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Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), By Propulsion Type (Gasoline, Diesel, Electric), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI1688
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Power Sports Market size exceeded USD 37 billion in 2022 and is projected to expand at more than 6% CAGR from 2023 to 2032. Continuous technological advancements in the field of batteries and electric vehicles will spur the industry expansion.
 

The powersports industry is highly supported by the development of electric power sports vehicles, especially in Europe. Electric power sports vehicles are experiencing an increase in sales in European nations such as the UK, Germany, and France. The growing demand for electric power sports cars among millennials due to their environmental friendliness and lack of harmful emissions is aiding business expansion. Additionally, the surging emphasis on R&D spending and product innovation is benefitting the industry outlook.
 

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On the other hand, the swelling popularity of off-road sporting competitions in challenging environments is also boosting customer interest in the power sports industry. Several factors including the increased demand for thrilling sporting events with off-highway vehicles such as quads are impelling product adoption. Numerous events by the American Council of Snowmobile Association, the American Motorcyclist Association, and the All-Terrain Vehicle Association are further set to assist the industry development.
 

Expensive investment and maintenance of power sports vehicles may restrain industry progression

High initial costs of power sports vehicles are a major factor restraining power sports market growth. Heavyweight bikes, snowmobiles, and personal watercraft are among the more expensive vehicles. Most of these cars are within the price range of off-road aficionados with high buying capacity. Power sports cars not only have significant initial prices but also frequent wear and tear from off-road riding that necessitates routine maintenance. Nonetheless, the emergence of advanced battery technologies is stimulating the performance and range of electric power sports, thereby encouraging potential buyers to opt for sports vehicles.
 

Emerging off-road sporting events to accelerate the use of heavyweight motorcycles

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In terms of vehicle, the heavyweight motorcycles segment held over 59% of the revenue share in 2022 as a result of their mounting uptake in several sporting and cruising events. Motorcycle racing competitions are organized in different regions by industry associations and market participants, including KTM, Ducati, and Honda, which helps increase bike sales.
 

Rising awareness regarding the negative impact of toxic vehicles to boost EV demand

Electric power sports market size is expected to witness nearly 16% growth rate between 2023 and 2032. The continued development of electric power sports vehicles is responsible for segment growth. These models incorporate electric motors that provide the vehicle's engine with rapid torque and power. Growing public knowledge of the negative effects of toxic vehicle emissions is motivating the American population to invest in electric power sports models, which is foreseen to facilitate segment development.
 

Increased consumer interest to help industry growth across North America

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North America power sports market valuation was recorded at around USD 34 billion in 2022. The rising demand for power sports vehicles as a result of the increased participation in leisure activities compared to other regions is propelling the industry dynamics at a rapid pace. The substantial presence of established industry players and the introduction of technologically improved items in the U.S.
 

Consistent R&D projects to support the market outlook

Top companies operating in the powersports industry are Kawasaki Motors Corporation, Polaris Industries, Yamaha Motor Corporation, Honda Motors, and BRP. These leaders primarily focus on product range expansion and rigorous R&D initiatives to strengthen their market standing. For instance, in March 2021, Polaris, an automotive manufacturing company, unveiled its lineup of snowmobiles for 2022, which features 22 new models built on the rider-first Matryx platform. The combustion stability provided by the SmartBoost technology generates 10% more power at sea level and 50% more power at 10,000 feet above the 850 Patriot.
 

Impact of COVID-19 on the industry trends

The COVID-19 outbreak posed a threat to industry growth owing to stringent lockdowns and restrictions on movement. However, one sector of power vehicles, viz., sports bikes, witnessed an upsurge in sales as a result of new outdoor hobbies and offroad fashions by people. For instance, Canadian power sports dealers reported doubled revenue profits during the coronavirus pandemic. Moreover, in the post-pandemic scenario, sports automobiles have emerged as a new trend in automotive fashion among the young population across the world, providing lucrative opportunities for the market.
 

This power sports market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2032, for the following segments:

Market Insights, By Vehicle

  • All-terrain vehicles
  • Side by side vehicles
  • Personal watercrafts
  • Snowmobiles
  • Heavyweight motorcycles

Market Insights, By Propulsion

  • Gasoline
  • Diesel
  • Electric

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

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

 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of power sports recorded at over USD 37 billion in 2022 and is set to progress at more than 6% CAGR through 2032 owing to the mounting popularity of off-road sporting competitions in challenging environments and continuous technological advancements in the field of batteries and electric vehicles.
The heavyweight motorcycles segment held more than 59% of the revenue share in 2022 due to industry associations and market participants, such as KTM, Ducati, and Honda, which organize motorcycle racing competitions.
The electric propulsion segment is expected to grow at over 16% CAGR between 2023 and 2032 as a result of the growing public knowledge of the negative effects of toxic vehicle emissions.
The North America market surpassed USD 34 billion in 2022 on account of the significant presence of established industry players and the launch of technologically advanced products in the U.S. region.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 12
  • Tables & Figures: 243
  • Countries covered: 16
  • Pages: 230
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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