Electric Power Sports Market Size & Share 2024 - 2032
Market Size by Vehicle (All-Terrain Vehicle (ATV), Utility Terrain Vehicle (UTV), Watercraft, Snowmobile, Motorcycle), Growth Prospects, Regional Outlook & Global Forecast.
Report ID: GMI5324
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Published Date: February 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Electric Power Sports Market Size
Electric Power Sports Market size was valued at USD 9.2 billion in 2023 and is anticipated to register a CAGR of around 6% between 2024 and 2032. The rising demand for a unique riding experience with electric snowmobiles is driving growth in the market. As consumers seek environmentally friendly alternatives and innovative recreational activities, electric snowmobiles offer an appealing solution.
Electric Power Sports Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in February 2023, Ski-Doo and Lynx are planning to unveil their latest electric snowmobiles in 2024, the Grand Touring Electric model and the Adventure Electric model, respectively. These models promise an eco-friendly winter excursion and deliver a distinctive riding experience, perfect for newcomers eager to explore the world of snowmobiling. The electric snowmobile has quiet operation, instant torque, and low environmental impact appeal to riders’ demand for an exhilarating yet sustainable adventure. This rising demand for distinctive and eco-conscious experiences contributes to the expansion of the market.
Environmental awareness is a significant factor driving the electric power sports market growth. With increasing concerns about climate change and air pollution, consumers are seeking alternative transportation options that have a minimal environmental impact. Electric power sports vehicles, with zero tailpipe emissions, offer sustainable solutions for outdoor recreational activities while reducing carbon footprint. As environmental consciousness continues to rise, the demand for electric power sports vehicles is expected to grow further, propelling market expansion.
High initial costs associated with electric power sports vehicles could potentially hinder the electric power sports market growth. While Electric Vehicles (EVs) offer long-term savings through reduced fuel and maintenance expenses, their upfront purchase price is often higher compared to traditional gasoline-powered counterparts. This cost barrier may deter some consumers from switching to electric power sports vehicles, especially in markets where affordability is a key consideration. Overcoming this challenge will be essential to accelerating product adoption and market growth.
Electric Power Sports Market Trends
The increasing demand for electric propulsion systems is sowing lucrative growth for the electric power sports industry. Consumers are increasingly drawn to electric power sports vehicles due to their eco-friendliness, lower operating costs, and enhanced performance. For instance, in August 2022, Volcon Inc., a pioneering off-road power sports company specializing in all-electric vehicles, revealed its partnership with General Motors (GM) to equip its entire line of off-road UTVs with GM's reliable electric propulsion systems.
This demand is prompting manufacturers to invest in the research & development of electric propulsion technology, leading to innovations such as longer battery life, faster charging times, and improved overall efficiency. Consequently, the electric power sports market is experiencing substantial expansion.
The integration of system-on-modules for a digital dashboard, GPS navigation, and wireless connectivity through Bluetooth, Wi-Fi, and LTE cellular networks is propelling the market. These advanced technologies enhance the user experience by providing real-time data, navigation assistance, and seamless connectivity. As consumers increasingly seek convenience and connectivity in their outdoor recreational activities, the adoption of such integrated systems in electric power sports vehicles is boosting market growth and enhancing competitiveness.
Electric Power Sports Market Analysis
Based on vehicle type, the motorcycle segment held over 99% of the market share in 2023. The introduction of electric motorcycles with long-range capabilities is significantly propelling the motorcycle segment within the market. These motorcycles address one of the key concerns for consumers considering EVs: range anxiety.
For instance, in January 2024, Revolt launched the RV400 BRZ electric motorcycle with a range of up to 150 km on a single charge. This long-range capacity enhances its practicality and appeal to riders seeking efficient & sustainable urban commuting solutions. This increased range is attracting a numerous consumer to electric motorcycles including commuters and touring enthusiasts, fostering growth in the motorcycle segment of the market.
Based on UTV, capacity, the 10-30 kW segment accounted for 44% of the electric power sports market share in 2023. Positioned as high-performance options, UTVs in this capacity range offer a balance between power and efficiency, catering to enthusiasts seeking exhilarating riding experiences. With their robust motor capabilities, they excel in acceleration and top speed, appealing to riders interested in sporty performance. As a result, electric UTVs in the 10 kW to 30 kW capacity range are gaining traction and contributing to the overall market growth.
Asia Pacific electric power sports market recorded around 93% of the revenue share in 2023, due to the growing investment in lithium-ion innovation. As research and development efforts focus on enhancing lithium-ion battery technology, the resulting advancements lead to improved performance and extended range for electric-powered recreational vehicles.
For instance, in January 2024, Altmin invested USD 100 million in lithium-ion battery innovation in India, along with a 3 GWh plant, a significant milestone in the EV market's value chain. These investments are expected to excel the battery technology that drives consumer confidence, and adoption of electric power sports vehicles in the region. The proliferation of battery technology is contributing to the overall growth and expansion of the market.
Electric Power Sports Market Share
Polaris Inc. and Zero Motorcycles hold a significant market share of over 10% in the electric power sports industry. Polaris Inc. is highly competitive and focuses on innovative EVs to cater to the high demand from new industry verticals. It also focuses on expanding the capacity of its distribution centers to optimize inventory stocks.
Zero Motorcycles is focused on expanding its geographical reach around the globe, thereby improving its business operations. With a focus on innovation, performance, and sustainability, Zero Motorcycles offers a diverse range of models catering to various riding preferences, pushing the boundaries in EV technology.
Electric Power Sports Market Companies
Major companies operating in the electric power sports industry are:
Electric Power Sports Industry News
The electric power sports market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and shipments (Units) from 2018 to 2032, for the following segments:
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Market, By Vehicle
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
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Verified data sources
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GMI archive
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Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →