Power Sports Market Revenue to Cross $50 Bn by 2027; Global Market Insights, Inc.

SELBYVILLE, Del., March 17, 2021 (Newswire.com) -  Global Market Insights Inc. has recently added a new report on the power sports market which estimates the market valuation for powersports will cross US$ 50 billion by 2027. The market is expected to witness an escalating growth rate owing to the upward trend of electrification in the industry. Growing concerns related to harmful emissions coupled with the introduction of stringent regulations have led to a significant increase in the demand for electric power sports vehicles.

The power sports industry has faced several challenges due to the rapid spread of COVID-19 pandemic across the world. Government restrictions on international and domestic trade created a decline in the accessibility of raw materials. However, the industry size is anticipated to witness a substantial growth by 2021 due to the leniency in lockdown and curfew restrictions imposed by government authorities.

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Increasing participation of young adults in off-road biking will create new opportunities for the heavy motorcycles segment. The growing number of recreational events, such as off-road races and rallies, will also drive the market over the coming years. Players, such as Harley Davidson and Suzuki Motor Corporation, are investing significantly in R&D to launch new models of heavy-duty motorcycles with enhanced power and fuel efficiency to cater to the changing market demand.

The Asia Pacific power sports market is expected to witness a sizable growth due to the rapid increase in the demand for these vehicles in countries including India, Japan, and China. Increasing consumer disposable income is driving the demand for power sports in the region. According to the data published by World Bank, the gross national income (GNI) in China accounted for USD 10,410 compared to USD 9,600 in 2018.

Some of the prominent players active in the powersports market are Bombardier Recreational Products, Arctic Cat, Harley Davidson, Kawasaki Motors Corporation, Yamaha Motor Corporation, Honda Motors, and Polaris Inc. These players are focusing on acquisition of small players in the power sports market to diversify their business operations and expand their market reach. In January 2019, Polaris completed the acquisition of Larson Boat Group, for diversifying its product portfolio in the marine market.

Some major findings in the power sports market report include:

• All-terrain vehicles will witness a high growth owing to their adoption in off-roading recreational activities, accelerating the market growth. The ATV segment is expected to propel, supported by new product launches in this category.
• Increasing demand for snowmobiles can be attributed to the growing presence of snowmobile clubs and construction of new trails for outdoor activities.
• The growing presence of established industry players coupled with the increasing adoption of these vehicles due to rise in consumer disposable income is augmenting the power sports market share in North America and Europe.
• Key players operating in the leisure boats market include Arctic Cat Inc., Harley Davidson, Bombardier Recreational Products, and Yamaha Motors and Polaris Inc.
• Major strategies adopted by the market players include new product launches and strategic partnerships with other industry players to enhance their market share. One of the other prominent strategies in the market is acquisition of small players to expand the market presence.

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Partial chapters of report table of contents (TOC):

Chapter 3   Industry Insights

3.1    Industry segmentation

3.2    Impact of COVID-19 on power sports industry landscape

3.2.1    Global outlook

3.2.2    Regional impact

3.2.2.1    North America

3.2.2.2    Europe

3.2.2.3    Asia Pacific

3.2.2.4    Latin America

3.2.2.5    MEA

3.2.3    Industry value chain

3.2.3.1    Research & development

3.2.3.2    Manufacturing

3.2.3.3    Marketing

3.2.3.4    Supply

3.2.4    Competitive landscape

3.2.4.1    Strategy

3.2.4.2    Distribution network

3.2.4.3    Business growth

3.3    Industry ecosystem analysis

3.3.1    Component suppliers

3.3.2    Technology providers

3.3.3    Manufacturers

3.3.4    End use landscape

3.3.5    Distribution channel analysis

3.3.6    Vendor matrix

3.4    Price trend analysis, by region

3.4.1    North America

3.4.2    Europe

3.4.3    Asia Pacific

3.4.4    Latin America

3.4.5    MEA

3.5    Cost structure analysis

3.6    Technology & innovation landscape

3.6.1    Turbocharger

3.6.2    Four-wheel drive (4x4)

3.6.3    Independent suspension

3.6.4    Continuously Variable Transmission (CVT)

3.6.5    Electronic Fuel Injection (EFI)

3.6.6    Capacitor discharge ignition (CDI)

3.7    Impact of green movement on the power sports industry

3.8    Development in automotive sector and its impact on power sports industry

3.9    Evolution of electric power sports vehicles

3.10    Regulatory landscape

3.10.1    North America

3.10.2    Europe

3.10.3    Asia Pacific

3.10.4    Latin America

3.10.5    MEA

3.11    Industry impact forces

3.11.1    Growth drivers

3.11.1.1    Increasing focus on R&D investments and product innovation

3.11.1.2    Introduction of electric power sports vehicles

3.11.1.3    Growing inclination towards recreational activities

3.11.1.4    Rising number of off-roading events

3.11.1.5    Positive outlook of the tourism industry in MEA and Latin America

3.11.2    Industry pitfalls & challenges

3.11.2.1    High initial cost of power sports vehicles

3.11.2.2    Increasing safety concerns and environmental impact

3.12    Growth potential analysis

3.13    Porter's analysis

3.13.1    Supplier power

3.13.2    Buyer power

3.13.3    Threat of new entrants

3.13.4    Threat of substitutes

3.13.5    Internal rivalry

3.14    PESTEL analysis

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Source: Global Market Insights Inc.