April 09, 2020
As per the report titled ‘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’, available with Market Study Report LLC, global power sports market is projected to accrue USD 50 billion by the end of 2026.
Growing inclination among millennials towards off-road activities along with introduction of numerous vehicles geared for recreational activities is driving the growth of power sports market. Increasing focus among manufacturers to improve off-road driving experience while reducing driver fatigue through incorporation of advanced technologies including turbochargers, electronic fuel injection, capacitor discharge ignition, independent suspension, and four-wheel drive systems is further augmenting the market growth. Moreover, implementation of stringent emission regulations and strict safety standards for power vehicles are boosting the confidence of buyers, thereby driving the sales of power sports vehicles.
Increasing funds for construction of new recreational facilities, upgradation, and maintenance of existing centers will expand power sports industry size. Citing an instance, Ministry of Parks, Culture & Sport in Saskatchewan partnered with National Trains Coalition and local government to invest approximately USD 250,000 for the development of snowmobile and ATV trails in Moose Mountain Provincial Park.
Integration of advanced features such as self-driving, machine learning, and electrification is expected to amplify the demand for power sports vehicles in the ensuing years. Increasing awareness regarding vehicle sharing is another factor boosting product adoption.
Based on the vehicle type, ATV segment is anticipated to see tremendous growth in the coming years, owing to the ability of these vehicles to traverse in rough terrains. Growing interest of youth for adventure in tandem with increasing number of recreational centers with ATV trails is enhancing the segment growth.
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Considering the geographical landscape, APAC power sports market is expected to display noticeable growth during 2020-2026, owing to surging demand for motorcycles, side by side vehicles, and ATVs. Declining product price on account of better subsidies for manufacturers is further boosting the product sales.
Major participants of power sports market are Arctic Cat, Inc., Deere & Company, Suzuki Motor Corporation, KYMCO, Yamaha Motor Co., Ltd., Kubota Corporation, Kawasaki Motors Corporation, BRP, Inc., Honda Motor Co., Ltd., Polaris Industries, Inc. These market giants are undertaking various strategies such as developing electric power sports vehicles and incorporating advanced features to diversify their offerings and improve their market stance.
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