Newark, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global power sports market is expected to grow from USD 28.00 billion in 2020 to USD 45.65 billion by 2028, at a CAGR of 4.79% during the forecast period 2021-2028.
The power sport market is witnessing significant growth form the past years. This growth is attributed to increased private sector investments in the building of dedicated recreational and entertainment facilities. In North America and Europe, there is a growing interest in recreational activities, which is helping in the growth of the market. Rising number of off-roading events in Asia-Pacific will propel the power sport market. The power sports market value includes the collection, integration, and presentation of business information utilising a number of technologies and practises, which is likely to generate market growth prospects.
The sub-category of motorsports is known as power sports. The engine and handlebars, which regulate the vehicle's movement, are the vehicle's most prominent features. Industry participants have made significant investments as a result of the introduction of vehicles with increased performance. Side-by-side vehicles (SxS), all-terrain vehicles (ATVs), dirt bikes, snowmobiles, powerboats, motorbikes, and personal watercraft are all examples of power sports vehicles. It's commonly used in outdoor leisure places like theme parks, trails, and wilderness areas. One of the distinguishing aspects of any power sport is the utilisation of an engine in some form or another.
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The global power sport market is expected to witness significant growth, the growth of the power sports market will be aided by rising disposable income in nations such as the United States, China, and the United Kingdom. By adding new terrains and difficulties, racers are levelling up the bar. In the worldwide power sports market, this creates new growth potential. The factors restraining the market growth are power sports cars have high ownership and maintenance costs. Unfavorable weather conditions, an ageing population, and an increase in uncontrolled and illegal car use are all expected to limit the global power sports market share expansion. These factors may have a negative impact on the global power sports market's growth. The growing popularity of adventure sports is likely to open up new lucrative prospects, propelling the power sports market to new opportunities.
Prominent players in the power sports market include Yamaha Motor Co., Ltd., Arctic Cat, Inc., Harley Davidson, Kymco, Polaris Inc., Honda Motor Co., Ltd. Bombardier Recreational Products, Suzuki Motor Corporation, Deere & Company, and Kawasaki Motors Corporation. Manufacturers in the power sports industry are concentrating their efforts on partnerships and collaborations in order to increase their market share. Through this endeavour, the corporation hopes to boost its efficiency while also contributing to market growth. Yamaha Motor Co., Ltd., and Arctic Cat, Inc., are some of the key manufacturers operating in power sport market.
- For instance, in June 2019, KYMCO entered the India market in collaboration with Indian smart electric vehicle (EV) manufacturer 22Motors. This collaboration strengthened the position of the company across the world.
- In December 2020 launch of exclusive off-road electric four-seaters was announced by the CEO of Volcon in Liberty Hill. Their new factory will have the major capacity to manufacture some 9,000 cars annually.
On-Road segment dominated the market and held the largest market share of 40.9% in the year 2020
On the basis of application, the global power sport market is segmented into snow, off-road, and on-road. On-Road segment dominated the market and held the largest market share of 40.9% in the year 2020. This growth is attributed to the rising popularity of personal transportation vehicles, particularly on-road motorcyclists.
All-terrain segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of type, the global power sport market is segmented into all-terrain vehicles, snowmobiles, side-by-side, heavyweight motorcycle and watercraft vehicles. All-terrain vehicles segment dominated the market and held the largest market share of 29.15% in the year 2020. All-terrain vehicles provide advantages such as lower vehicle weight, fewer maintenance expenses and a lower minimum driving age as compared to other power sports vehicles.
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Regional Segment of Power Sports Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global power sports market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 43.97%% in the year 2020. Weather conditions are favourable, and the region has a great number of leisure facilities. Furthermore, the existence of established players such as Arctic Cat and Yamaha Motor Corporation, as well as BRP and Polaris, will help the product gain traction. An increasing demand for power sports vehicles in snowmobiling and water surfing is also contributing to the growing demand in Canada and the U.S. The Asia-Pacific region is anticipated to grow and holds the largest market share. The market in China is expanding, owing to the increased consumer knowledge of recreational activities and an increase in disposable income in the region. Japan is expected to witness significant growth, owing to the emergence of recreational clubs and provincial organisations that promote off-road and recreational leisure activities strongly.
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About the report:
The global power sports market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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