Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobiles, Heavyweight Motorcycles), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Spain, China, Japan, India, Thailand, Malaysia, Indonesia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Aug 2018 | 160 Pages | Report ID: GMI1688 | Authors: Vitika Verma, Amulya Agarwal Report Format: PDF
Power Sports Market size was valued at over USD 10.5 billion in 2017 and is estimated to exhibit 4% CAGR from 2018 to 2024.
U.S. Power Sports Market, By Vehicle, 2017 & 2024, (Units)
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Proliferating demand for recreational activities across the globe will drive the power sports market share from 2018 to 2024. Increasing urban population, inclination of youth towards off roading and motorsports activities will positively influence the product penetration. Rising usage of powersports vehicle in sports and entertainment has enhanced demand for side by side vehicle, snowmobiles, and personal watercrafts. Growing tourism industry is providing positive outlook to business growth. As per World Travel & Tourism Council (WTTC), in 2017, the travel and tourism GDP grew by around 4.6% as compared to 2016. These factors will fuel the market growth over the forecast timeline.
Continuous development in these vehicles offering higher efficiency and better performance will positively influence consumer demand. Technological advancements such as electric start, Bluetooth connectivity, navigation tools, mobile tracking facilities and display for vehicle diagnostics are enhancing consumer experience. Easy finance availability and growing distribution channel in emerging nations will fuel the market size. Further, development of lightweight and efficient vehicles offering easy manoeuvrability has increased its application in rugged terrains.
Government regulations regarding air pollution and deaths from recreational sports may confine power sports market size in next seven years. As per United States Consumer Product Safety Commission (CPSC), in 2016, ATV accounted for over 101,000 accidents. However, initiatives from regulatory bodies including Federal Hazardous Substances Act (FHSA) and Consumer Product Safety Act (CPSA) are offering information regarding safely operating ATV and thereby increasing awareness further boosting consumer confidence. In addition, industry players are developing fuel efficient engines offering low carbon emission and less noise. Growing compliance of these vehicles with environmental regulations will boost product demand.
Power Sports Market, By Vehicle
All-terrain vehicles account for major share in power sports market owing to their usage in recreational activities. Increasing number of ATV clubs, and development of outdoor parks have boosted product demand. Growth in sports competitions and involvement of youth has stimulated its popularity in recent years. Proliferating number of training facilities offering proper training and ensuring passenger safety has further improved product penetration.
Side by side power sports market will witness over 3% CAGR owing to constant improvement in product features. SSV provide enhanced functionality and differentiated riding experience. Improved suspension, multiple drive mode functions and four-wheel disc break advocate its usage in varying ground conditions. In addition, industry players including Kubota are taking initiatives to lower cost of ownership for these vehicles. Snowmobiles segment will foresee healthy growth in North America and Europe owing to rising demand from recreational industry.
Power Sports Market, By Region
North America leads the power sports market accounting over 60% revenue share in 2017. The superior industry share can be credited to leisure and lavish lifestyle of people in this region. Industry participants including Harley Davidson are laying speciality stores and dealerships to enhance customer reach. Further, the government agencies including Bureau of Land Management, Federal Highway administration, National Oceanic & Atmosphere Administration, The U.S. Forest Service and National Park Service are taking initiatives to attract more consumers for recreational activities thereby positively influencing the market share.
Asia Pacific power sports market led by China, Japan and India will witness over 4.5% CAGR with rising spending capacity. Increasing disposable income is leading to more discretionary spending and accelerating vehicle sales. Industry players such as Polaris and BRP are expanding their distribution channel to capture industry share. Companies including Honda Motors are focusing on reducing product cost to improve their economies of scale and enhance consumer base. Initiatives such as ‘Make In India’ aiming at strengthening manufacturing sector and reducing unemployment is supporting industry growth. Middle East & Africa market is at nascent stage and will grow with prevailing tourism industry.
Competitive Market Share
Major power sports market players include Polaris Industries, Honda Motors, Yamaha Motors, Harley Davidson, Arctic Cats, Can-Am, BRP, Suzuki Motors, John Deere, Kawasaki Motors, Kubota and Kymco. Industry participants are employing merger and acquisition strategy to enhance their volume share. For instance, in 2015, Arctic Cat acquired Motorfist, a privately-owned company that designs, manufactures, and distributes technical riding garments & accessories. The strategy complements the company growth through small and bolt-on acquisitions. Further, in 2015, Polaris acquired Hammerhead, an all-terrain vehicle manufacturer to expand its production facility.
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Power sports vehicles are installed with high powered engines and majorly used for recreational and off-road purpose. The vehicles use handlebars to control movement and rider mounting. Government regulations including National Highway Traffic Safety Administration (NHTSA), Traffic Safety Act, Alberta Transportation, and the United States Coast Guard govern power sports industry to ensure safe usage of vehicles and reducing the number of accidents. For instance, Traffic Safety Act Section 120(4) regulates the operation of these vehicles.
High powered vehicles are major source of pollution and government entities such as California Air Resources Board (CARB) have laid regulations for controlling vehicular emissions. For instance, CARB states that all the ATVs must validate exhaust and emission control system as per emission standards. Further, fuel tank fill pipe, crankcase emission, anti-tampering and onboard diagnostics must meet CARB regulations.
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