Electric Power Sports Market - By Vehicle (Electric All-Terrain Vehicles, Electric Side By Side Vehicles, Electric Personal Watercraft, Electric Snowmobiles, Electric Sports/Cruiser Motorcycles) & Forecast, 2022-2030

Industry Statistics

Electric Power Sports Market size valued at USD 150 million in 2021 and is projected to expand at over 18% CAGR of from 2022 to 2030. The flourishing travel and tourism sector across regions such as Europe, coupled with a considerable rise in deployment of electric power sports vehicles, may spur the industry revenues.
 

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According to the UNWTO World Tourism Barometer 2022's first issue, global tourism registered a growth of 4% in 2021 compared to 2020, accounting for USD 415 million in 2021 versus 400 million in 2020. Europe and the Americas documented the strongest growth of about 19% and 17%, respectively, in 2021 compared to 2020.
 

Several tourist destinations, including ski resorts and beaches, have been substituting their existing ICE-powered power sports vehicle fleet with electric vehicles, strengthening the market outlook. Electric power sports involve the deployment of several components such as batteries and powertrains. The rising expenses of these components will increase the overall vehicle cost, which may hamper the electric power sports market growth.
 

Moreover, the emergence of progressive battery technologies and the escalating efforts by new and established players towards enhancing the vehicle range and performance may push the industry dynamics.
 

Growing environmental concerns and increasing fuel costs

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The electric sports/cruiser motorcycle segment held over 70% of the electric power sports market share in 2021. A rapid upsurge in electric vehicle technology due to rising environmental concerns and skyrocketing fuel costs is likely to boost the segmental expansion. These vehicles are exceptionally fast and have superior power capabilities. Offering a 100% instant linear torque delivery, electric motorcycles are capable of delivering rapid acceleration, unmatched by a fuel-powered bike.
 

In addition, the increasing investments and efforts targeted toward developing high-speed electric motorcycles with enhanced powertrain and battery technologies to offer superior engine performance will foster product adoption in the coming years.
 

Proliferating tourism and agriculture sector across North America

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North America electric power sports market size is anticipated to reach USD 250 million by 2030. The regional industry is fueled by the positive outlook of the tourism sector and the subsequent rise in recreational sports and associated activities. UNWTO estimations reveal that the tourism sector in North America grew by 17% in 2021 compared to 2020, creating new industry growth prospects.
 

UTVs and ATVs have gained immense traction across the region on account of their expansive range of applications in gardening, hunting, and agricultural activities. The rapid growth of the agriculture sector in countries such as the U.S. may bolster the market trends in the region. For instance, according to the U.S Department of Agriculture report 2021, the agriculture and food industry accounts for about $1.1 trillion in the U.S. domestic product and depicts almost 11% of total U.S. employment.
 

New product development to emerge as a key growth strategy

Leading companies operating in the electric power sports market are Alke, Damon Motors Inc., Daymak, Inc., DRR USA, Eco Charger, Energica Motor Company S.p.A, Harley-Davidson, Inc., Intimidator UTV, Polaris, Taiga Motors Inc., and Zero Motorcycle. The market holds the presence of fewer organizations, leaving the industry highly consolidated. The competitive landscape is defined by increasing strategic associations such as mergers and acquisitions, partnerships, and collaborations with leading technology providers to develop state-of-the-art electric power sports vehicles.
 

For instance, in December  2021, Polaris Inc. announced the launch of Ranger XP Kinetic, a new electric UTV equipped with an advanced powertrain. The electric UTV was developed in collaboration with Zero Motorcycles. The partnership between the two firms is expected to help Polaris Inc. introduce a diverse range of electric power sports vehicles.
 

Impact of COVID-19 on the Industry Trends

The electric power sports market suffered a profound setback in the wake of the COVID-19 pandemic. The imposition of strict movement restrictions and lockdown mandates in the first half of 2020 severely disrupted the global tourism sector, resulting in a significant decline in recreational and sports activities. A considerable rise in the number of infections and fatalities made people hesitant to travel, further diminishing the market revenues.
 

However, with the continuous efforts by leading world economies and escalating vaccination drives, the impact of the virus has been minimized substantially, resulting in the easing up of lockdown measures. Several governments have been implementing benchmarks to reduce the economic shock to households and businesses, either through soft loans and guarantees or directly, supporting the industry expansion.
 

This market research report on electric power sports includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2018 to 2030, for the following segments:

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Market, By Vehicle Type

• Electric All-Terrain Vehicle
• Electric Side-By-Side Vehicle/UTV
• Electric Personal Watercraft
• Electric Snowmobile
• Electric Sports/Cruiser Motorcycle

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa