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

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.