Electric Power Sports Market size is expected to reach USD 800 million by 2030, according to a new research report by Global Market Insights Inc.
The report anticipates the rising adoption of electric power sports across regions such as North America as a major growth rendering factor driving the industry expansion. Manufacturers and leading automotive firms have been focusing on upgrading the vehicles' existing capabilities, such as battery life, by integrating advanced equipment and leveraging progressive technologies, propelling the electric power sports vehicle sales.
For instance, in August 2022, Volcon, a Texas-based electric off-road Powersports manufacturer, announced that it had received pre-orders valued at more than USD 100 million for its new electric off-road vehicle, Volcon Stag. The four-seater Stag leverages the biggest advantages of powertrains and electric vehicles. It offers a combination of low noise and extreme power, with the peak power measuring 107 kW (143 hp), peak torque of 265 lb-ft (360 Nm), and a top achievable speed of 80 mph (130 km/h).
Rising usage across the agricultural and defense sector
The electric UTV segment is anticipated to exceed 150 million by 2030. The increasing utilization of electric UTVs across the agricultural sector for carrying out several activities, including plowing, livestock feeding, harrowing, etc., may streamline the segmental expansion over the forthcoming years. These vehicles find major applications across the military and defense sectors due to their capability to run efficiently through rough terrains. A substantial rise in defense budget allocations and the ongoing upgradation and replacement of existing military equipment will foster the industry demand.
Browse key industry insights spread across 150 pages with 200 market data tables & 22 figures & charts from the report, “Electric Power Sports Market Size By Vehicle (Electric All-Terrain Vehicles, Electric Side By Side Vehicles, Electric Personal Watercraft, Electric Snowmobiles, Electric Sports/Cruiser Motorcycles), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Improving economic landscape to push product demand across Europe
Europe electric power sports industry is estimated to attain 15% growth rate till 2030. The growth of the regional industry is backed by a considerable rise in recreational sports activities due to a robust economic outlook and rising disposable incomes. The booming travel and tourism space characterized by the presence of exotic wildlife parks, resorts, and beaches may create new prospects for industry growth. In addition, the rising concerns pertaining to minimizing carbon emissions and lowering the environmental impact may significantly boost the product adoption.
Strategic partnerships to drive the competitive landscape
Major players operating in the industry are Alke, Damon Motors Inc., Daymak, Inc., DRR USA, Eco Charger, Energica Motor Company S.p.A, Harley-Davidson, Inc., Intimidator UTV, Polaris, Taiga Motors Inc., and Zero Motorcycle. These leaders are introducing major breakthroughs across the industry by utilizing cutting-edge technologies to manufacture state-of-the-art equipment that improves vehicle functionalities. Moreover, they are implementing other growth measures, such as forming strategic alliances with new and established firms to expand their product offering and strengthen their global footprints.
For instance, in September 2020, Zero Motorcycles inked a 10-year strategic conglomerate with Polaris, Inc., a leading Powersports vehicle manufacturing firm. The partnership aimed to assist the organizations in leveraging mutual expertise and fueling the off-road vehicle electrification trends. Furthermore, the tactical move combines both companies to work in accord to co-develop various new power sports EV motorcycles and accelerate the growth of electrification.