PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455697
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455697
Powersports Market size was valued at USD 38,849.45 Million in 2023, expanding at a CAGR of 6.41% from 2024 to 2032.
Powersports encompass a range of engine-powered vehicles that serve both recreational and transportation purposes. This category includes motorcycles, ATVs, snowmobiles, and personal watercraft. Powersports vehicles are commonly utilized for off-road riding or racing, providing an excellent opportunity to appreciate the natural environment. Notably, motorcycles tailored for Powersports are meticulously crafted to meet the specific demands of the sport. Certain brands even design motorcycles specifically catering to the preferences of Powersports enthusiasts. Among the most sought-after motorcycles in this realm are CFMOTO, Can-Am Spyder, and Can-Am Ryker.
Powersports Market- Market Dynamics
Growing trend of recreational sports is expected to propel market demand
Powersports vehicles provide an avenue for individuals to engage in outdoor activities for leisure and physical fitness. These activities not only promote exercise and outdoor recreation but also contribute to overall well-being. According to the State of the Industry Report by the Sports & Fitness Industry Association and Sports Marketing Surveys USA, a record-breaking 232.6 million Americans participated in sports and fitness activities in 2021, the highest number since 2016. The market can capitalize on growth opportunities by catering to the rising demand for Electric Vehicles and by incorporating innovation and technological advancements into the development of new and improved Powersports vehicles. However, challenges related to regulations and environmental concerns may pose obstacles to the market's expansion.
Powersports Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.41% over the forecast period (2024-2032)
Based on Vehicle Type segmentation, All-Terrain Vehicles (ATV)was predicted to show maximum market share in the year 2023
Based on Fuel Type segmentation, Gasoline was the leading type in 2023
Based on Application segmentation, Off-Road was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Powersports Market is segmented on the basis of Vehicle Type, Fuel Type, Application, and Region.
The market is categorized into three groups according to the type of vehicle: All-Terrain Vehicles (ATV), Side-By-Side Vehicles, Snowmobiles, Personal Watercraft, and Heavyweight Motorcycles. Among these, All-Terrain Vehicles (ATV) hold the largest share in the market. Apart from being used for recreational purposes, ATVs are highly valued for their practicality in agricultural work, ranching, forestry, and construction. Their exceptional maneuverability, towing capability, and cargo-carrying capacity make them essential assets in numerous industries.
The market is categorized into two segments according to the type of fuel used: Gasoline, Diesel, and Electric. Gasoline is projected to have a significant influence on the market's expansion. Gasoline-powered Powersports vehicles continue to be favored due to their versatility, power, and the widespread availability of fueling stations. These vehicles provide enthusiasts with the opportunity to explore off-road terrain, conquer demanding landscapes, and indulge in thrilling adventures filled with adrenaline.
The market is categorized into two segments according to its application: On-Road and Off-Road. The dominant segment in the market is Off-Road. Off-road vehicles are specifically engineered to traverse challenging terrains and are commonly utilized for recreational activities like trail riding and off-road racing. Additionally, they serve practical purposes in industries such as agriculture, construction, and land management.
Powersports Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be dominated by North America, primarily due to the expansion of recreational activities and the presence of regional organizations that actively promote off-road experiences. North America has a strong outdoor recreation culture, with a large population of enthusiasts who actively participate in Powersports activities. Between 2021 and 2022, the GDP influence from outdoor recreation increased by 4.8%, and employment in this sector grew by 7.4%. Outdoor recreation continues to play a significant role in the U.S. economy, as highlighted by the Outdoor Recreation Economy report. Europe holds the second-largest region in terms of market forecast, driven by the growing demand for electric and hybrid Powersports vehicles.
The Powersports market is highly competitive on a global level, with brands vying for dominance across various regions. To effectively compete in diverse markets worldwide, it is crucial for manufacturers to understand regional preferences, market trends, and regulatory disparities. They strive to offer unique features, performance enhancements, and specialized models that cater to specific customer preferences. This includes advancements in engine technology, suspension systems, ergonomic design, and electronic features. The competition in the Powersports market transcends national boundaries, as brands compete for market share on a global scale. Therefore, comprehending regional preferences, market trends, and regulatory requirements in different countries is vital for successful competition in diverse markets.
Hero MotoCorp, a renowned motorcycle manufacturer, has recently forged a substantial alliance with Zero Motorcycles, a prominent American electric motorcycle manufacturer. This strategic partnership is geared towards expediting the adoption of electric mobility not only in India but also in international markets.
GLOBAL POWERSPORTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Hero Electric
Vmoto Limited
The Electrotherm Group, Inc.
Jiangsu Xinri E-Vehicle Co.,Ltd.
Energica Motor Company
Piaggio & C. SpA
Niu International.
Mahindra & Mahindra Ltd
H-D, AIMA TECHNOLOGY CO.,LTD
Avan Motors India (
Cezeta
Dongguan Tailing Electric Vehicle Co., Ltd
GOVECS AG
Gogoro Inc.
Johammer e-mobility GmbH
Zhejiang Luyuan Electric Vehicle Co., Ltd.
Zero Motorcycles, Inc.
Okinawa Autotech Pvt. Ltd
Shandong Incalcu Electric Vehicle Co., Ltd
Emflux Motors
Others