Power Sports Market size is set to surpass USD 69 billion by 2032, according to a new research report by Global Market Insights Inc.
The report identifies promising R&D operations in the field and the growing popularity of off-roading events as the chief drivers of the power sports industry. Additionally, the positive outlook of the tourism industry, especially in the LATAM and MEA regions, is bolstering product adoption. These areas have vast stretches of deserts and barren lands that are highly suitable for off-road championships and events such as ATV riding and off-road biking.
Rising popularity of water sports to push the demand for personal watercrafts
In terms of vehicle, the power sports market from personal watercraft segment is poised to witness global sales of over 160 thousand units by 2032. The demand for personal watercraft is driven by an increase in water sporting events globally. The reduced weight adds to an improved power-to-weight ratio and considerably increases craft efficiency. PWCs' faster speeds combined with better cornering skills further improve the craft's maneuverability, which is speculated to accelerate product adoption.
Low initial investments in gasoline powered-sport vehicles
The report further cites heavy demand for gasoline-powered sports vehicles. The gasoline segment is slated to reach more than USD 19 billion by 2032. This growth is attributed to high consumer attraction due to their low initial purchase costs as compared to diesel counterparts. Moreover, gasoline-backed cars provide high mileage, cleaner energy, and higher resale value, which is forecast to propel segment expansion.
Browse key industry insights spread across 230 pages with 222 market data tables & 21 figures & charts from the report, “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”, in detail along with the table of contents:
Active youth participation in sports events across Europe
Europe power sports industry is projected to grow at nearly 6% growth rate through 2032. The region may emerge as a major hub for this industry owing to the soaring adoption of recreational operations as a result of various adventurous trails, adventure parks, and varied landscapes in the region. Furthermore, favorable cross-country UTV championships in countries such as the UK, Spain, and France are encouraging maximum youth participation every year, thereby enhancing the uptake of power sports vehicles in the region.
Product innovation and strategic collaborations to remain pivotal growth tactics
The competitive landscape of the power sports market is speculated to witness a series of product diversification efforts, acquisitions, and production expansion initiatives by industry players to maintain their market position. Some key participants profiled in the industry include Kawasaki Motors Corporation, Polaris Industries, Yamaha Motor Corporation, Honda Motors, and BRP, among others.