Power Sports Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share& Forecast, 2017 – 2024
Report ID: GMI1688
Power Sports Market size is expected to witness a surge in demand owing to a significant growth in recreational and service oriented vehicle based industry. The escalating growth is governed by off road & side by side vehicles, personal watercrafts and snowmobiles due to increased usage of PRV in athletics, entertainment & agriculture and ongoing innovations by various manufacturers.
The major driving factors that drive the power sports market growth include global economic development, increasing urban population, increased replacement demand for boats and high spending on these products. Some of the striking industry trends and developments include cannibalization of ATVs by side-by-side vehicles, Polaris surpassing Honda in ATV industry, young generation opting for recreational, boats and power sports market players exploring innovative technologies including shopatron technology used in cost effective advanced acceleration facility and damage recovers in these vehicles. However, the power sports market is retrained by various challenges including stringent environmental issues, increasing number of deaths due to ATVs and undesired climatic conditions.
Integration of audio entertainment, mobile phones and Go-Pro cameras in recreational off-road vehicles enhances driving experience. Furthermore, connectively of integrated bluetooth headsets provides advance communication channels between riders. Touch screen dashboard monitors tracks and displays better vehicle diagnostics, display various navigation tools and can be effectively used with glove covered fingers.
The industry is highly competitive in nature with all the divisions operating in a highly consolidated structure. Every key power sports market player conducts a throughout analysis of their business & financial overview and business strategies. Through these extensive research work, companies provide their clients optimum information with a balanced research outlook on power sports market.
The industry is split into All-Terrain Vehicles (ATV), Personal Watercrafts (PWC), Side by Side Vehicles (SSV), heavyweight motorcycles (Above 600CC) and snowmobiles. ATV is specially designed to handle a wide range of terrain for athletics, camping and hunting purposes. Side by Side is a small segment in the power sports market with 2 or 4 passengers four wheel off road vehicle. There are six major types of motorcycles including sport, cruiser, standard, touring, dirt bike and dual-purpose vehicle. It offers various advantages over ATVs which includes better riding experience, rollover protection bars and ease of mobility. In past ten years, off road industry power sports market segment has experienced a notable change in demand from ATVs to side by side vehicles.
A snowmobile is a land vehicle designed for winter travel on snow. There are five varieties of snowmobiles named, entry level, touring, performance, utility and mountain. A water scooter or a personal water craft (PWC), is a recreational watercraft vehicle that the rider rides or stand on, rather being inside in other vehicles segments. Based on operational processing methods and seating capacity, the personal watercrafts vehicles are divided into stand-up models, multi person models and sit-down models in the power sports market.
North America, led by the U.S. and Canada for global power sports market represents more than two third of the industry share. In snowmobile vehicle segment, the region is the largest industry player owing to high demands in adventurous sporting. The sales of motorcycle and PWC segments significantly improved after the global economic recession in the region.
In the US, California Air Resources Board (CARB) governs the vehicle emission regulations to curb air pollution. This law states that all the All-Terrain Vehicles (ATV) must demonstrate efficient exhaust and vehicle emission control systems along with well stated CARB emission standards. In addition, crankcase emission, onboard diagnostic, fuel tank fill pipe & openings and anti-tampering must also follow CARB regulation guidelines. This helps in controlling the growing number of air pollution and health issues.
The key players involved in power sports market are Polaris Industries, Yamaha Motor and Arctic Cat. Other important industry players are Kubota, BRP, Harley Davidson, Honda Motors, Kawasaki Motors, John Deere, Cectek, Shuopu and Suzuki. Heavy R&D expenditure for upgradation of technologies is carried out by major industry players. The drive to expand product features including minimal maintenance, enables them to remain competitive in the industry.
The companies are coming up with modern technologies and product launch to capture this growing industry. In 2015, Polaris Industries acquired Hammerhead, a Chinese ATV maker to modify its product line up. In addition, this strategy will help company in power sports market to cut cost of exploiting built units from the US and thus cause productive price reductions. In 2014, the company also acquired the US based power sports and outdoor vehicle manufacturer, Kolpin Outdoor to strengthen its power sports market segment.
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