Selbyville, Delaware, Jan. 31, 2022 (GLOBE NEWSWIRE) --
The power sports market is expected to surpass USD 50 billion by 2028, as reported in a research study by Global Market Insights Inc. The market is anticipated to show significant growth during the projected timeframe owing to the proliferation of power sports rental platforms and recreational clubs across the globe. Various governments are providing financial support to these clubs to improve the tourism sector, further driving market growth.
The power sports market was impacted in early 2020 due to the spread of COVID-19 globally. The majority of governments enforced strict safety measures such as lockdowns and a ban on international transport, which affected the power sports vehicle sales. However, power sports vehicles witnessed significant market demand owing to growing consumer participation in outdoor recreational activities due to leniency in lockdown restrictions in the second half of the pandemic.
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Enhanced riding experience and technologically advanced features are creating significant market demand for snowmobiles in North America and Europe. Industry players including Polaris, Inc. and Yamaha Motor Co., Ltd. are launching new snowmobile series to stay competitive in the market. For instance, in March 2021, Polaris, Inc. launched a new 2022 snowmobile lineup with upgraded suspensions and frame structure compared to the previous models.
Increasing focus of OEMs on the development of electric power sports vehicles to contribute to the sustainable environment is augmenting the market growth in Europe. For instance, in September 2019, Finland-startup, Aurora Powertrains launched a new electric snowmobile, eSled built on a BRP snowmobile chassis. The model offers a 9.5 kWh capacity with a driving range of 40km.
Industry participants in the power sports market are focusing on increasing the efficiency of their vehicle engines to improve their brand value. For instance, in September 2020, Kawasaki launched the new Jet Ski STX 160 powered by a 1.498cc four-cylinder engine. It has an adjustable electronic cruise control speed and a gun-grip for a convenient grip on the handles. This launch aided the company to extend its watercraft portfolio.
Some major findings in the power sports market report include:
- Presence of established market players and large potential audiences are spurring the market growth in North America. The U.S. and Canadian governments are providing fundings to adventure sports clubs to improve their service offerings, boosting vehicle sales.
- Proliferation of recreational off-road clubs and increasing consumer disposable incomes are fueling the demand for power sports vehicles in Europe. Additionally, the availability of technologically advanced snowmobiles, personal watercraft, and heavy-weight motorcycles will create robust market expansion opportunities.
- Government initiatives to adopt power sports vehicles, such as ATVs and UTVs, in military applications are supporting the power sports market growth. Industry players are participating in various power sports and off-road vehicle exhibitions to enhance their statistics.
- Shifting consumer focus toward leisure activities and rising penetration of OEMs are boost the industry growth in Latin America. Furthermore, market players are involved in new vehicle launches to increase their consumer base, which will propel the market size.
- Supportive government initiatives including theme park construction and the booming tourism industry are fueling power sports vehicle sales in the MEA region. The booming tourism industry and rising usage of ATVs in military applications will create a positive outlook for the market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Power Sports industry 360° synopsis, 2017 – 2028
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on power sports market landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.3 Industry ecosystem analysis
3.4 Investment landscape
3.5 Price trend analysis, by region
3.5.1.1 North America
3.5.1.2 Europe
3.5.1.3 Asia Pacific
3.5.1.4 Latin America
3.5.1.5 MEA
3.6 Technology & innovation landscape
3.7 Impact of green movement on the power sports market
3.8 Development in automotive sector and its impact on power sports industry
3.9 Evolution of electric power sports vehicles
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis
3.13 Porter's analysis
3.14 PESTEL analysis
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.
