Industry Overview
The Global Power Sports Market is expected to grow from USD 35.3 billion in 2023 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 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 maneuverability 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 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 the on-road segment in the global power sports industry during the forecast period.
Global Power Sports Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 35.3 Billion
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Revenue Forecast in 2030
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U.S.D. 55.5 Billion
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Growth Rate
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5.6%
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Segments Covered in the Report
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by Vehicle, by Propulsion Type, by Application
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Report Scope
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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
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Regions Covered in the Report
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North America,Europe,Asia-Pacific (APAC),Rest of the World (RoW)
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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 rising prominence of off-roading events, positive outlook of the 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 specialized infrastructure for leisure and entertainment, thereby accelerating the market demand for the 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 the government to support the 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, the 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, several 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
John Deere Power Products (part of the Small Ag & Turf division at Deere & Co.) has expanded its manufacturing presence in Greeneville, Tenn to meet increased projected customer demand for the Z300 and Z500 zero-turn mowers.
Garmin and Kawasaki Motors Corp., U.S.A. collaborated to provide a customized, factory-installed solution for the center console of the Kawasaki RIDGE Limited side x sides. This wilI help guide the adventure by providing seamless navigation and vehicle systems information, such as engine data, rider settings, alerts and more.
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.
The Power Sports Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Vehicle
- All Terrain Vehicles
- Side by Side Vehicles
- Personal Watercraft
- Snowmobiles
- Heavyweight Motorcycles
- By Propulsion Type
- By Application
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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