Growing popularity of tough automobiles that can withstand uneven road or terrain and rough riding is promoting power sports market demand
Wilmington, Delaware, United States, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global power sports market is projected to rise at a CAGR of 5.2% during the forecast period, 2022 to 2031. Rise in disposable income of people, their willingness to spend more on lifestyle, and an increase in preference for recreational activities are projected to boost the global power sports market size.
As per the power sports market report, the industry size is projected to rise from US$ 34.6 Billion generated in 2021 to reach a value of US$ 57.2 Billion by the end of 2031. Power sports vehicles are designed to withstand debris, vibration or shock, environmental hazards such as tire burn or any other extreme operating conditions. Such features attract number off-roading enthusiasts and motor sport lovers, which in turn is estimated to further create new market opportunities for power sports in the next few years.
The key innovations in manufacturing of fuel-efficient and eco-friendly electric power vehicles for sports activities are expected to create lucrative growth opportunities for this market during the forecast period. However, power sports vehicles are not easy to maintain and are expensive in comparison to other vehicles, and the high expenditure of power sports vehicles may cause hindrance to the market growth in the near future. Increasing awareness about mental and physical fitness promotes the adoption of recreational activities worldwide. This inclination toward recreational activities is projected to propel the demand for power sports vehicles, thereby leading to power sports business growth.
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Key Findings of Study
Increasing Popularity of All-Terrain Vehicles (ATVs) to Fuel Market Growth: Key manufacturers of power sports vehicles re focused on the introduction of innovative vehicles in order to cater to the rising demand among consumers. The advent of all-terrain vehicles with highly efficient engine design and off-roading features is likely to have a positive impact on the power sports industry growth.
Rise in Purchasing Power of Consumers to Boost Market Progress: People with higher average incomes and higher spending capacities are more likely to lead a lavish lifestyle and pursue leisure activities. Thus, growing popularity of recreational activities and rising disposable incomes of people are projected to boost the power sport market.
Rise in the number of people participating in adventure activities and sports such as formula racing, motor racing, is estimated to facilitate power sports business growth during the forecast period.
Increasing support from governments, in the form of regional and national competitions and races, to promote motor sports is also expected to improve the overall market statistics for power sports.
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Regional Growth Dynamics
North America held a major market share in 2021, and it is projected to continue so during the forecast period owing to the presence of high earning population in highly developed nations such as Canada and the U.S. in the region.
The presence of major players such as Polaris, Arctic Cat, Textron Inc., Yamaha Motor Corporation, is also anticipated to contribute to North America’s prominent share during the forecast period.
The global power sports industry is highly competitive owing to the presence of several players. An increase in investments in research and development activities by key market players are estimated to help them gain a competitive edge in the overall market. Furthermore, joint ventures, collaborative efforts, and merger acquisition strategies are expected to help vendors attract significant business opportunities during the forecast period.
Some of the key players of the global power sports market are Zero Motorcycles Inc., Yamaha Motor Co. Ltd., Triumph Motorcycles Ltd., Textron Inc., Suzuki Motor Corporation, Polaris Inc., Kubota Corporation, Kawasaki Heavy Industries Ltd., John Deere, Honda Motor Company Ltd., Hisun Motors Corp., Harley-Davidson Inc., Ducati Motor Holding S.P.A., and Arctic Cat Inc.
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Power Sports Market Segmentation
Scooters & Mopeds
ATVs (All Terrain Vehicles) & Quads
UTVs (Utility Terrain Vehicles)
Middle East and Africa
Russia & CIS
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