Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), By Propulsion Type (Gasoline, Diesel, Electric), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Co

Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), By Propulsion Type (Gasoline, Diesel, Electric), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 - 2032

Power Sports Market is expected to grow considerably through 2032 owing to the constantly upward-moving trend of electric power sports vehicles, especially in European countries such as the UK, Germany, and France. The demand for electric power sports vehicles is being largely driven by its superior characteristics including no emissions. Additionally, the mounting adoption of electric power sports vehicles from the millennial population is further expected to accelerate the market expansion in the coming years.

Factors such violation of rules and regulations and an upsurge in accidents and fatalities may hamper the market expansion in the near future. However, the constant upgradations in advanced battery technologies will improve the performance and range of electric power sports.

The key players in the electric power sports vehicle industry are engaging in strategic initiatives such as partnerships, mergers and acquisitions, and new product launches to strengthen their position in the industry. For instance, in 2021, Polaris introduced an electric UTV, Ranger EV with independent front suspension system. The innovation is known to enhance the ride quality, cornering abilities, reduce body roll, and offer optimum stability.

Overall, the power sports vehicle market is segmented in terms of vehicle, propulsion type, and region.

Considering the vehicle, the all-terrain vehicle segment held over 8.5% market share in 2022 and is expected to register notable gains through 2032. These vehicles help improve productivity by covering large distances much quicker than tractors while offering ample comfort to the operator, further paving the way for segmental expansion. Besides, a prolific rise in ATV clubs aligned with the development of outdoor clubs would provide substantial push to the product demand.

Based on propulsion, the diesel segment is expected to exhibit over 5% CAGR during 2023-2032, owing to several advantages offered by diesel fueled power sports vehicles, such as high torque and power. The diesel engine is much more efficient and preferable as compared to gasoline engines, which is anticipated to spur its adoption in the future. Besides, these vehicles are equipped with long-lasting and high-performance engines that can deliver improved power.

Regionally, the Asia Pacific power sports market accounted for approximately 19% market share in 2022 and is slated to grow exponentially through 2032, as rising disposable income in the region will spearhead the consumption growth. In addition, power sports trails and recreational parks are becoming more prominent, while well-established companies such as Suzuki, Yamaha, and Honda are becoming more prevalent. These factors are fostering the regional market expansion.