USD 29.62 billion
Powersports Market Size, Share, Growth Analysis, By Vehicle type(All-terrain Vehicles (ATV), Side-by-side Vehicles, Personal Watercraft, Snowmobiles), By Application(On-road, Off-road), By Model(Multi Personal, Sit Down), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2105 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
90
|Figures:
76
Powersports Market Insights
Powersports Market size was valued at USD 29.62 billion in 2019 and is poised to grow from USD 31.43 billion in 2023 to USD 50.85 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).
Powersport vehicles are high-performance automobiles made for both on- and off-road use. They are built to survive harsh environmental conditions, including debris, shock/vibration, and other environmental dangers. Increasing demand from the teens seeking off-road adventure clubs, an increase in disposable money, leisure and tourism, and regional groups that support powersports events, as well as laws. Supporting the construction of recreational infrastructure is promoting market expansion. Additionally, businesses are concentrating on creating new products to achieve mass-market adoption of electrical goods. Consequently, these factors will impact the market expansion over the forecast period.
COVID-19 had a staggering and unprecedented global impact, with demand for power sports vehicles falling in all regions throughout the first half of 2020. According to a study, the market experienced a fall of 7.2% in 2019 as opposed to the average annual increase between 2016 and 2019. As of 2018, the market was worth US$ 8.76 billion, US$ 12.75 billion in 2019, growing at a CAGR of 5.5 percent between 2022 and 2028. The growth in CAGR is a result of the powersports market 's demand and expansion, which has reached pre-pandemic levels once the pandemic has passed.
US Powersports Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
All-terrain Vehicles (ATV)
Fastest Growth
All-terrain Vehicles (ATV)
Growth Rate
6.2% CAGR
Global Powersports Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Powersports Market Segmental Analysis
Global powersports market has been segmented based on vehicle type, application, Model, and region. Based on vehicle type, the market is segmented into all-terrain vehicles (ATV), side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles. Based on the application, the market is segmented into on-road and off-road. Based on model, the region is segmented into multi personal, sit down. Based on region, the powersports market is segmented into North America, Europe, Asia-Pacific, South America, and MEA
Powersports Market Analysis by Vehicle Type
Due to rising acceptance among younger consumers and low-interest rates, the heavyweight bikes sector held the greatest powersports market share in 2021. However, during the past few years, registration of motorcycles with large engines (600cc and more) have dropped due to a change in customer demand toward more accessible, light, affordable, fuel-efficient motorcycles (mainly attributable to younger consumers). Consequently, it is projected that the heavy motorcycle segment would have stable powersports market expansion.
Personal watercraft are quite popular for recreational use since they offer a high power-to-weight ratio while being incredibly environmentally friendly. With features like an engine cutoff lanyard that shuts off engine power if the rider falls off the personal watercraft, they also guarantee the safety of the riders. Thus, these are a few of the reasons promoting the growth of the powersports market.
Due to characteristics like numerous seating arrangements, improved roll-over protection, and adaptability in off-road applications, including forestry, agriculture, utility, and luxury duties, the side-by-side vehicle segment is anticipated to show a higher CAGR.
Global Powersports Market By Vehicle Type , 2021(%)
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Powersports Market Regional Insights
North America dominated the global powersports market and is expected to continue to dominate the global market over the forecast period. This can be attributed to the region's abundant leisure opportunities and the excellent local weather. Additionally, the existence of well-known competitors, like Polaris, Arctic Cat, and Yamaha Motor Corporation (all with US and Canadian headquarters, respectively), will encourage consumers to adopt the product. Due to the significant economic impact of power sports activities, state and federal governments in the US and Canada also offer major support (for example, surveying & building trails). Therefore, it is anticipated that these elements would strengthen this region's market supremacy.
Due to the expansion of recreational clubs and regional organizations that vigorously encourage off-road & recreational leisure activities, Europe is predicted to experience significant market growth.
