low tax options.
However, higher concentration of industry players in western regions along with the lower demand for such vehicles increases the vehicle cost substantially. Additionally, regional governments are implementing several policies and projects for the development of off-road & recreational infrastructure, further supporting industry growth.
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Some major findings of the power sports market report include:
- Industry participants are continuously investing in R&D to differentiate their product portfolio to drive sales.
- Technological advancements including independent suspension, four-wheel drive systems, EFI, CDI, and turbochargers focus on enhancing the off-road driving experience and reducing driver fatigue, fueling the powersports market demand.
- Government initiatives to promote safety and regulate emissions from these vehicles are boosting customer confidence, playing a major role in the increased adoption of power sports vehicles.
- Key players operating in the power sports industry are Honda Motor Co., Ltd., Polaris Industries Inc., Kawasaki Motors Corporation, BRP Inc., Kubota Corporation, KYMCO, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Arctic Cat Inc, and Deere & Company.
- The market players are continuously involved in developing new products with technical advancements and electric capabilities. These developments are attributed to growing demand for environment-friendly power sports vehicles and reduction of harmful emissions. The companies are offering alternative engines, such as gas and electric-based models, to gain a higher industry share.
Table of Contents (ToC) of the report:
Chapter 3 Power Sports Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.2.1 Impact of green movement on the industry
3.2.2 Evolution of electric power sports vehicle
3.2.3 Development in automotive sector and its impact on industry
3.2.4 Roadmap for electric power sports vehicle
3.2.5 Industry news (R&D, M&A, investments)
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Manufacturers
3.3.3 Distributors
3.3.4 Distribution channel analysis
3.3.4.1 Wholesalers
3.3.4.2 Retailers
3.3.5 Vendor matrix
3.4 Pricing trend analysis, by region
3.4.1 NA
3.4.2 EU
3.4.3 APAC
3.4.4 LATAM
3.4.5 MEA
3.5 Cost structure analysis
3.6 Technology landscape
3.6.1 Turbocharger
3.6.2 Four-wheel drive (4x4)
3.6.3 Independent suspension
3.6.4 Continuously Variable Transmission (CVT)
3.6.5 Electronic Fuel Injection (EFI)
3.6.6 Capacitor discharge ignition (CDI)
3.7 Regulatory landscape
3.7.1 North America
3.7.1.1 Consumer Product Safety Commission (CPSC)
3.7.2 Europe
3.7.2.1 European Emission Standards
3.7.3 Asia Pacific
3.7.3.1 Department of Infrastructure and Regional Development - Australia
3.7.4 Latin America
3.7.5 Middle East & Africa
3.7.5.1 Road and Transport Authority – Government of Dubai
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Growth potential analysis
3.10 Competitive landscape, 2018
3.10.1 Company market share analysis, 2018
3.10.2 Strategy dashboard
3.11 Porter’s analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/power-sports-market
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.