Powersports Market Size 2022 Business Strategies, Opportunities, Future Trends, Top Key Players, and Forecast 2030
Research Reports
Apr 11, 2022
Powersports Market Overview:
Powersports Market is projected to be worth USD 30.35 Billion by 2030, registering a CAGR of 6.65% during the forecast period (2022 – 2030). The market was valued at USD 24,205,708.9 Thousand in 2025.
High investment and maintenance expenses are among the powersports market elements presenting a challenge to industry trends. The combination of high-performance tyres and increased safety features increases the cost of power sports cars. Furthermore, exposure to water and tough landscapes causes wear and tear on these vehicles’ engine replacement components after only a few driving rounds. Furthermore, the frequent maintenance of wheels and shock-up systems as a result of their employment in difficult landscapes and extreme weather conditions is restricting market progress.
The expansion of power sports renting companies and leisure clubs worldwide is expected to drive tremendous growth in the market over the forecast period. Various governments are offering financial assistance to these clubs in order to strengthen the tourist sector, which is pushing market expansion even further. The leading organizations have an edge in terms of higher performance, a wider range of product kinds, superior technical support, and perfect after-sales service.
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As a result, they control the majority of the high-end market. The global expansion of COVID-19 impacted the power sports sector in early 2020. The majority of countries implemented strict safety restrictions, including lockdowns and a restriction on overseas travel, affecting the sales of the powersports market. On the other hand, power sports vehicles experienced strong market demand as a result of increased consumer involvement in outdoor recreational activities as a result of softening lockdown restrictions in the second half of the epidemic.
Competitive Analysis
The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is also expected to emphasize on innovation to amplify the development scope in the global market. The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised.
The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The need to integrate is projected to become even more prominent in the market in the upcoming period.
The notable players operating in the global powersports market are Arctic Cat Inc. (US), John Deere (US), Kawasaki Heavy Industries, Ltd (Japan), Textron Inc. (US), Harley-Davidson, Inc. (US), Honda Motor Company, Ltd (Japan), Yamaha Motor Co. Ltd (Japan), Polaris Industries, Inc. (US), Bombardier Recreational Products Inc. (Canada), and Suzuki Motor Corporation (Japan).
Powersports Market Segmental Analysis
The segmental study of the powersports market is segmented on the basis of application, model, vehicle type, and region. Based on the regions, the global powersports market has been segmented into Europe, Asia-Pacific, North America, and the rest of the regions in the world.On the basis of vehicle types, the powersports market has been segmented into heavyweight motorcycle, all-terrain vehicle, snowmobile, side by side vehicle, personal watercraft, and others. On the basis of application types, the powersports market has been divided into on-road and off-road. Based on the model types, the powersports market has been segmented into multi personal, sit down and stand up.
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Detailed Regional Analysis
The regional review of the powersports market is carried on the basis of regions such as Europe, Asia-Pacific, North America, and the rest of the regions in the world. The principal market share of the regional market of North America is appraised to be amintained the through the forecast period, due to the occurrence of vital manufacturers operating in the region and the ease of access to several recreational amenities across the nations of the US and Canada. Among the regions studied, in 2018, followed by the European and North American regions, the global market was led by the region of Asia-Pacific. Throughout the forecast period owing to the mounting demand for off-road UTVs, the European region is estimated to perceive substantial advance in the worldwide powersports market. The factors such as huge potential of the consumer base in the national markets of China and India, the collective funding in research and development, and mounting powersports attention is contributing to the powersports market growth.
Industry News
Protective Life Corp., the Protective Asset Security monitor and a wholly owned U.S. affiliate of Dai-ichi Life Holdings, announced the conclusion of the deal to purchase the Revolos family of companies this week. Revolos provides a variety of F&I products, including automobile support arrangements, compensation for assured asset protection (GAP) and ancillary products for the industrial, leisure vehicle and power sports markets. In September, knowledge that this transaction was coming first emerged. The conclusion boosted M&A announcements by Cox Automotive, First Investors Financial Services and Sonsio of the series of innovations during the first week of the year.
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