DUBLIN, May 10, 2023 /PRNewswire/ — The “Global Power Sports Market Size, Trends and Growth Opportunity, by Vehicle Type, Application, Model, Propulsion Type by Region and Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global power sports market was valued at USD 31.43 billion in 2021 and is slated to reach at USD 50.20 billion by 2027 at a CAGR of 6.25 % from 2022-2027.
Companies Mentioned
- Hero Electric (India)
- Vmoto Limited (Australia)
- The Electrotherm Group Inc. (India)
- Jiangsu Xinri E-Vehicle Co.
- Ltd. (China)
- Energica Motor Company (Italy)
- Piaggio & C. SpA (Italy)
- Niu International. (U.S.)
- Mahindra & Mahindra Ltd
Power sports are a subcategory of motorsports that use controlled handlebars and high-performance engines to control movement. For power sports vehicles, the rider typically sits on a saddle, as opposed to enclosed seats in other vehicles. These are commonly seen at races and other sporting events.
Market Drivers
Motorcycle demand is rapidly increasing as a result of increased adoption of this vehicle among younger buyers. Furthermore, low maintenance costs, convenience, and affordability are some of the major factors expected to boost motorcycle demand during the forecast period.
As a result, the motorcycle segment is expected to account for the majority of the power sports market during the forecast period. However, motorcycle sales are increasing due to a shift in consumer preferences towards fuel-efficient, lightweight, more accessible, and environmentally friendly motorcycles. A personal water sports vehicle is a popular recreational vehicle. As a result, rising demand for cost-effective and convenient motorcycles is expected to drive market growth.
People, particularly young people, are more likely to engage in a variety of recreational and sporting activities to de-stress and improve their work-life balance. The increased awareness of physical and mental fitness is expected to drive demand for recreational activities around the world. During the forecast period, this is expected to fuel market growth.
Market Restraints
Most high-performance vehicles use highly polluting engines and traditional fuel. Large two-wheeled vehicles, in particular, emit a lot of emissions and consume a lot of fuel.
Due to the high number of falls and collisions, this power sports vehicle lacks appropriate safety devices. Growing concern about unsupervised child use and the environmental impact of these vehicles has resulted in a number of deaths. These elements are limiting market growth.
Impact of COVID-19
The market impact of COVID-19 has been characterized by the shutdown of production and assembly plants. For example, Polaris, the market leader, temporarily closed its two local plants in Monticello and Roseau due to lockdown. Furthermore, Yamaha, which halted production at its US plants in March 2020, has resumed furloughs and staff reductions. Similarly, Honda halted power sports production at its South Carolina plant during the lockdown.
Recent Developments
The Toro Company, a provider of innovative outdoor solutions, acquired The Intimidator Group Inc, a US-based manufacturer of side-by-side vehicles, in 2022. Toro Company hopes to strengthen its position in the zero-turn mower market and emerge as a major market player in the global market with this acquisition.
Polaris Inc. will launch Ride Ready, an industry-first on-demand digital service platform, in 2020. This new Ride Ready digital strategy aims to leverage digital technology and solutions in order to provide industry-leading tools that break down barriers to building affinity, ownership, and loyalty with existing customers. Ride Ready connects power sports dealers and owners with Indian Motorcycle for easy online scheduling of service appointments.
Market Segmentation
By Vehicle Type
- All-Terrain Vehicle
- Utility
- Recreational
- Sports
- Touring
- Other
- Side by Side Vehicle
- Personal Watercrafts
- Recreational
- Muscle
- Luxury
- Performance
- Sports
- Snowmobile
- Heavyweight Motorcycle
- Snowmobile
- Mountain
- Crossover
- Cross country
- Utility
- Touring
- Other
- Others
By Application
- On-Road
- Off-Road
By Model
- Stand Up
- Sit Down
- Multi Personal
By Propulsion Type
- Gasoline
- Electric
- Diesel
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa.
For more information about this report visit https://www.researchandmarkets.com/r/1r05ce
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SOURCE Research and Markets
