Power sports aftermarket estimated high revenue by 2027
Power sports aftermarket share from the UTV vehicle segment is projected to expand at a considerable rate over the next few years. This can be attributed to the higher adoption of these vehicles in the farming and good transportation activities that operate across different terrains. Also, these systems are widely employed for sports & recreational off-road activities.
The emergence and integration of newer components like audio & video bars, as well as GPS & communication systems, will drive the power sports aftermarket forecast in the coming years. There is a significant jump in the number of accidents incurred during championships, and racing activities that cause significant damages, specifically in North America and Europe.
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The current COVID-19 pandemic and its increasing spread across the globe, led to the imposition of restrictions by various governments on travel and trade, drawing a negative outlook on the market revenue. The regulation of the lockdown policies globally also hampered the production capacities of companies operating in various sectors. This resulted in the suspension of the manufacturing activities of power sports vehicles and components in the first six months of 2020.
The Asia Pacific power sports aftermarket was responsible for the largest revenue share in 2020. This can be attributed to the higher preference for off-roading water sports among various other recreational activities in the region. There is a growing willingness of consumers to spend on modification of the power sports vehicles to upgrade their performance.
The power sports aftermarket for North America and Europe will see positive inclination through the next few years with the incessant need for power sports vehicles. This is due to the jump in the number of off-road activities, championships, and racing events. In the wake of this shift, several market players across the region are expanding their services. For instance, in April 2020, a leading M&A company in the U.S., The DVS Group, inked an acquisition deal with Nivel owned Side by Side Stuff, a major marketer of aftermarket parts across the UTV retail sector.
Power sports aftermarket dealers are working towards capacity expansions, mergers, acquisitions, partnerships, and technological advancements to extend their offerings across the globe while sustaining competition. Citing the same with an instance, Arrowhead Engineered Products, acquired a German aftermarket part distributor for power sports equipment, Ratioparts in January 2018, to extend its presence in the global market as well as enhance its services and products.
Yamaha Motor Co., Ltd., Kubota Corporation, Bombardier Recreational Products, Harley Davidson, Polaris Inc., Motorsport Aftermarket Group, Honda Motor Co., Ltd., AISIN SEIKI Co., Ltd., Kwang Yang Motor Co., Ltd, and Western Power Sports are other key industry participants in the business.
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Partial Chapter of the Table of Content
Chapter 4 Power Sports Aftermarket Competitive Landscape
4.1 Introduction
4.2 Company market share analysis
4.3 Key player analysis
4.4 Competitive analysis of major market players
Charts & Figures
FIG 1 Industry segmentation
FIG 2 power sports aftermarket, 2016 – 2027 (USD Million)
FIG 3 Industry ecosystem analysis
FIG 4 Growth potential analysis
FIG 5 Porter’s analysis
FIG 6 PESTEL analysis
FIG 7 Competitive market share analysis, 2019
FIG 8 SWOT Analysis, AISIN SEIKI Co., Ltd.
FIG 9 SWOT Analysis, Bombardier Recreational Products
FIG 10 SWOT Analysis, Deere & Company
FIG 11 SWOT Analysis, Harley Davidson
FIG 12 SWOT Analysis, Honda Motor Co., Ltd.
FIG 13 SWOT Analysis, Kawasaki Motors Corporation
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