Powersports Market: Current Analysis and Forecast (2021-2027)

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Global Powersports Market is anticipated to display a CAGR of around ~6% over the forecast period (2021-2027). The growing popularity of recreational activities such as surfing, off-road biking, and snowmobiling is fueling the demand for Power Sports vehicles, which is driving the global market. Increased private sector participation in the construction of dedicated recreational and entertainment infrastructure will contribute to market expansion. Another key element driving the global Power Sports Market is technology advancements that have aided in the development of new-generation cars. Other significant drivers include rising spending on Power Sports products, an expanding urban population, and ongoing global economic development. The growing popularity of adventure sports is likely to open up new lucrative prospects, propelling the Power Sports Market to new heights. In recent years, adventure sports have become increasingly popular. By adding new terrains and difficulties, racers are upping the bar. The global Power Sports Market now has new growth potential. Additionally, introducing newer products with improved design, power, engineering, and safety will allow the Power Sports Market to expand. Other potential include the rising popularity of racing and the establishment of recreational clubs offering low-cost Power Sports rentals. As a result, the market has a lot of room to grow.

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Insights Presented in the Report

“Amongst Vehicle Type, All-Terrain Vehicles segment dominated the market in 2020”

Based on vehicle type, the market is segmented into All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snow Mobiles, and Heavy Weight Motorcycles. The All-Terrain Vehicles generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The demand for all-terrain vehicles is likely to increase in the future. This is due to a variety of advantages of ATVs, including straddle seating and handlebar steering, the ability to go over all terrains, and lower carbon emissions. Other advantages of ATVs include vehicle weight reduction, a lower minimum driving age when compared to other Power Sports vehicles, and fewer maintenance costs. The all-terrain vehicle market will continue to rise as demand for ATVs grows in recreational activities, particularly in worldwide competitions

“Amongst Application, Off-road segment dominated the market in 2020”

Based on application, the market is segmented into On-road and Off-road. The Off-road segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Power sport vehicles are capable of driving on uneven and rocky ground as well as steep routes, giving them versatility in all terrains. They have outstanding handling and can operate in confined locations such as packed forests (ATVs and Side by Sides) and snowmobile routes due to their small size (snowmobiles). As a result, these are some of the elements driving this segment’s growth

“Amongst model, Sit-down segment dominated the market in 2020.”

Based on the model, the market is segmented into Stand-up, Sit-down, and Multi personal. The Sit-down segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The major demand for all-terrain vehicles which are majorly sit-down models are adding to the growth of the segment during the forecasted period 2020-2027

“North America represents the largest market.”

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. Some of the major players operating in the market include 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 etc.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

Customization Options:

The Global Powersports can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for Powersports Market (2020-2027)

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.

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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.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Powersports through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Powersports, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are vehicle type, application, and model. Further regional & country-level analyses were conducted to evaluate the overall adoption of Powersports in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportation, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and the supply-side scenario were also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Powersports across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in Powersports in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Powersports. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of elevation system, type, product type, structure, and region.

The main objective of the Powersports Study

The current & future market trends of Powersports were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Powersports in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study vehicle type, application, and model
• Defined analysis of the regulatory framework for the Global Powersports industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Powersports for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Powersports players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country-level analysis of the industry

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