Pune, India, March 28, 2022 (GLOBE NEWSWIRE) -- The global powersports market size is expected to gain momentum by reaching USD 12.75 Billion by 2027 while exhibiting a CAGR of 5.5% between 2020 and 2027. Fortune Business Insights, in its report titled “Powersports Market, 2020-2027.”, mentions that the market stood at USD 9.44 billion in 2019. Factors such as the increasing demand for snowmobiling and the growing focus on installing after-purchase equipment by the manufacturers are anticipated to favor the product’s demand in the forthcoming years.
The report provides a detailed market outline, covering each facet of definitions, classifications, applications, and industry chain frameworks. It throws light on the crucial market dynamics, together with the current trends in the market. The report covers the analysis of various sectors in its entirety that propels the growth of the market like trends & opportunities, which may affect the market in a negative/positive way in the long run.
Key Industry Development
July 2020 – BRP announced the development of its new facility in Mexico. According to the company, the new facility is expected to meet the growing demand for side-by-side vehicles by ensuring surplus production.
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| Report Coverage | Details |
| Forecast Period | 2022-2027 |
| Forecast Period 2021 to 2028 CAGR | 5.5% |
| 2028 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 | All-Terrain Vehicle, Side-by-Side Vehicle, Personal Watercraft, Snowmobiles, Heavyweight Motorcycle |
| Growth Drivers | Increasing Demand for Snowmobiling to Augment Growth |
| Product Innovation by Major Companies to Amplify Their Market Prospects |
Powersports Market Growth Drivers:
- According to the International Snowmobile Manufacturers Association, annually, about USD 36 billion is spent on snowmobiling activities in the US and Canada.
- Moreover, the sport generates a revenue of around USD 350 million every year in the state of Maine. Therefore, the sought-after recreational sport is expected to positively affect the demand for the product.
- Moreover, the growing demand for after-purchase accessories is further anticipated to boost the global powersports market growth during the forecast period.
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Powersports Market Segments Analysis
On the basis of vehicle type, the market is classified into all-terrain vehicles (ATV), side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles. Moreover, based on application, the market is segmented into on-road and off-road.
Based on application, the off-road segment is expected to hold a significant global powersports market share in terms of revenue in the forthcoming years. This is owing to the increasing demand for such automotive that can efficiently drive on uneven and rocky surfaces globally.
Lastly, based on region, the market is divided into North America. Asia-Pacific, Europe, and Rest of the World.
Regional Insights:
North America – The region is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is due to the favorable climatic conditions and the presence of several recreational sports in countries such as the U.S. that is likely to propel the demand for advanced powersports in the region. North America stood at USD 7.26 billion in 2019.
Asia-Pacific – The market in Asia-Pacific is anticipated to showcase exponential growth backed by the rising disposable income of the working population and the increasing consumer awareness regarding recreational sports in the region that will boost the demand for powersports in the region between 2020 and 2027.
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The Report Lists the Key Companies in the Global Market
- 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)
Global Powersports Market Segmentation:
By Vehicle Type :
- All-Terrain Vehicle
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
By Application Type:
- On-Road
- Off-Road
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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