Status : Published Published On : Dec, 2022 Report Code : VRAT9626 Industry : Automotive & Transportation Available Format : Page : 210
2022
2030

Global Power Sports Market – Analysis and Forecast (2022-2030)
Industry Insight by Vehicle (All-Terrain Vehicles, Side by Side Vehicles, Personal Watercraft, Snowmobiles, and Heavyweight Motorcycles), by Propulsion Type (Gasoline, Diesel, and Electric), by Application (On-Road and Off-Road), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

Industry Overview

The global power sports market is expected to grow from USD 35.3 billion in 2021 to USD 55.5 billion by 2030. It will register a CAGR of 5.6% during the forecast period. Power sports are a sub-category of motorsports that include motorcycles, snowmobiles, all-terrain vehicles (ATVs), personal watercraft, and scooters. Power sports vehicles are intended to meet the requirements of recreational and adventurous activities. These vehicles are generally propelled by a high-efficiency engine and powered using a handlebar. They are extremely precise vehicles that are unaffected by various types of road/terrain and rough riding. Thus, benefits associated with power sports include promoting individuality, enhancing physical and mental health, and improving performance. Power sports vehicles are available in a variety of configurations, including multi-person, sit-down, and stand-up models that can be ridden both on and off-road.

Market Segmentation

Insight by Vehicle

Based on Vehicle, the Global Power Sports Market is segmented into All-Terrain Vehicles, Side by Side Vehicles, Personal Watercraft, Snowmobiles, and Heavyweight Motorcycles. Personal watercraft are expected to have the fastest growth during the forecast period owing to a surge in water sports events worldwide. The reduced weight contributes to an enhanced power-to-weight ratio and significantly improves craft efficiency. The faster speeds of PWCs, in conjunction with better cornering skills, strengthen the craft's manoeuvrability even more, which is expected to increase product adoption.

Insight by Propulsion Type

Based on Propulsion Type, the Global Power Sports Market is segregated into Gasoline, Diesel, and Electric. The gasoline segment is expected to grow at a faster pace during the forecast period owing to increased consumer preference to have reduced initial purchase cost in comparison to diesel counterparts. Furthermore, gasoline-powered vehicles offer higher mileage, cleaner energy, and higher resale value, which is expected to drive segment growth.

Insight by Application

Based on Application, the Global Power Sports Market is classified into On-Road and Off-Road. The off-road category dominates the market. ATVs and utility terrain vehicles are power sport vehicles that can travel over rocky, uneven, and steep terrain while still delivering incredible performance. They are small, have quick handling, and can easily operate in dense areas such as crowded forests and snowmobile paths. These are some of the key factors that are expected to drive off-road segment growth over the analysis period.  The on-road category is expected to grow steadily in the coming years due to increased demand for personal transportation vehicles and other factors.

On-Road is anticipated to have a high CAGR during the forecast period owing to a surge in demand for passenger cars particularly on-road bikes and increased adoption of power sports in parks, malls, etc by children, thereby bolstering the market demand for on-road segment in the global power sports industry during the forecast period.

Global Power Sports Market Report Coverage

Report Metric

Details

Historical Period

2018–2021

Base Year Considered

2022

Forecast Period

2022 - 2030

Market Size in 2021

$0.50 Billion

Revenue Forecast in 2030

$1.56 Billion

Growth Rate

CAGR 25.5%

Segments Covered in the Report

By Vehicle, By Propulsion Type, and By Application

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Growth Drivers

The global power sports market is expected to be driven by development in recreational activities and increased disposable income of consumers around the world during the forthcoming years. Moreover, increased research and development activities and rising prominence of off-roading events, positive outlook of tourism industry will propel market growth in the global power sports industry.

Adventure sports are becoming more prominent, which has sparked the construction of outdoor recreation infrastructure like theme parks, wilderness areas, and hiking trails. The demand in the market is rising as a result of growing private sector investment in the development of specialised infrastructure for leisure and entertainment, thereby accelerating the market demand for power sports industry.

Snowmobile tourism has grown to be a significant economic driver of active outdoor recreation, and it is strongly supported via trail maps, information guides, and state and local travel agencies. These factors are propelling snowmobiles forward, which is propelling the power sports market forward.

The advent of electric vehicles, increased initiatives by government to support tourism industry, and increased adoption of solar energy in power storage are creating lucrative market opportunities during the forecast period.

Challenges

The high maintenance cost and lack of charging infrastructure are the challenges that may hamper the market growth of the global power sports industry. The increased safety and environmental concerns will further stymie the market expansion.

Opportunities

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Industries interested in seaweed farming are implementing new burgeoning technologies like machine learning, Internet of Things (IoT), and artificial intelligence to improve seaweed production and monitor seaweed biomass and habitats. The seaweed cultivation industry is seeing profitable commercial potential as a result of technological advancements. These factors will create new market opportunities for growth in the global seaweed protein industry during the forecast period.

