Global Power Sports Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Power Sports Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Power Sports are a subset of the generalized category motorsports. Power Sports vehicles refers to All Terrain Vehicle (ATV), Side by Side Vehicle (SxS), Personal Watercraft, Heavyweight Motorcycle, Snowmobile. One of the defining features of any Power Sport is the use of an engine, in one form or another. Other defining features of Power Sport vehicles include the use of handlebars to control movement and the mounting of the rider on the machine, exposed to the elements.

Market Overview:

The latest research study on the global Power Sports market finds that the global Power Sports market reached a value of USD 34212.26 million in 2022. It’s expected that the market will achieve USD 45359.51 million by 2028, exhibiting a CAGR of 4.81% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.
For the Power Sports industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas.
But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Market Development Constraints

Factors hindering industry growth include high cost of ownership and maintenance related to power sports vehicles. These vehicles need frequent maintenance and repair because they are used in extreme environmental conditions and rugged terrain. They are exposed to high temperature and water, which leads to the wear of key components such as engine and hull. Repeated maintenance costs caused by users hinder the market representation of new power sports vehicles. However, entertainment clubs with affordable power sports rental options.
After the maximum emission reduction required by California came into effect in 2004, the vast majority of new Personal Watercraft sold in the United States met the lower emission standards set by California. In some areas, such as Lake Tahoe, outboard engines and Personal Watercraft are allowed if they meet the requirements of 2006 EPA or California Air Resources Board (CARB) 2001 regulations. The maximum noise limit of snowmobiles and accessories market has been stipulated by law. For instance, in Quebec (Canada) noise levels must be 78 decibels or less at 20 meters from a snowmobile path.
The law regulates and guides the non-standardized operation of enterprises, thus promoting the long-term development of enterprises. Different countries and regions have different laws, so enterprises need to study the relevant laws in order to better adapt to the development of the industry.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Honda, Polaris, Yamaha Motor, BRP and Harley-Davidson are the five key players in the global Power Sports market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Power Sports market in the past 5 years.
The Honda Motor Company, Ltd. is a Japanese public multinational conglomerate manufacturer of automobiles, motorcycles, and power equipment, headquartered in Minato, Tokyo, Japan.
Polaris is an American manufacturer of motorcycles, snowmobiles, all-terrain vehicles and community electric vehicles. Polaris was founded in Roseau, Minnesota, where there are still engineering and manufacturing departments. The company is headquartered in Medina, Minnesota. The company produced motorcycles through its Victory Motorcycles subsidiary until January 2017, and now it produces motorcycles through its Indian motorcycle subsidiary acquired in April 2011.

Segmentation Overview:

Among different product types, Heavyweight Motorcycle segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Side by Side Vehicle (SxS) segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Power Sports market covered in Chapter 3:

Honda
BRP
Kawasaki
Yamaha Motor
Suzuki
Rato
Polaris
HISUN Motor
KYMCO
Arctic Cat
Harley-Davidson
CFMOTO

In Chapter 4 and Chapter 14.2, on the basis of types, the Power Sports market from 2018 to 2029 is primarily split into:

All Terrain Vehicle (ATV)
Side by Side Vehicle (SxS)
Personal Watercraft
Heavyweight Motorcycle
Snowmobile

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Power Sports market from 2018 to 2029 covers:

Air Entertainment
Water Entertainment
Ground Entertainment

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)