Pune, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global powersports market size is expected to experience significant growth by reaching USD 12.75 billion by 2027. This information is published by Fortune Business Insights in its report, titled “Powersports Market, 2020-2027.” The report further observes that the market stood at USD 9.44 billion in 2019 and is likely to exhibit a CAGR of 5.5% between 2020 and 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. 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.
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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Key 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.
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 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 |
| The increasing demand for advanced ATVs is expected to contribute to the global powersports market growth in the forthcoming years |
Drivers & 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.
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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.
Segments-
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 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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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.
A list of prominent Powersports manufacturers operating 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)
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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
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Powersports Market
- Impact of COVID-19
- Global Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
- Market Analysis, Insights and Forecast – By Application
- On-Road
- Off-Road
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
- Market Analysis – By Application
- On-Road
- Off-Road
- Market Analysis – By Country
- U.S.
- Canada
- Mexico
- Europe Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
- Market Analysis – By Application
- On-Road
- Off-Road
- Market Analysis – By Country
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
- Market Analysis – By Application
- On-Road
- Off-Road
- Market Analysis – By Country
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World Powersports Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Vehicle Type
- All-Terrain Vehicle (ATV)
- Side-by-Side Vehicle
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycle
- Market Analysis – By Application
- On-Road
- Off-Road
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2019)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 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)
Continued...
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