New York, March 21, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Powersports Market Growth and Forecast Report to 2028 - COVID-19 Impact and Global Analysis By Type (All-Terrain Vehicles, Side-by-Side, and Motorcycles)"; the global powersports market size is projected to reach USD 131.08 billion by 2028 from USD 93.70 billion in 2021; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028.
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Global Powersports Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 93.70 billion in 2021 |
| Market Size Value by | USD 131.08 billion by 2028 |
| Growth rate | CAGR of 4.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 185 |
| No. of Tables | 121 |
| No. of Charts & Figures | 89 |
| Historical data available | Yes |
| Segments covered | Type |
The early acceptance of the Blink Charging Co.'s Level 2 AC charging stations has been paving the way for a rise in electrically driven motorbikes and other recreational vehicles. Dealerships, repair shops, and alternative fueling stations are more likely to supply a power source for charging bigger cars faster and more effectively through well-planned and constructed charging stations. Electric bikes are currently being built with an engine in the wheel well, in addition to these adjustments. This modification in the engine position reduces vehicle weight and allows more power generation with less effort, which signifies the significant potential for the future generation of powersports market.
All-Terrain Vehicles are more commonly produced and utilized for work than for enjoyment. They are huge and strong, and include plenty of storage space. Also, they have an ability to make seat people side by side. ATVs are frequently utilized to transport equipment and supplies in places where a vehicle would be impracticable. ATVs are most known for transporting grain, hay, and supplies on farms, but they are also gaining popularity in nonagricultural areas. ATVs are commonly used at schools to haul water bottles, sports equipment, and even players on occasion. These features lead to the growth of powersports market.
The European powersports market experienced growth in 2019 due to the increasing motorcycles sales in Germany and Italy. According to moto.it, BMW managed to sell 15,879 units of the R1250GS model in Germany and Italy combined in 2019. In 2020, the downfall in the automotive industry hampered the market growth in Europe due to the decreased production of automotive components. According to the ACEA report of December 2020, European car sales fell back to 20.5% year-on-year to 713,346 units. Several major countries experienced a downfall in vehicle sales. As per an article published by the Hürriyet Daily News in December 2021, Italy and Poland’s vehicle sales fell by a quarter; Spain and Belgium were down by 12.3% and 17.1%, respectively. However, France limited the fall to 3.2%, and German registrations were dived by 31.7%.
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Global Powersports Market: Competitive Landscape and Key Developments
American Landmaster; ARCTIC CAT; Bombardier Recreational Products Inc.; HISUN; Honda Motor Company, Ltd.; Kawasaki Motors Corp.; Polaris Inc.; Suzuki Motor Corporation; Volcon; and Yamaha Motor Co., Ltd. are among the leading players in the global powersports market. Several other companies are functioning in the market and are contributing substantial revenues to propel the market growth.
In 2022: Volcon received 365 applicants in just 160 days for dealership across US country. The new established dealership team of Volcon has signed 60 dealerships as on March 2022. This shows that Volcon can successfully execute and onboard dealers.
Rising Use of Powersports to boost Adventure tourism to Boost Global Powersports Market Growth during (2021-2028):
Adventure tourism involves traveling to new locations for gaining new experiences, with controlled risk components and personal challenges in wild & exotic environments. An increase in the number of visitors interested in off-road driving is contributing to the economic growth of the respective country.
Powersports generates over US$ 1.15 billion in revenue in Malaysia each year through housing, logistics, and tourism expenditures. Racing events hosted by Malaysia include the Motorcycle Grand Prix (MotoGP), the Asia Road Racing Championship (ARRC), and the Malaysian Cub Prix. These events bring significant societal and economic benefits. The widespread awareness among sports tourists regarding such racing events is the heart of motorsport tourism. The long duration of the events, visibility and coverage by print and electronic media, sponsorship from domestic and global firms, and excessive economic opportunities for locals are all advantages of motorsports tourism destinations. Factors such as high energy levels, drive, and travel desire among people are the major factors pushing the travel motive. For many, the desire to meet new and like-minded people with similar sociability interests is a driving force for off-roading. These features lead to the powersports market growth.
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Global Powersports Market: Sector Overview
The global powersports market, based on type, is segmented into all-terrain vehicles, side-by-side, and motorcycles. Due to rising adoption among younger consumers and cheap loan rates, the motorcycles segment held a significant market share in 2020. However, the registrations of large-engine motorcycles (600cc and more) have dropped in recent years due to a shift in customer demand (primarily ascribed to younger consumers) toward more accessible, lighter, and fuel-efficient bikes. As a result, the market for the motorcycles segment is expected to grow steadily in the coming years.
Key Findings of Study
The global powersports market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The powersports market growth in North America and Europe can be attributed to the increased use of all-terrain vehicles (ATVs) for recreational activities. ATVs have lesser age restrictions and lower maintenance costs than other powersports vehicles. Also, they are easier to maneuver due to low vehicle weight. Additionally, there is a rise in government initiatives in North America and Europe to increase the number of ATV pathways in recreational parks. Therefore, owing to the increased use of ATVs and the rise in government support in these regions, the demand for powersports is increasing.
Rise in disposable income and greater consumer awareness regarding recreational activities are fueling the powersports market growth in APAC. In addition, high demand for heavyweight motorcycles and side-by-side vehicles in the region propel the market growth.
The global powersports market consists of companies having a wide range of product portfolio. Each category has well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall powersports market. However, based on parameters such as overall revenue, brand image, current powersports product portfolio, geographic reach, customer base, technology adoption & integration, new product/feature launches, partnerships, mergers & acquisitions, and other market-related activities.
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