Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobiles, Heavyweight Motorcycles), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
The global power sports market is projected gain traction on account of rising inclination of millennials towards off-road leisure activities, coupled with introduction of numerous vehicle-based recreational activities.
Various manufacturers are focusing on improving the off-road driving experience while reducing the driver fatigue by incorporating technological advancements such as turbochargers, capacitor discharge ignition, electronic fuel injection, four-wheel drive systems, and independent suspension in their vehicle offerings, which is further augmenting the power sports market outlook.
According to Global Market Insights, Inc., the power sports market is projected to accumulate US $50 billion by the year 2026.
Elaborating further on the market scenario, governments across the globe are defining emission regulations and safety standards for power vehicles, which in turn is boosting the confidence of buyers, and hence fueling the adoption of power sports vehicles.
Additionally, inflow of funds for construction of new recreational facilities, alongside the upgradation and maintenance of existing centers will contribute towards the expansion of power sports industry. Citing an instance, Ministry of Parks, Culture & Sport in Saskatchewan collaborated with the local government and National Trains Coalition to invest around US $250,000 to develop ATV and snowmobile trails in Moose Mountain Provincial Park. The site is a hub for various sports and recreational activities and has gained immense popularity among off-roading enthusiasts.
Speaking of the vehicle spectrum, power sports market from ATV (all-terrain vehicle) segment is projected to register momentous growth in the upcoming years, owing to the ability of these vehicles to perform well in rough terrains and offer adrenaline rush to the driver. Rising inclination of youngsters for adventure, along with the increasing number of recreational centers having ATV trails will boost the segmental share.
Evolving trend of mobility and developments across the automobile industry is revolutionizing power sports market. Advancements such as self-driving feature, electrification, and machine learning are being incorporated by manufacturers to enhance their offerings and amplify sales. Power sports market players are developing electric vehicles with eco-friendly features to transform the conventional market offerings. Increasing awareness about vehicle sharing is yet another factor boosting product adoption.
Considering the regional outlook, APAC power sports market is expected to gain substantial traction during 2020-2026, on account of burgeoning demand of motorcycles, side by side vehicles, and ATVs. Improving subsidies for manufacturers across the region are decreasing product prices, which in turn is attracting cost sensitive consumers.
However, lower concentration of market players across Asia Pacific as compared to the western regions, in tandem with preference for power sports vehicles among limited population base will restrain the regional market size. Nevertheless, initiatives taken by the regional governments for the development of recreational & off-road infrastructure will bolster the growth of Asia Pacific power sports market over the projected timeline.
The prominent contenders operating in the power sports market are Deere & Company, Arctic Cat, Inc., Suzuki Motor Corporation, Yamaha Motor Co., Ltd., KYMCO, Kubota Corporation, BRP, Inc., Kawasaki Motors Corporation, Polaris Industries, Inc., and Honda Motor Co., Ltd. These market behemoths are constantly focusing on incorporating advanced features and developing alternative engines with electric and gas-fuel models to suffice the rapidly surging demand for environment friendly vehicles.
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