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Power Sports Market Size - By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), Application (Recreational, Utility, Commercial, Construction, Defense, Sports), Propulsion Type & Forecast, 2024 - 2032

  • Report ID: GMI1688
  • Published Date: Jun 2024
  • Report Format: PDF

Power Sports Market Size

Power Sports Market size was valued at USD 37.8 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, attributed to the rising popularity of adventure sports activities and a shift towards eco-friendly electric powertrains. Enthusiasts seek thrilling outdoor experiences, fueling demand for innovative recreational vehicles. Also, environmental consciousness drives manufacturers to develop electric models, appealing to eco-minded consumers. This dual trend expands the market and encourages sustainable practices, ensuring the industry's dynamic evolution and long-term success.

Power Sports Market

For instance, in February 2024, Bombardier Recreational Products Inc. (BRP) introduced two new 2025 electric snowmobiles, the Ski-Doo Expedition Electric, and Lynx Adventure Electric, doubling its zero-emission lineup for commercial use at ski centers and resorts.

Continuous innovation in vehicle design, performance, and features is propelling the power sports industry forward, captivating enthusiasts with cutting-edge technology and enhanced experiences. Additionally, governmental regulatory support plays a pivotal role, providing incentives, subsidies, and favorable policies that encourage the adoption of advanced vehicles and sustainable practices. This synergy between innovation and regulatory backing propels the expansion of the industry, shaping the future of recreational vehicles and outdoor experiences.

For instance, in April 2024, the Polaris Government and Defense unveiled military snowmobiles with stealth capabilities. The 2025 Military 650 Titan 155 and 2025 Military 850 PRO RMK 155 introduce Blackout Mode, instantly extinguishing all lights for covert operations.

Though the power sport market is thriving, it faces barriers such as regulatory standards and economic fluctuations. However, they foster a resilient environment for the evolution of power sports. Stringent regulations promote innovation, driving the development of cleaner, more efficient technologies. Besides, economic variability stimulates adaptability, encouraging market players to diversify offerings and explore new opportunities. These challenges, when approached with creativity and foresight, foster an industry poised for sustainable growth and resilience in the face of change.

Power Sports Market Trends

The power sports industry is propelled by the increasing adoption of electric powertrains and a growing emphasis on eco-friendly practices. Manufacturers are embracing electric technologies to reduce emissions and environmental impact. This trend aligns with consumer preferences for sustainable options, driving demand for electric vehicles across various power sports segments. As environmental consciousness grows, the industry's shift towards eco-friendly practices continues to shape the market landscape, fostering innovation and sustainability.

For instance, in March 2024, Goa-based startup Powerland introduced India's inaugural road-legal electric ATV, the Powerland Tachyon 4x4. Certified under India's electric tractor category, it marks a significant milestone in the country's electric vehicle landscape.

Power Sports Market Analysis

Power Sports Market Size, By Vehicle, 2022-2032 (USD Billion)

Based on vehicle, the market is divided into all-terrain vehicle, side by side vehicle (UTV), personal watercrafts, snowmobile and heavyweight motorcycle. The heavyweight motorcycle segment is poised to exceed USD 23.8 billion by 2032, due to its formidable blend of power, craftsmanship, and innovation. These iconic machines symbolize freedom and adventure on the open road, commanding attention with their timeless designs and thrilling performances. Continual advancements in technology and engineering ensure that these motorcycles remain at the forefront of automotive excellence, perpetuating their legacy as the preferred choice for riders seeking unparalleled excitement and prestige.

Power Sports Market Share, By Propulsion Type, 2023

Based on propulsion type, the power sports market is categorized into gasoline, electric and diesel. The gasoline segment held a major market share of around 68% in 2023. Their versatility and robust performance appeal to a wide range of enthusiasts, from off-road adventurers to street riders. With advancements in engine technology and design, gasoline-powered machines offer unmatched power and agility, ensuring an exhilarating experience on every ride. Whether tearing through rugged terrain or cruising along city streets, these vehicles remain the cornerstone of the power sports industry, captivating riders with their unrivaled capabilities.

North America Power Sports Market Size, 2022-2032 (USD Billion)

North America dominated the global power sports market with a share of over 49% in 2023, owing to robust infrastructure, a flourishing economy, and a strong culture of recreational activities. The region's vast landscapes and diverse terrain provide ideal settings for various power sports adventures, attracting enthusiasts from around the globe. With its decent market share, North America continues to be a major contributor to the industry's growth and development.

Furthermore, with its vast territory and diverse landscapes, the U.S. commands a considerable share of the power sports industry. Its vast network of scenic landscapes and a culture deeply ingrained with recreational pursuits provide fertile ground for the proliferation of power sports. Moreover, a robust economy and sophisticated marketing strategies have propelled the nation's dominance. With a diverse range of offerings and widespread accessibility, the U.S. emerges as a pivotal contributor to the realm of outdoor adventure and leisure activities.