Geographic Overview

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

North America contributes the largest share in the global power sports market due to the increased purchasing power among individuals, favorable policies by the government regarding recreational infrastructure, increased private sector investment to develop new theme parks and water sports activities, and suitable outdoor temperatures for recreational activities. Also, a number of other players have established their dominance in the power sports industry. Textron Inc., Yamaha Motor Corporation, Arctic Cat, and Polaris are expanding their presence in the North American power sports market. Moreover, the region's state and federal governments assist the tourism industry in increasing market revenue through adventure activities.

The increase in the number of recreational centers and regional bodies that consistently promote recreational, leisure, and off-road activities along with the presence of snowmobile trails and clubs is anticipated to assist the market growth in Europe. Moreover, favorable cross-country UTV competitions are increasing youth participation every year and boosting the popularity of power sports vehicles in countries like the UK, Spain, and France. As a result, the Europe market is expected to expand significantly and emerge as a major hub during the projected period.

Competitive Insight

The global market is fairly integrated, with the largest players holding the lion's share. The majority of companies are investing heavily in comprehensive research and development activities, primarily to develop highly efficient products that will improve the future of power sports vehicles. Moreover, the key players in the global power sports market are emphasizing the advancement of eco-friendly and fuel-effective electric power sports vehicles to earn more market revenue along with emphasizing increasing product portfolio and M&A to have a competitive edge in the global power sports industry.

KYMCO is a global Powersports company with operations in over 100 countries. Scooters, motorcycles, ATVs, and utility vehicles are among their offerings. Everything KYMCO does is centered on sustainability. For over 20 years, KYMCO's electrification endeavor has been driven by this unwavering dedication. They are on a mission to design personal vehicles that will win the hearts of consumers worldwide.

Polaris has proudly defined, re-defined, and raised the bar for the Powersports industry since 1954. It is reflected in the creativity they bring to product design and the experiences they create for those who play, work, and THINK OUTSIDE. Polaris has become synonymous with adventure and passion in both work and play for millions of people around the world. Polaris offers a diverse portfolio of best-in-class brands by developing breakthrough products and expanding into adjacent markets. Polaris offers the most comprehensive lineup of customizable side by sides, ATVs, and single-seat vehicles designed specifically for the way you ride. Polaris on-road vehicles stand out from the crowd, from a classic motorcycle brand to a revolutionary new three-wheeled roadster. Some of the power sports include RZR (Sport Side*Side), RANGER (Utility Side*Side), General (Recreation & Utility Side* Side), Sportsman (Recreation & Utility ATV), Polaris Snowmobiles (Sleds for any riding style), Timbersled, Slingshot, AISAM, and others.

Recent Development by Key Players

Suzuki Motor Corporation launched the all-new V-STROM 800DE sport adventure tourer and GSX-8S street fighter at the EICMA 2022 (Milan Show) in November 2022. The V-STROM 800DE and GSX-8S are brand-new 800cc class models with lightweight and manoeuvrable features suitable for a wide range of riders. Both models provide an optimized balance of rideability needed for both daily commuting and touring.

In October 2022 in Cologne, Germany, Kawasaki displayed a prototype of its upcoming electric motorcycle at INTERMOT 2022. The prototype, along with a hybrid model, was first unveiled by the manufacturer in August at the Suzuka 8-hour endurance race in Japan.

  • The prototype has a mid-mounted motor and chain drive.
  • Performance is expected to be 125cc-equivalent.

Kawasaki previously stated that it intends to release ten electrified motorcycles by 2025, including fully electric and hybrid models. The production version of this prototype is expected to be the first model in Team Green's electrified range, which is expected to launch in international markets in 2023. In terms of design, the prototype appeared to be based on Kawasaki's Z range of street naked motorcycles, specifically the Z250.

Key Players Covered in the Report

Some of the key players operating in the global power sports industry include Deere & Company, Polaris Inc., Kawasaki Motors Corp., U.S.A., Yamaha Motor Co., Ltd., Honda Motor Co., Ltd, Suzuki Motor Corporation, HARLEY-DAVIDSON, Arctic Cat Inc., KYMCO, and BRP.

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Frequently Asked Questions

Vehicle, Propulsion Type, Application, and Region are the segments covered in the report.
The global power sports market is expected to grow from USD 35.3 billion in 2021 to USD 55.5 billion by 2030. It will register a CAGR of 5.6% during the forecast period.
The increased government initiatives to aid tourism industry, increased participation by people in several adventurous activities like motor racing, formula racing, etc., and increased customer spending power are driving market growth in the global power sports industry.
Asia-Pacific is expected to have a high CAGR during the forecast period owing to the presence of a high-income population, the increasing trend towards recreational activities, and increased demand for motorcycles and ATVs in the region.
Some of the major players in the global Power Sports industry include Deere & Company, Polaris Inc., Kawasaki Motors Corp., U.S.A., Yamaha Motor Co., Ltd., Honda Motor Co., Ltd, Suzuki Motor Corporation, HARLEY-DAVIDSON, Arctic Cat Inc., KYMCO, and BRP.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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