Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobiles, Heavyweight Motorcycles), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Mar 2021  |  Report ID: GMI1688  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 170   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Power Sports Market size exceeded USD 34 billion in 2020 and is expected to grow at around 6% CAGR between 2021 and 2027. The global power sports unit sales are anticipated to reach over 3 million units by 2027. The market is witnessing a growing trend of participation in recreational activities, such as off-road biking, snowmobiling, and surfing, supporting the demand for power sports vehicles.
 

Power sports equipment including ATVs, side-by-side, personal watercraft, snow mobiles, and heavy motorcycles are extensively used in sports & recreational applications. These vehicles are integrated with handlebars to control their movement.
 

Power Sports Market

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The rising popularity of adventure sports has propelled the infrastructural development of outdoor recreational facilities including wilderness areas, theme parks, and trails. Increasing private sector investments in the construction of dedicated infrastructure for recreational and amusement purposes will augment the market demand. For instance, in February 2021, a new snowmobile trail was opened for operation in the northern region of Wisconsin state in the U.S. The 13.5 mile-long trail connects the Taylor and Price Counties and provides new route for power sports vehicle owners in the state.
 

Increasing disposable income in various countries, such as the U.S., China, and the UK, will positively influence the power sports market. As per the market data published by the National Statistics Bureau of China in January 2020, the per capita disposable income in China reached USD 4,462. The Bureau reported a 5.8% increase in disposable income as compared to the same period last year. The positive economic outlook coupled with increasing consumer spending capacity will contribute to the surging demand for power sports vehicles.
 

The factors hindering the industry growth include high ownership costs and maintenance associated with power sports vehicles. These vehicles entail frequent maintenance and repair due to their use in extreme environmental conditions and rough terrains. They are exposed to high temperatures and water, causing wear and tear of critical components such as the engine and hull. Repetitive maintenance costs incurred by users are hindering the market representation of new power sports vehicles. However, recreational clubs with affordable power sports rental options will support the market statistics.
 

The power sports market observed a momentary slowdown during the first two quarters of 2020 driven by the escalating spread of the COVID-19 pandemic. Market factors including shortage of labor and raw materials in the first quarter led to numerous industry challenges. However, governments began lifting the lockdown restrictions to stabilize the economic activities in the third quarter of 2020. During this period, the power sports industry witnessed steady growth owing to the rising inclination of individuals toward participating in outdoor recreational activities while complying with social distancing norms.
 

Power Sports Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:34 Billion (USD)
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:6%
2027 Value Projection:50 Billion (USD)
Historical Data for:2016 to 2020
No. of Pages:170
Tables, Charts & Figures:157
Segments covered:Vehicle
Growth Drivers:
  • Increasing focus on R&D investments and product innovation across the globe
  • Introduction of electric power sports vehicles
  • Growing inclination towards recreational activities in North America & Europe
  • Rising number of off-roading events in Asia-Pacific
  • Positive outlook of the tourism industry in MEA and Latin America
Pitfalls & Challenges:
  • High initial costs of power sports vehicles
  • Environmental impact and increasing safety concerns

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High demand for ATVs in off-roading recreational activities will propel the market growth

The all-terrain vehicles segment is projected to see high demand from 2021 to 2027. In 2020, over 450,000 units of ATVs were sold worldwide. Numerous features of ATVs, such as straddle seating position and handlebar steering, are contributing to their growing representation in the power sports market.
 

The ability of ATVs to travel through all terrains coupled with their easy maneuverability capabilities and lesser carbon emissions is supporting the changing market demand for these vehicles. Other benefits, such as lower weight of vehicles, reduced age limit for driving ATVs as compared to other power sports vehicles, and lower maintenance costs, will augment the ATV market revenue through 2027. The industry statistics are also supported by the launch of new hybrid and alternate fuel-powered ATVs with low or zero emissions.
 

Companies are focusing on design and development of new ATVs to expand their portfolio and gain a competitive edge in the market for power sports. For instance, in September 2019, Kawasaki announced its plans to launch new models of ATVs, motorcycles, and jet skis for the global market. This aided the company to expand its product portfolio to cater to the increasing demand. Investments by industry players in the introduction of new power sports vehicles will support the market revenues.
 

Growing participation in recreational activities driving the market in North America

North America Power Sports Market

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The North America power sports market is predicted to reach more than USD 25 billion by 2027. The rapid increase in participation in leisure and recreational activities in the region is augmenting the market growth. As per the U.S. Bureau of Economic Analysis, in 2019, outdoor recreational activities accounted for approximately 2% of the country’s current-dollar GDP.
 

The presence of vast public lands and waterbodies attracts industry participants and provides lucrative opportunities for the market. The U.S. has around 150,000 miles of trails, 57,000 miles of streams, about 120 alpine ski areas, and 439 wilderness areas, providing ample space for leisure activities. An increasing demand for power sports vehicles in snowmobiling and water surfing is also contributing to the growing demand in Canada and the U.S.
 

The growing presence of power sports manufacturers, such as Arctic Cat, Inc., Deere & Company, Harley Davidson, Bombardier Recreational Products (BRP), and Polaris Inc., in the region will positively influence the market outlook. These players are emphasizing on mergers and acquisitions to expand their industry share.
 

These players also majorly focus on new product launches to expand their product portfolio. For instance, in March 2021, Honda announced the launch of its new the FourTrax Recon multipurpose model and TRX 250X sport model of ATVs. This assisted the company to enhance their product portfolio by 2027.
 

Increasing focus on capital investments and strategic partnerships will enhance the market share

Manufacturers in the power sports market are primarily focused on partnerships and collaborations to enhance their share. The company aims to increase its productivity through this initiative, contributing toward the market growth.
 

Similarly, in June 2019, KYMCO entered the India market in partnership with Indian smart electric vehicle (EV) manufacturer 22Motors. This aided the company to expand its geographical presence in the unserved market, augmenting the market statistics.
 

The prominent players in the power sports market include Yamaha Motor Co., Ltd., Arctic Cat, Inc., Polaris Inc., Honda Motor Co., Ltd. Harley Davidson, Kymco, Deere & Company, Kawasaki Motors Corporation, Bombardier Recreational Products, and Suzuki Motor Corporation.
 

This market research report on power sports includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2021 to 2027 for the following segments:

Market, By Vehicle

  • All-Terrain Vehicles
  • Side By Side Vehicles
  • Personal Watercrafts
  • Snowmobiles
  • Heavyweight Motorcycles

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Thailand
    • Malaysia
    • Indonesia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

Power sports market size was valued at over USD 34 billion in 2020 and will expand at a CAGR of about 6% through 2027.
All-terrain vehicles accounted for 450,000 units in terms of sales in 2020 and will expand in the coming years owing to their increasing adoption in off-roading activities.
Power sports market revenue in North America is set to surpass USD 25 billion by 2027 owing to increasing participation in recreational activities.
Key manufacturers are using various strategies like collaborations and partnerships to increase their productivity and enhance their presence market presence.

Premium Report Details

  • Published Date: Mar 2021
  • Pages: 170
  • Tables: 140
  • Charts / Figures: 17
  • Companies covered: 11
  • Countries covered: 20

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