The market is anticipated to increase significantly in Asia Pacific. This is because consumers are more aware of leisure options and have more disposable income. In this region, there is a higher demand in particular for side-by-sides and heavyweight motorcycles. As a result, these elements are fueling the market's expansion in the region.
Global Powersports Market By Geography, 2021 - 2028
- Largest
- Fastest
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Powersports Market Dynamics
Powersports Market Driver
- Compared to other power sport vehicles, ATVs offer fewer age limits, reduced maintenance expenses, and are simpler to maneuver. As a result, both younger and older persons find them to be quite appealing due to these qualities and their low cost. Additionally, there have been more government attempts in North America and Europe to expand the number of ATV paths in parks As a result, the widespread use of ATVs is anticipated to fuel the growth of the Powersports business.
- Snowmobiling has developed into a significant economic engine for active outdoor leisure, it is actively marketed through trail maps, informational guides, and state and provincial travel agencies. For instance, the International Snowmobile Manufacturers Association estimates that the annual spending on snowmobiling in the US and Canada is over US$ 36 billion.
Powersports Market Restraint
- Most powersports vehicles use conventional fuel and have extremely polluting engines. Particularly heavyweight motorcycles take a lot of fuel and produce a lot of pollution. Sales of these vehicles have decreased as a result of regulatory standards intended to lessen their negative effects and increase consumer demand for fuel-efficient automobiles.
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Powersports Market Competitive Landscape
Key players are focusing on using cutting-edge technologies to continuously expand their product offerings. To address the demand for tailored offerings that are relevant to the industry, they are increasing their product lines. For instance, In March 2021 – RumbleOn Inc. agreed to acquire RideNow, the largest power sports dealer in North America. The acquisition is valued at US$ 5.4 billion and will integrate RumbleOn’s technology with RideNow’s extensive footprint and retail brand.
Top Players in the Global Powersports Market
- Polaris Inc.
- Honda Motor Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Yamaha Motor Co. Ltd.
- BRP Inc.
- Arctic Cat Inc.
- KTM AG
- Ducati Motor Holding S.p.A.
- Suzuki Motor Corporation
- Triumph Motorcycles Ltd.
- Harley-Davidson Inc.
- Piaggio & C. SpA
- Bombardier Recreational Products Inc.
- Textron Inc.
- CFMoto Powersports Inc.
- Bajaj Auto Ltd.
- Hero MotoCorp Ltd.
- TVS Motor Company Ltd.
- Mahindra Two Wheelers Ltd.
- Royal Enfield (India)
Powersports Market Recent Development
- In March 2022, BRP launched electric 2-wheel motorcycles amid the 50th anniversary of the Can-Am brand. The Can-Am brand is back to its motorcycle roots with the complete electric-based product line. With electric motorcycles, there comes a great opportunity to flourish in the motorcycles market.
- In March 2021, American Landmaster launched a lithium-powered side-by-side called the Landmaster EV. American Landmaster partnered with the industry's two best leaders in lithium technology and AC motors.
Powersports Key Market Trends
- Around 82 % of powersports vehicle owners want to buy or buy accessories for their vehicle within three months of purchase, according to the Specialty Equipment Market Association (SEMA). For a variety of purposes in various terrains, these vehicles are used for a variety of activities. Consequently, improving functionality through changes that are utility-oriented is a high priority for fans of off-road and on-road vehicles. Expenditures on accessories per vehicle, for instance, according to industry experts have grown by 50 to 60 % over the past two years. Consequently, the rise in the availability of product accessories will result in profitability for OEMs, which will favorably impact the expansion of the powersports market.
Powersports Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by vehicle type, heavyweight bikes dominated the global power sports market in 2021 and are anticipated to maintain their dominance throughout the forecast period. In 2021, North America dominated the global powersports market owing to the region's abundant leisure opportunities and the excellent local weather.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 29.62 billion |
| Market size value in 2031 | USD 50.85 billion |
| Growth Rate | 6.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Powersports Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Powersports Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Powersports Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Powersports Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Powersports Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Powersports Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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