Electric Power Sports Market Size By Vehicle (Electric All-Terrain Vehicles, Electric Side By Side Vehicles, Electric Personal Watercraft, Electric Snowmobiles, Electric Sports/Cruiser Motorcycles), COVID-19 Impact Analysis, Regional Outlook, Growth Poten

Electric Power Sports Market Size By Vehicle (Electric All-Terrain Vehicles, Electric Side By Side Vehicles, Electric Personal Watercraft, Electric Snowmobiles, Electric Sports/Cruiser Motorcycles), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global electric power sports market is expected to register significant progression from 2022 to 2030, owing to the notable rise in R&D investments focused on new technological innovations. Manufacturing firms operating in the electric power sports market have been making hefty capital investments in the research and development of advanced vehicle equipment such as powertrains, motors, and batteries to rev the functionalities of the existing fleet.

For instance, in April 2022, Honda Motor Co. Ltd. announced its plan to invest approximately USD 64 billion in R&D over the coming ten years to launch over 30 electric vehicle models worldwide by 2030. A significant share of this capital funding will be focused on software technologies and electrification. The move will help the Japanese automobile giant to regain its dominance in the fast-emerging market for electric mobility.

The rapid deployment of electric UTVs and ATVs across the agriculture sector for several applications, such as spreading fertilizers and sowing seeds due to their capability to run through extreme terrains, may drive market growth.

A noteworthy rise in carbon emissions globally has raised concerns about minimizing the environmental impact. These concerns, in tandem with the supportive government initiatives, will fuel the adoption electric fleet, propelling the electric power sports vehicle sales.

In terms of product type, the electric power sports industry is categorized into electric snowmobiles, electric ATVs, electric UTVs, electric sports/cruiser motorcycles, and electric watercraft. According to the report, the electric snowmobile segment is anticipated to exhibit more than 25% CAGR during 2022-2030 and record an appreciable valuation by 2030.

The segmental growth can be credited to the rising environmental concerns driving the demand for silent, safe, and low-carbon-emitting sports vehicles. The increasing number of sports enthusiasts and the surging individual expenditure on recreational and leisure sports such as snowmobile riding and skiing due to the robust economic landscape and increasing per capita incomes may foster product adoption over the forthcoming years.

With respect to the regional landscape, the Middle East and Africa electric power sports market is poised to emerge as a major revenue pocket, accounting for over USD 15 million by 2030. The regional outlook is strengthened by the rapid upsurge in demand for ATVs and UTVs due to the flourishing tourism and travel sector and the subsequent rise in demand for recreational activities. Middle East economies such as Saudi Arabia and UAE are home to rough terrain surfaces and deserts, creating opportunities for recreational activities such as quad biking in the region.

The emergence of several desert ATV championships and the growing popularity of off-roading sports activities in covalence with the rising spending capacities and strong economic growth may drive the expansion of the MEA electric power sports industry.