Also, the countries, including France, South Korea, Canada, Japan, Germany, the U.K., the Netherlands, the UAE, and Saudi Arabia, have secured modest shares in the power sports market through a combination of innovation, infrastructure, and consumer demand. Their contributions range from technological advancements in manufacturing to the establishment of extensive recreational networks. Leveraging their diverse landscapes and strong economic foundations, these nations have cultivated thriving power sports communities. Additionally, strategic partnerships and global outreach initiatives have further solidified their positions, making them integral contributors to the dynamic landscape of recreational vehicles and outdoor adventures.

Power Sports Market Share

Polaris, Inc. and BRP, Inc. hold a significant market share of over 16% in the power sports industry. enabling them to access new markets and broaden their product offerings. By aligning with complementary brands or acquiring innovative startups, companies can leverage their combined strengths to enhance their competitive edge and capture a larger market share. This approach fosters synergies and facilitates access to new distribution channels and customer segments, positioning these players for sustained growth and success amid the evolving market landscape.

R&D investments keep companies at the forefront of emerging trends, empowering them to unveil state-of-the-art technologies and groundbreaking designs.

This ongoing innovation enhances the brand’s reputation and cultivates a dedicated fan base. Complemented by customer engagement initiatives and experiential marketing, companies forge stronger bonds with consumers, fostering brand loyalty. Through these strategic endeavors, firms bolster their market presence and play a pivotal role in shaping the trajectory of the power sports industry.

Power Sports Market Companies

Major companies operating in the power sports industry are:

  • BMW
  • BRP, Inc.
  • Harley Davidson
  • Hisun Motors
  • Kawasaki Corporation
  • Piaggio Group
  • Polaris, Inc.
  • Suzuki Motor Corporation
  • Yamaha Motor Co., Ltd.

Power Sports Industry News

  • In September 2022, Suzuki Motor USA LLC introduced its esteemed KingQuad ATV series and renowned youth products. With the exceptional engineering and robust construction they are recognized for, the 2023 lineup maintains the trademark features and top-notch build quality.
  • In November 2023, Kawasaki introduced the 2024 KX85 dirt bike and KLX300R trail bikes. The KX85 features plastic body parts, adjustable 36mm USD forks, KYB rear mono-shock, 275mm suspension travel, and an Ergo-Fit sizing system for a tailored fit.

The power sports market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and shipments (units) from 2021 to 2032, for the following segments:

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Market, By Vehicle

  • All-Terrain Vehicle
  • Side By Side Vehicle
  • Personal Watercrafts
  • Snowmobile
  • Heavyweight Motorcycle

Market, By Propulsion Type

  • Gasoline
  • Electric
  • Diesel

Market, By Application

  • Recreational
    • All-Terrain Vehicle
    • Side By Side Vehicle
    • Personal Watercrafts
    • Snowmobile
    • Heavyweight Motorcycle 
  • Utility
    • All-Terrain Vehicle
    • Side By Side Vehicle
    • Personal Watercrafts
    • Snowmobile
    • Heavyweight Motorcycle
  • Commercial
    • All-Terrain Vehicle
    • Side By Side Vehicle
    • Personal Watercrafts
    • Snowmobile
    • Heavyweight Motorcycle
  • Construction
    • All-Terrain Vehicle
    • Side By Side Vehicle
    • Personal Watercrafts
    • Snowmobile
    • Heavyweight Motorcycle
  • Defense
    • All-Terrain Vehicle
    • Side By Side Vehicle
    • Personal Watercrafts
    • Snowmobile
    • Heavyweight Motorcycle
  • Sports
    • All-Terrain Vehicle
    • Side By Side Vehicle
    • Personal Watercrafts
    • Snowmobile
    • Heavyweight Motorcycle

The above information is provided for the following regions and countries:

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

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of power sports reached USD 37.8 billion in 2023 and is set to witness 6% CAGR between 2024 and 2032, attributed to the rising popularity of adventure sports activities and the shift towards eco-friendly electric powertrains.

The gasoline segment held over 68% revenue share 2032, driven by versatility and robust performance for attracting diverse enthusiasts with unmatched power and agility.

North America market accounted for 49% revenue share in 2023, owing to robust infrastructure, a flourishing economy, and the strong culture of recreational activities.

BMW, BRP, Inc., CFMOTO, Harley Davidson, Hisun Motors, Kawasaki Corporation, Piaggio Group, Polaris, Inc., Suzuki Motor Corporation and Yamaha Motor Co., Ltd.

Power Sports Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 400
  • Countries covered: 24
  • Pages: 260
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