Power Sports Aftermarket size is projected to exceed USD 20 billion by 2032, according to the recent research report by Global Market Insights Inc.
Increasing focus on infrastructure development across various regions is slated to positively influence the market dynamics. Several governments worldwide are providing robust funding for the construction of public infrastructures, such as recreational hubs and amusement parks, indicating a substantial demand for power sports vehicles such as snowmobiles, personal watercraft, ATVs, and UTVs. MEA countries in particular are emerging as major hubs for motorsport activities, making way for significant investments. For instance, in January 2023, the Saudi Automobile and Motorcycle Federation announced plans to deploy a 20-year program to strengthen Saudi’s motorsports future.
Surging demand for innovative side-by-side vehicles to drive industry growth
Power sports aftermarket valuation from side-by-side vehicles (SSVs) crossed USD 2 billion in 2022 due to widespread application in farming, construction, fishing/hunting, property management and golf course maintenance. To that end, leading SSV manufacturers are scaling up development efforts and innovations in aftermarket accessories to offer advanced functionality and superior riding experience.
Paradigm shift toward ecommerce to propel online sales of aftermarket products
The industry size from online sales channels is anticipated to record 9% CAGR from 2023 to 2032. The swift digitization of businesses has accelerated the transition from retail to e-commerce, with notable customer preference for online shopping, particularly driven by the pandemic. Online sales of power sports vehicles and vehicle parts has gained substantial momentum in recent years owing to the increasing adoption of digital approaches by aftermarket companies and the growing efforts to consolidate their online presence.
Browse key industry insights spread across 200 pages with 394 market data tables & 28 figures & charts from the report, “Power Sports Aftermarket Size By Vehicles (All-Terrain Vehicles [Driveline & Transmission Parts, Electronics, Frame Body Parts, Brake Systems, Engine Systems], Side-by-Side Vehicles [Driveline & Transmission Parts, Electronics, Frame Body Parts, Brake Systems, Engine Systems], Snowmobiles [Driveline & Transmission Parts, Electronics, Frame Body Parts, Brake Systems, Engine Systems], Heavyweight Motorcycles [Driveline & Transmission Parts, Electronics, Frame Body Parts, Brake Systems, Engine Systems], Personal Watercrafts [Driveline & Transmission Parts, Electronics, Frame Body Parts, Brake Systems, Engine Systems]), By Sales Channel (Offline, Online), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Increasing sports activities to drive Asia Pacific market
The APAC power sports aftermarket held more than 15% share in 2022 backed by the growing inclination towards off-roading and motorsport activities in the region. Rising disposable incomes, surging population rate and rapid economic development are augmenting the demand for adequate infrastructure for adventurous activities. Additionally, the increasing public efforts to boost youth engagement and participation in international sports will complement the regional industry expansion. For example, in December 2022, the mi-bike Motorcycle Insurance Australian Superbike Championship launched a new event, resulting in a dynamic surge in demand for aftermarket spare parts in the country.
Rise in strategic alliances to boost power sports aftermarket growth
AISIN SEIKI Co., Ltd., Kubota Corporation, Yamaha Motor Co., Ltd., Bombardier Recreational Products, Deere & Company, Honda Motor Co., Ltd., Harley Davidson, LeMans Corporation, KWANG YANG MOTOR CO., LTD, Motorsport Aftermarket Group, Polaris Inc., Kawasaki Motors Corporation, Textron Inc, Suzuki Motor Corporation, and Western Power Sports are some of the leading companies in the global business scenario. These market participants are foraying into strategic collaborations and partnerships to expand their customer reach. Moreover, in January 2023, Western Power Sports and S&S Cycle announced a partnership with the aim of boosting the distribution of offroad exhaust systems and high-performance parts.