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Power Sports Global Market Report 2022

Power Sports Global Market Report 2022

  • August 2022
  • 175 pages
  • ID: 6311697
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the power sports market are John Deere, Polaris Inc, Kawasaki Heavy Industries Motorcycle & Engine Company, Yamaha Motor Co. Ltd., Honda Motor Company Ltd., Suzuki Motor Corporation, Harley-Davidson Inc., Kubota Corporation, Kymco, Arctic Cat Inc., Textron Inc., Ducati Motor Holding S.p.A., Triumph Motorcycles Ltd, Zero Motorcycles Inc., and Hisun Motors Corp.

The global power sports market is expected to grow from $29.04 billion in 2021 to $30.88 billion in 2022 at a compound annual growth rate (CAGR) of 6.3%. The power sports market is expected to grow to $39.95 billion in 2026 at a CAGR of 6.7%.

The power sports market consists of sales of power sports products by entities (organizations, sole traders, and partnerships) that are used for racing and recreational pleasure riding.Power sports are defined as a subset of the motorsports category that has high-performance engines and controlled handlebars for controlling the movement.

The rider usually sits on a saddle for power sports vehicles, unlike sitting in enclosed spaces in other cars or vehicles. These are usually used for races and other similar sporting events.

The main types of vehicles in power sports are all-terrain vehicles, side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles.It is defined as a vehicle that rides on low-pressure tires and has a seat that the operator straddles as well as steering handlebars.

Power sports vehicles come in various models such as multi-personal, sit down, stand up, and can be ridden on-road and off-road.

North America was the largest region in the power sports market in 2021.The Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the power sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The power sports market research report is one of a series of new reports that provides power sports market statistics, including power sports industry global market size, regional shares, competitors with a power sports market share, detailed power sports market segments, market trends and opportunities, and any further data you may need to thrive in the power sports industry. This power sports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The rising participation in recreational activities, such as snowmobiling and off-road biking is expected to propel the growth of the power sports market.Recreational activities refer to the activities that people do in their leisure time for refreshing their bodies and minds.

The activities like snowmobiling and off-biking require various power sports vehicles such as bikes, boats, and other vehicles and machines. For instance, according to The U.S. Bureau of Economic Analysis, a government-owned provider of official macroeconomic and industry statistics, in 2020, conventional outdoor recreation in the US accounted for 37.4% of the total US outdoor recreation, compared to 30.6% in 2019. Therefore, the growing rising participation in recreational activities, such as snowmobiling and off-road biking is driving the growth of the power sports market.

Technological advancements are a key trend gaining popularity in the power sports market.For instance, in July 2020, Polaris Inc, a US-based manufacturer of power sport vehicles, launched RideReady, an industry-first on-demand digital service platform.

The new RideReady digital strategy aims at leveraging digital solutions and technology for providing industry-leading tools, which break down the barriers of ownership, build affinity and loyalty with existing customers, and introduce power sports to new people. RideReady connects the power sports owners and dealers with Indian Motorcycle and Polaris dealerships for easily scheduling service appointments online.

In January 2022, The Toro Company, a US-based provider of innovative solutions for the outdoor environment acquired The Intimidator Group Inc for $400 million.Through this acquisition, the Toro Company aims at strengthening its position in the zero-turn mower market and emerging as a strong player in the market.

The Intimidator Group Inc is a US-based side-by-side vehicle manufacturer.

The countries covered in the power sports market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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