Powersports Market Size to exceed $14 bn by 2024

Powersports Market size is estimated to surpass USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

Growing inclination towards recreational activity and increasing discretionary spending will fuel powersports market growth over the forecast frame. Rising urban population and utilization of vehicle for entertainment and sports has positively influenced demand for personal watercrafts, snowmobiles and all-terrain vehicles. Increasing travel & tourism industry is continuously enhancing product demand. Increasing investment in motorsports activities will accelerate power sports market size.

 

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Consistent technological advancement offering low noise and enhanced efficiency will boost the overall industry growth. In addition, rising number of training facilities and recreational clubs will positively influence the product penetration. Industry players are constantly focusing on developing vehicles complying with the stringent government regulations.
 

All-terrain vehicle dominates powersports market with application in athletic and recreational activities. These vehicles can easily be adopted in activities including camping and other motorsports with minor changes. Rise in outdoor facilities such as recreational parks is continuously augmenting product demand. In addition, product offering no-clutch and semi-automatic transmission will further fuel the industry growth.


Powersports Market
 

Positive product outlook particularly for the ATVs and SSVs across developing countries owing to increasing spending capacity, development of the rugged terrain and increasing distribution of the major manufacturers in the region. Stringent regulatory bodies are focusing on offering safety features along with reducing the accidents caused by these vehicles. Growth in tourism sector across the globe with local participants offering rental services for these vehicles will induce positive impact on the product demand.

 

Browse key industry insights spread across 250 pages with 193 market data tables & 9 figures & charts from the report, “Powersports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobile, Heavyweight Motorcycles), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Spain, China, Japan, Thailand, Malaysia, Indonesia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-sports-market
 

Side by side powersports market will foresee around 3% CAGR owing to its demand for sports operations along with ability of the vehicle offering multiple seating facility. The vehicles provide higher functionality and smooth riding experience in difficult terrains. SSV provide multiple driving mode, better suspension and disc break that improves passenger safety and support industry growth. Snowmobile segment will witness sturdy growth in regions including Europe and North America.
 

North America dominates the overall powersports market volume share owing to presence of key manufacturers. Industry players such as Harley Davidson has increased product availability and accessibility with increasing number of brand outlet in the country. Companies are expanding their distribution channel to capture large consumer base. Government bodies such as National Park Service, National Oceanic & Atmosphere Administration, Federal Highway administration, The U.S. Forest Service, and Bureau of Land Management have taken initiatives to propel recreational industry resulting in powersports market growth during forecast period.
 

Asia Pacific powersports market led by Japan, China and India will register gains at over 4.5% owing to rising disposable income. Rise in per capita spending is accelerating ATV and SSV sale. Industry players such as Honda Motors adopting innovative steps such as improving economy of scale to lower product cost and attract more consumers. Emerging nations such as India is taking initiatives to strengthen manufacturing segment further enhancing the product demand. Middle East & Africa power sports market size will foresee healthy growth owing to expansion in tourism industry.
 

Key powersports vehicle manufacturers include Kubota, Kymco, Kawasaki Motors, John Deere, Suzuki Motors, BRP, Can-Am, Arctic Cats, Harley Davidson, Yamaha Motors, Honda Motors and Polaris Industries. Companies are adopting merger & acquisition strategy for increasing their production capacity and boost their industry share. For instance, in January 2017, Textron Specialized Vehicles, a global manufacturer of utility and personal transportation vehicle acquired Arctic Cat at approximately USD 247 million. This will help the company to enhance product innovation and expand their distribution network to improve consumer reach.

 

Powersports market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2024, for the following segments:

Powersports Market by Vehicle

  • All-Terrain Vehicles
  • Side By Side Vehicles
  • Personal Watercrafts
  • Snowmobiles
  • Heavyweight Motorcycles

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Thailand
    • Malaysia
    • Indonesia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa