Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global powersports market size is projected to reach USD 12.75 billion by the end of 2027. Factors such as the growing demand for ATVs and the increasing focus of the manufacturers to expand their facilities will propel the demand for the product. According to a report published by Fortune Business Insights, titled “Powersports Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (All-Terrain Vehicle, Side-by-Side Vehicle, Personal Watercraft, Snowmobiles, Heavyweight Motorcycle), By Application (On-Road, Off-Road), and Regional Forecast, 2020-2027” the market was worth USD 8.76 billion in 2020 and will exhibit a CAGR of 5.5% during the forecast period, 2021-2027.
Powersport vehicles are generally high-performance vehicles adopted for off-highway and on-highway recreational activities that can withstand extreme operating conditions such as debris, shock/vibration and other environmental hazards.
Industry Development
March 2021 – EagleRider Holdings, the leading global powersports rental company, announced the launch of EagleShare platform. The company reports that the platform effortlessly connects dealers and private owners of snowmobiles, ATVs, and rental customers globally.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2021 to 2027 CAGR | 5.5% |
| 2027 Value Projection | USD 12.75 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 8.76 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | By Vehicle Type, By Application |
| Growth Drivers | Increasing Demand for ATVs to Promote Growth |
| Contract Signing by Prominent Companies to Consolidate Their Market Positions |
Regional Insights
North America stood at USD 7.26 billion in 2019 and is expected to hold the largest global powersports market share in the forthcoming years. This is attributable to the presence of established manufacturers such as Yamaha Motor Corporation, BRP, Arctic Cat, and Polaris that are focusing on developing advanced ATVs and side-by-side vehicles in the region.
The market in Europe is expected to showcase exponential growth backed by the supportive government policies that promote recreational and off-road leisure activities in the region between 2020 and 2027.
Based on vehicle type, the personal watercraft segment is anticipated to experience considerable growth in the forthcoming years. This is due to increasing demand for such vehicles as they are deemed to be safe and provide high power to weight ratio.
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Market Drivers and Restraints:
Increasing Demand for ATVs to Promote Growth
In Georgia, U.S., a federal grant was awarded to ensure the development of a recreational facility, Bush Head Shoals ATV Park. The soaring demand for ATVs is well-known globally. These vehicles are lower on maintenance and can be easily maneuvered. Besides, their affordability enables them to be favorite among the youth and the older population. According to the MotorCycles data, in 2020, over 0.7 million units of ATVs were sold with North America representing more than 60% of the global sales. Therefore, the increasing demand for advanced ATVs is expected to contribute to the global powersports market growth in the forthcoming years.
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Competitive Landscape
Contract Signing by Prominent Companies to Consolidate Their Market Positions
The market is fragmented by the presence of key players striving to maintain their dominance by signing significant contracts with other companies to expand their powersports portfolio. Moreover, the major companies are adopting strategies such as partnership, collaboration, and facility expansion to develop advanced radar systems to cater to the growing demand for advanced off-road vehicles and accessories during the forecast period.
Companies Profiled in the Powersports Market Research Report:
- Polaris Inc. (Minnesota, U.S.)
- Textron Inc. (Rhode Island, U.S.)
- Arctic Cat Inc. (Minnesota, U.S.)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BRP (Quebec, Canada)
- Harley Davidson (Wisconsin, U.S.)
- Kawasaki Heavy Industries, Ltd. (Tokyo, Japan)
- KYMCO (Kaohsiung City, Taiwan)
- Suzuki Motor Corporation (Shizuoka, Japan)
- Yamaha Motor Co., Ltd. (Shizuoka, Japan)
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FREQUENTLY ASKED QUESTIONS
1. Who has the best Powersports?
Polaris Inc., Textron Inc., Arctic Cat Inc., Honda Motor Co., Ltd., BRP, Harley Davidson, Kawasaki Heavy Industries, Ltd., KYMCO, Suzuki Motor Corporation, Yamaha Motor Co., Ltd. (Shizuoka, Japan)
2. How big is the Powersports market?
Fortune Business Insights says that the global market size was USD 8.76 Billion in 2020 and is projected to reach USD 12.75 Billion by 2027.
3. Which region held the highest share in the market?
North America Powersports Market Size, 2019
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insights on Regulatory Scenario
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
4.6. Value Chain Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Battery Energy Storage Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by the Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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