Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The power sports market is anticipated to see robust growth by 2028 owing to the rising popularity of recreational activities involving motorized vehicles. Various countries with vast natural landscapes, including Canada, United States, Norway, and Sweden already boast of a rich culture that involves motorized recreational vehicles.

The coronavirus pandemic, however, has further helped enrich this culture as people are becoming more inclined towards avoiding crowded places and spending their leisure time in their own bubbles. This is bringing more business to the power sports industry.

Today, to promote more footfalls across national parks and nature reserves, and bring in more revenues from federal lands, several governments across the globe are supporting a plethora of recreational associations and improving the presence of off-road trails, which is estimated to boost market size.

Since the consumer attention has shifted predominantly to off-road camping, the market for power sports vehicles has grown tremendously. Industry players such as Arctic Cat, Polaris, Inc., and BRP Group have already witnessed a paradigm shift in the industry and are working on new power sports vehicle iterations to capitalize on the demand.

For instance, on July 2021, Arctic Cat announced the expansion of its off-road lineup for Model Year 2022 with new technology, product, and significant upgrades. The lineup contains the previously disclosed all-new Alterra 600 ATV, modifications to the utility-focused Prowler Pro side-by-side, Garmin's TREAD integration, and new Arctic Cat-tuned CVT systems found on numerous models.

The power sports industry experienced notable gains in 2021 owing to the lifting of lockdowns following successful vaccination drives. Going forward, with the pandemic having significantly reshaped the work culture and the concept of leisure time, the market is slated to witness a notable uptick in sales. Several government attempts to restore the provincial tourism sector would also turn fortunes for the sector.

Meanwhile, to gain a larger market share and enhance revenue streams, industry players are increasingly concentrating on expanding their product ranges. To remain competitive in the market, companies such as Kawasaki Motor Corporation, Arctic Cat Inc., Honda Motor Company Ltd., have been producing new side-by-side vehicles.

The global emphasis on reducing the world’s carbon footprint is encouraging industry players to build zero-emission off-roaders. Companies are putting a lot of attention towards incorporating electric powertrains and battery technologies into their automobiles. Polaris, Inc., for instance, is expected to launch a latest electric UTV Ranger EV in August 2021, operating with a single 48-volt induction motor along with 30 HP. The UTV is equipped with an undeviating transmission with low-noise gears and four-wheel hydraulic disc front/rear brakes.

The overall power sports market has been segmented on the basis of vehicles and region. With the vehicles segment of the market divided into all-terrain vehicles, side by side vehicles, personal watercrafts, heavyweight motorcycles, and snowmobiles.

Among these, the heavyweight motorcycles segment is estimated to spur the market growth. The shift in customer preferences toward off-road biking is driving an increasing demand for heavyweight motorcycles around the world.

From the regional point of view, the MEA market is forecast to register considerable gains. The regional growth is being driven by supportive government-sponsored initiatives that are looking to strengthen the region’s tourism industry.