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Online Powersports Market to cross $12 Bn by 2032
- Published Date: March 14, 2023
Online Powersports Market size is projected to reach USD 12 billion by 2032, according to the latest research report by Global Market Insights Inc.
The advent of digitization in the automotive sector will complement the online powersports industry outlook. Besides the ongoing advancements in futuristic mobility solutions, automakers worldwide are leveraging the current transition to digital commerce to boost sales, particularly to recover from the impact of the COVID-19 pandemic. Several automobile manufacturers are thus collaborating with various e-commerce giants to provide an omnichannel customer experience. Moreover, the recent developments in AI and robotics are helping enhance the overall shopping experience, thereby driving the market growth.
Various technology providers are also joining forces to cater to the manufacturers actively building online portfolios. For instance, in November 2022, Rollick, a leading provider of customer engagement technology for marine, RV, and powersports companies announced a partnership with Tiffin Group, a family-owned Motorhome, and fifth wheel manufacturer to improve the customer shopping experiences. The ongoing efforts to enhance inventory management for dealers and boost online presence of automobile manufacturers will additionally spur online powersports market development.
Surging demand for UTVs in recreational and commercial applications
The industry size from side by side vehicles is estimated to amass USD 3 billion by 2032 owing to the increasing demand for advanced UTVs. Online platforms offer multiple options for customers to choose from a diverse range of features, specifications, and competitive pricing. Leading industry players are working towards amplifying access to advanced UTVs across online channels. The rising number of recreational and sports activities such as road racing, and the increasing developments in electric UTVs for agricultural, forestry, and defense applications will fuel online sales of these vehicles.
Browse key industry insights spread across 200 pages with 57 market data tables & 24 figures & charts from the report, “Online Powersports Market Size By Vehicle (All-Terrain Vehicle (ATV), Side By Side Vehicle, Personal Watercraft, Snowmobile, Heavyweight Motorcycle), COVID-19 Impact Analysis, Regional Outlook, Growth Potential & Forecasts, 2023 – 2032” in detail along with the table of contents:
Hefty government investments in recreational infrastructure in Europe
European online powersports market is projected to record over 5% CAGR during 2023 to 2032 driven by the growing government investments in strengthening recreational infrastructure. With the aim of ensuring post-pandemic recovery, Europe is investing heavily in amplifying tourism and sports for economic development. Furthermore, the growing consumer preference for EVs and the increasing government initiatives encouraging the adoption of e-mobility solutions to curb fuel consumption and the associated environmental impact will complement the industry progression. Hence, the surging demand for EVs and the rise in motorsport activities in region will proliferate the online demand for powersports vehicles.
Strategic expansion efforts to boost online powersports industry growth
Polaris Industries, Honda Motors, Yamaha Motor Corporation, Kawasaki Motors Corporation, and BRP are some of the leading companies in the global online powersports business scenario. These industry players are entering strategic agreements and collaborations to strengthen their businesses and expand their footprint. For instance, in December 2021, Octane announced a partnership with Polaris Industries to provide digital financing operations for Powersports-related shopping. The partnership will integrate Octane’s digital lending experience to deliver financing for Polar Sportsman, Polaris snowmobiles, Slingshot vehicles, and RANGER.
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