Power Sports Aftermarket, Global Industry Analysis Report, Regional Outlook, Trend, Competitive Market Share & Forecast, 2020 – 2026
Report ID: GMI4792
Power Sports Aftermarket Size is rapidly growing due to the increasing number of world championships and off-road recreational activities. Power sports vehicles used in racing events require continuous changing of parts & accessories, creating a demand for aftermarket products. Vehicles used in these events often require upgrades and accessories to improve vehicle performance. Additionally, the increasing popularity of power sports vehicle among the young population across North America and Asia Pacific is majorly impacting the demand for power sports vehicles and aftermarket products.
The aftermarket products allow the vehicles to be more durable and long-lasting at a cheaper price compared to the purchase of new vehicles. Aftermarket manufacturers also provide full coverage plans for parts and accessories, increasing the durability of accessories and vehicles, supporting the power sports aftermarket growth. Companies operating in the market are launching new parts & accessories to gain a higher market share across the operational regions.
Enhancing the functionalities of powersports equipment is a major factor contributing to the growth of the powersports aftermarket. The original vehicles from OEMs have limited functionalities, creating a demand for the installation of extra accessories. For instance, UTVs provided by OEMs do not include efficient headlights and auxiliary lights, restricting their usage at night. This will create the need for additional bright lights from aftermarket suppliers. User-friendly, easily installable, and plug & play audio system units provided by the aftermarket are experiencing a huge demand from vehicle owners. Audio system installation in powersports vehicles makes the vehicles look trendier while adding benefits to the rider.
The presence of several parts & accessories manufacturers and the entry of counterfeit products are hindering the power sports aftermarket. The emergence of the COVID-19 pandemic will also create a hindrance in this market due to the cancellation of all major events globally to limit the spread of the virus. For instance, the X Games Minneapolis 2020 has been canceled due to the rapid spread of COVID-19 in the U.S.
The chances of acquiring sponsorships in world-championship events will create an opportunity for the aftermarket. Sponsorship allows vendors to create awareness of their products and accessories to the target audiences. These events also present spectators with an opportunity to shop for parts and accessories from the aftermarket vendors. Sponsorship at these events helps in generating sales of the company’s products. For instance, in April 2020, the UTV World-Championship 2020 announced that it will display a dedicated exhibitor venue for various aftermarkets and OEM vendors to showcase their products and offerings to the spectators.
The tires & wheels segment will experience high demand during 2020 to 2026. Powersport vehicles are typically used on off-road areas, such as high terrains, forests, and farms, reducing the life span of the tires of these vehicles. Tires need to be changed regularly to protect riders from accidents or mishaps, creating a growing demand for these products. The audio segment is expected to witness moderate growth mainly due to the increasing demand from power sports vehicle owners to improve the functionalities of their vehicles. Audio systems installed in these vehicles also create a trendy appeal. For instance, in January 2020, Boss audio launched Reflex, a new UTV overhead modular plug & play audio system.
Based on vehicle type, the UTV aftermarket segment will witness high growth in demand due to the increasing spending power of vehicle owners to upgrade various parts and accessories for their vehicles. Advancements in the aftermarket in the form of audio inclusion, light bars, and cube lights, tires, and wheels are driving the growth of this segment. The ATV aftermarket will also experience a significant growth during the forecast period owing to the inclusion of various aftermarket products that enhance the durability of ATVs.
The North America power sports aftermarket is expected to witness high growth during the forecast timeline due to an increasing number of sports events and world championships in the region. These events allow powersports vehicle enthusiasts to purchase vehicles from a wide product range displayed during the event by various manufacturers. Growing disposable income and spending capacity of consumers in this region are allowing them to invest heavily in the aftermarket products to enhance the durability and bring an aesthetic appeal to their vehicles. Asia Pacific is also expected to witness significant growth due to the growing adoption of power sport vehicles for high terrain activities.
The power sports aftermarket comprises of various small & large enterprises, providing a wide range of products and accessories. Some of the key players in this market include Western Power Sports, Inc., Pro Armor, Parts Unlimited, Tucker Rocky/Biker’s Choice, VF Imagewear, Fox Racing, and Rotary. The players in this market are relying upon strategic distribution partnerships with product manufacturers to create dominance in the market. For instance, in December 2019, Western Power Sports, Inc. announced a distribution partnership with Dunlop Brands to distribute racing tires.
Aftermarket, By Vehicle
- All-terrain vehicles
- Side-by-side vehicles
- Heavyweight motorcycles
- Personal watercrafts
Aftermarket, By Product
- Audio accessories
- Light Bars & Cube Lights
- Tires & Wheels
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Saudi Arabia
- South Africa
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