Powersports Market: Current Analysis and Forecast (2021-2027)

Powersports Market: Current Analysis and Forecast (2021-2027)

Global Automotive Robotics is anticipated to display a CAGR of around ~6% over the forecast period (2021-2027). The growing popularity of recreational activities such as surfing, off-road biking, and snowmobiling is fueling the demand for Power Sports vehicles, which is driving the global market. Increased private sector participation in the construction of dedicated recreational and entertainment infrastructure will contribute to market expansion. Another key element driving the global Power Sports Market is technology advancements that have aided in the development of new-generation cars. Other significant drivers include rising spending on Power Sports products, an expanding urban population, and ongoing global economic development. The growing popularity of adventure sports is likely to open up new lucrative prospects, propelling the Power Sports Market to new heights. In recent years, adventure sports have become increasingly popular. By adding new terrains and difficulties, racers are upping the bar. The global Power Sports Market now has new growth potential. Additionally, introducing newer products with improved design, power, engineering, and safety will allow the Power Sports Market to expand. Other potential include the rising popularity of racing and the establishment of recreational clubs offering low-cost Power Sports rentals. As a result, the market has a lot of room to grow.

Insights Presented in the Report
"Amongst Vehicle Type, All-Terrain Vehicles segment dominated the market in 2020”

Based on vehicle type, the market is segmented into All-Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snow Mobiles, and Heavy Weight Motorcycles. The All-Terrain Vehicles generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The demand for all-terrain vehicles is likely to increase in the future. This is due to a variety of advantages of ATVs, including straddle seating and handlebar steering, the ability to go over all terrains, and lower carbon emissions. Other advantages of ATVs include vehicle weight reduction, a lower minimum driving age when compared to other Power Sports vehicles, and fewer maintenance costs. The all-terrain vehicle market will continue to rise as demand for ATVs grows in recreational activities, particularly in worldwide competitions
"Amongst Application, Off-road segment dominated the market in 2020”

Based on application, the market is segmented into On-road and Off-road. The Off-road segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Power sport vehicles are capable of driving on uneven and rocky ground as well as steep routes, giving them versatility in all terrains. They have outstanding handling and can operate in confined locations such as packed forests (ATVs and Side by Sides) and snowmobile routes due to their small size (snowmobiles). As a result, these are some of the elements driving this segment's growth
"Amongst model, Sit-down segment dominated the market in 2020.”

Based on the model, the market is segmented into Stand-up, Sit-down, and Multi personal. The Sit-down segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The major demand for all-terrain vehicles which are majorly sit-down models are adding to the growth of the segment during the forecasted period 2020-2027
"North America represents the largest market.”

North America holds the largest share of the global market during the forecasted period. This is due to the region's pleasant weather and abundance of recreational opportunities. Furthermore, the existence of established players like Arctic Cat and Yamaha Motor Corporation (both based in Canada), as well as BRP and Polaris (both based in the United States), would help the product gain traction. Due to the considerable economic impact of power sports activities, state and federal governments in the United States and Canada provide extensive support (for example, surveying and building trails). As a result, these variables are projected to bolster this region's market supremacy. Customers in the United States and Canada are choosing leisure and recreational activities as their disposable incomes rise. Outdoor recreational activities accounted for USD 374.3 billion in 2020, according to statistics from the US Bureau of Economic Analysis (BEA). This represents 1.8 percent of the total US GDP. Some of the major players operating in the market include Arctic Cat Inc., Yamaha Motor Co., Ltd., Bombardier Recreational Products Inc., Kawasaki Heavy Industries, Ltd., Polaris Inc., Honda Motor Co., Ltd., Textron Inc., Harley Davidson, Suzuki Motor Corporation, Volcon ePowersports etc.

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