Sport
Powersports Market Size to Reach US$ 47.9 Billion in 2027, Says Stratview Research
The sub-category of motorsports vehicles is classified as powersports vehicles. The engine and handlebars, which regulate the vehicle's movement, are the vehicle's most prominent features. The industry participants have made significant investments because of the introduction of vehicles with increased performance. . These vehicles are commonly used in outdoor leisure places like theme parks, trails, and wilderness areas.
These high-performance vehicles are designed to endure extreme operational and environmental conditions and are intended to be used for off-highway and on-highway purposes. Some of the major market drivers are the surge in the youth's interest towards powersports, surge in government initiatives towards the development of necessary powersports infrastructure and increasing powersports activities being organized in different countries.
High ownership and maintenance costs associated with powersports vehicles are among the major reasons limiting the industry's growth. Due to their use in harsh environments and rugged terrains, these vehicles require constant maintenance and repair. They are subjected to high temperature and water conditions, causing essential components like the engine and hull to deteriorate.
Unlike other transportation segments, such as automotive and trucks that recorded a humongous decline amid the pandemic, powersports, a unique vehicle category, emerged as the savior and grew tremendously, especially in North America and Europe. Overall, the market grew by 10% in terms of units in the year 2020, a growth rate that the industry never achieved or even reached close to it in the past decade. The long-term outlook is also extremely pleasing keeping the mind the growth and demand for powersports, especially ORVs and PWCs. In market numbers, .
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Based on the vehicle type, the powersports market is segmented as off-road vehicles (ORVs), snowmobiles, heavyweight motorcycles, and personal watercraft. . ORVs have capacities to traverse all terrains and offer ease of mobility and lower carbon emissions, the factors driving the demand for ORVs. Along with these factors, other noticeable advantages of ORVs are lower vehicle weight, lower driving age limit for ORVs compared to other power sports vehicles, and cheaper maintenance costs. Furthermore, the introduction of new hybrid and alternative fuel-powered ORVs with low or zero-emissions fuels the market growth. In ORVs, there has been a paradigm shift from ATVs to SSVs in the wake of additional benefits of SSVs over ATVs.
In terms of regions, due to factors such as rise in regional engagements in leisure and recreational activities, as well as growing demand for powersports vehicles for snowmobile and water surfing. Although Asia-Pacific is a small market, it is predicted to expand rapidly with the increasing consumer disposable income and the growing interest in powersports among the regional urban population, fueling the market demand in the region.
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Most of the major players are not present in all the power sport vehicles. They specialize in one or a couple of vehicle types. Following are the key players in the powersports market:
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the global powersports market and has segmented the market in two ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the two ways in which the market is segmented:
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