Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The global powersports market size was USD 9.44 billion in 2019. The market is anticipated to grow from USD 8.76 billion in 2020 to USD 12.75 billion by 2027 at a CAGR of 5.5% in the forecast period of 2020-2027. This information is provided by Fortune Business Insights, in its report titled, “Powersports Market, 2020-2027.”
Powersports 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. 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.
Industry Development:
March 2021 – Eagle Rider Holdings, the leading global Powersports rental company, announced the launch of Eagle Share 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 Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 5.5% |
| 2027 Value Projection | USD 12.75 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 9.44 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Powers ports Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (All-Terrain Vehicle, Side-by-Side Vehicle, Personal Watercraft, Snowmobiles, Heavyweight Motorcycle) |
| Growth Drivers | Increasing Demand for ATVs to Promote Growth |
| These vehicles are used across diverse terrains for a wide range of activities. Hence, enhancing functionality via utility-oriented modifications is a top priority for off and on-road enthusiasts. |
Market Drivers and Restraints:
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
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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.
Report Coverage
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Segmentation of Report:
On the basis of vehicle type, the global market for Powersports is divided into all-terrain vehicles (ATV), side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles. Moreover, based on application, the market is categorized into on-road and off-road. Lastly, based on region, the market is classified into North America. Asia-Pacific, Europe, and Rest of the World.
Regional Insights:
North America stood at USD 7.26 billion in 2019 and is likely to hold the largest share of the global market during the forecast period. This is owing to favorable weather conditions and the availability of a large number of recreational facilities in the region. Moreover, the presence of established players, including Arctic Cat and Yamaha Motor Corporation (headquartered in Canada) and BRP and Polaris (headquartered in the US), will favor adopting the product. Furthermore, the state and federal governments in the US and Canada also provide extensive support (for example, surveying & designing trails) owing to the high economic impact of Powersports activities. Hence, these factors are expected to fuel the dominance of this region in the market.
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List of Key Players Covered in the Powersports Market 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)
Powersports Market Segmentation:-
By Vehicle Type
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
By Application
- On-Road
- Off-Road
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- 4.1 Porter’s Five Forces Analysis
- 4.2 SWOT Analysis
- 4.3 Technological Developments
- 4.4 Distribution of Powersports Market
- 4.5 Impact of COVID-19
- Global Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- 5.2.1 All-Terrain Vehicle (ATV)
- 5.2.2 Side-by-Side Vehicle
- 5.2.3 Personal Watercraft
- 5.2.4 Snowmobiles
- 5.2.5 Heavyweight Motorcycle
- Market Analysis, Insights and Forecast – By Application
- 5.3.1 On-Road
- 5.3.2 Off-Road
- Market Analysis, Insights and Forecast – By Region
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 Rest of the World
- North America Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- 6.2.1 All-Terrain Vehicle (ATV)
- 6.2.2 Side-by-Side Vehicle
- 6.2.3 Personal Watercraft
- 6.2.4 Snowmobiles
- 6.2.5 Heavyweight Motorcycle
- Market Analysis – By Application
- 6.3.1 On-Road
- 6.3.2 Off-Road
- Market Analysis – By Country
- 6.4.1 U.S.
- 6.4.2 Canada
- 6.4.3 Mexico
- Europe Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- 7.2.1 All-Terrain Vehicle (ATV)
- 7.2.2 Side-by-Side Vehicle
- 7.2.3 Personal Watercraft
- 7.2.4 Snowmobiles
- 7.2.5 Heavyweight Motorcycle
- Market Analysis – By Application
- 7.3.1 On-Road
- 7.3.2 Off-Road
- Market Analysis – By Country
- 7.4.1 U.K.
- 7.4.2 Germany
- 7.4.3 France
- 7.4.4 Rest of Europe
Continued…
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