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Power Sports Accessories Market Size

Report ID: GMI6233
Published Date: Jul 2023
Report Format: PDF

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Power Sport Accessories Market Size

Power Sports Accessories Market size was valued at USD 5.3 billion in 2022 and is projected to register a CAGR of 9.7% between 2023 and 2032. There is a significant interest in outdoor recreational activities such as off-road riding, water sports, and snowmobiling. People are increasingly looking for opportunities to engage in adventure, leisure, and adrenaline-pumping activities. This growing interest drives the demand for UTV, ATV, and powersport vehicles which are designed specifically for these outdoor activities.

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As individuals become increasingly aware of power sports vehicles, they are drawn to the idea of a unique & exciting way of exploring and experiencing the outdoors. The desire for adventure and the pursuit of new recreational experiences have fueled the popularity of power sports activities.

Power Sports Accessories Market Report Attributes
Report Attribute	Details
Base Year:	2022
Power Sports Accessories Market Size in 2022:	USD 5.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9.7%
2032 Value Projection:	USD 13.1 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	268
Segments covered:	Product Type, Vehicle Type, and Sales Channel
Growth Drivers:	Growing interest in outdoor recreation activities Increasing tourism and adventure travel across the globe/li> Rising advancements in powersports accessories Growing powersports vehicle sales Rise in disposable incomes in MEA and Latin America
Pitfalls & Challenges:	Seasonal demand for power sport vehicles High cost of powersport vehicles

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The growth in luxury tourism & adventure travel is driven by the increasing desire for unique & memorable experiences among travelers, which is leading to them seeking adventurous activities and destinations. Secondly, advancements in transportation and technology have made travel more accessible & convenient, allowing individuals to explore remote and difficult locations. The rise of social media has also played a significant role in promoting adventure travel as travelers share their experiences online, inspiring others to embark on similar journeys.

Various power sports activities experience peak demands during specific times of the year. For example, winter sports accessories such as snowmobile gear experience increased demand during winter while water sports accessories have a higher demand in the summer. Manufacturers and retailers need to carefully manage their inventory, production & marketing strategies to align with the weather variations and ensure that they meet these changing consumer demands during peak seasons while efficiently managing the inventory during off-peak seasons.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of power sports accessories was reached USD 5.3 billion in 2022 and is set to expand at 9.7% CAGR from 2023 to 2032, driven by the significantly rising interest in outdoor recreational activities and the booming luxury tourism & adventure travel globally.

The heavyweight motorcycles segment held around 56% market share in 2022, owing to the rising popularity of high-performance motorcycles among enthusiasts seeking powerful & thrilling riding experiences.

North America market held more than 38% revenue share in 2022, attributed to the strong culture of power sports and outdoor activities and a significant number of power sports enthusiasts coupled with well-developed infrastructure to support power sports activities in the region.

Harley-Davidson, Inc., Honda Motor Co., Ltd., Kawasaki Heavy Industries Ltd., KTM AG, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, and BRP Inc. are some of the major companies engaged in the industry.