Global Powersports Market is expected to foresee steady growth. North America holds the largest share!
- Himanshu Patni
- June 4, 2022
- AUTOMOTIVE, NEWS
- Powersports Market, Powersports Market growth, Powersports Market Share
- 0 Comments
The global Powersports market is expected to grow at a CAGR of around ~6% during the forecast period 2021-2027. Power sports are a type of motorsport that is used frequently in X-games. Handlebars are used on power sports vehicles to control movement and rider mounting. Motorcycles, scooters, dirt bikes, ATVs, UTVs, personal watercraft, jet boats, and snowmobiles are examples of power sports products. The use of an engine in some form or another is one of the defining characteristics of any power sport. The need for power sports is steadily expanding as their popularity grows. As a result, the power sports segment is expected to increase significantly over the anticipated period. Further, the rising disposable income of the population and rising consumer expenditure are other factors influencing the growth of Powersports markets because people are spending more, and a vital chunk of this expenditure goes into entertainment and outdoor off-road recreational activities.
For a detailed analysis of the market, drivers browse through – https://univdatos.com/report/powersports-market/
Four-wheel all-terrain vehicles (ATVs) are in high demand among consumers due to their superior performance in rough and uneven terrains. As a result, ATV manufacturers are being pushed to incorporate a four-wheel-drive system as an option or as a full-time alternative. In real-time, microfiber couplings sense the need for a four-wheel-drive system. Different countries are seeing an increase in the popularity of these new four-wheel ATVs. Every year, for example, the Canadian Council of Snowmobile Organizations hosts sporting events. Several major ATV and UTV manufacturers are also hosting racing championships, which is likely to increase demand for these utility vehicles. ATV rides are becoming more popular in recreational parks around the United States. By extending miles to over 19 national recreational routes, new recreational opportunities have been developed on public lands around the country. ATVs are also commonly employed in military and law enforcement agencies, where they are frequently used for transportation in remote areas. As a result, one of the key reasons driving the Powersports market growth is the increased demand for ATVs in recreational, sporting, and military applications.
For a detailed analysis of the Covid-19 Impact on the market browse through – https://univdatos.com/report/powersports-market/
The market impact of COVID-19 has been marked by the closure of production and assembly sites, as well as a reduction in components supply. For example, due to the pandemic-induced shutdown, Polaris, the market leader, briefly closed its two local operations in Minnesota’s Monticello and Roseau. Yamaha, which had ceased production at its US plants in March 2020, has resumed operations, although with many furloughs and employee layoffs. Honda also paused Powersports production at its South Carolina plant during the lockdown. Because of the global automotive industry’s collapse, the COVID-19 pandemic will have a detrimental impact on the Powersports market in 2020. The outbreak caused considerable delays in the production of goods, particularly automobiles. The worldwide Powersports market has been hampered by a dramatic drop in automotive production. Furthermore, according to figures from the Organisation Internationale des Constructeurs d’Automobiles (OICA), total car production will drop by 16 percent in 2020, to less than 78 million vehicles. Factory closures, travel bans, trade bans, and border closures were also implemented to combat and control the epidemic; these restrictions had a significant impact on the manufacturing, supply, and sales of numerous automobile components required to produce cars. As a result, COVID-19 had a negative impact on the Powersports market in 2020.
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For a better understanding of the market adoption of the Powersports, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. North America holds the largest share of the global market during the forecasted period. This is due to the region’s pleasant weather and abundance of recreational opportunities. Furthermore, the existence of established players like Arctic Cat and Yamaha Motor Corporation (both based in Canada), as well as BRP and Polaris (both based in the United States), would help the product gain traction. Due to the considerable economic impact of power sports activities, state and federal governments in the United States and Canada provide extensive support (for example, surveying and building trails). As a result, these variables are projected to bolster this region’s market supremacy. Customers in the United States and Canada are choosing leisure and recreational activities as their disposable incomes rise. Outdoor recreational activities accounted for USD 374.3 billion in 2020, according to statistics from the US Bureau of Economic Analysis (BEA). This represents 1.8 percent of the total US GDP.
Global Powersports Market Segmentation
Market Insight, by Vehicle Type
- All-Terrain Vehicles
- Side By Side Vehicles
- Personal Watercrafts
- Snow Mobiles
- Heavy Weight Motorcycles
Market Insight, by Application
Market Insight, by Model
- Multi personal
Market Insight, by Region
- North America Powersports Market
- United States
- Rest of North America
- Europe Powersports Market
- United Kingdom
- Rest of Europe
- Asia Pacific Powersports Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Powersports Market
Top Company Profiles
- Arctic Cat Inc.
- Yamaha Motor Co., Ltd.
- Bombardier Recreational Products Inc.
- Kawasaki Heavy Industries, Ltd.
- Polaris Inc.
- Honda Motor Co., Ltd.
- Textron Inc.
- Harley Davidson
- Suzuki Motor Corporation
- Volcon ePowersports