Power Sports Market: Global Analysis, Industry Demand and Forecast to 2027
Global power sports market is anticipated to depict a CAGR of 6% through 2027, having recorded a valuation of USD 34 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 50 billion.
The global power sports market size has witnessed a notable expansion due to the surging trend of electrification in the sector. The rise in carbon emission rate globally has triggered the need to adopt sustainable solutions supported by strict regulations by the government further supplementing the need for electric power sports vehicles in various parts of the world.
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Owing to the coronavirus outbreak, the power sports market has faced tremendous challenges due to the domestic and international travel restrictions imposed by the governments to control the spread of the infection. This has led to a decline in the accessibility of raw materials. However, gradual relaxations in order to revive the economy in the form of leniency in lockdown and the permission to travel to certain locations with a negative RT-PCR test will support the market growth.
There is an evident rise in the number of young adults indulging in off-road biking experiences, creating new opportunities for the heavy motorcycle segment. The improvement in disposable income among the people has driven the need for recreational activities, like off-road races and rallies.
Leading players like Suzuki Motor Corporation and Harley Davidson are heavily investing in research and development to launch new models of heavy-duty motorcycles that come with better power and fuel efficiency to meet the changing demands of the people.
Regionally speaking, Asia Pacific has emerged as a profitable revenue terrain owing to the growing demand for such vehicles in nations like Japan, China, and India. The rise in consumer disposable income has propelled the demand for power sports among people across the region. According to data by the World Bank, the gross national income in China was nearly USD 10,410 to USD 9,600 in the year 2018.
In the last couple of years, the region has also witnessed a stark increase in the number of tourists further steering the need for recreational activities, bolstering the regional power sports sector. Driven by the changing consumer demands, the power sports companies are taking steps to advance their offering to meet the technologically changing world. Moreover, there is an equally growing need to develop vehicles that are sustainable and do not cause pollution.
Other prominent companies in the market include Kawasaki Motors Corporation, Honda Motors, Polaris Inc., Harley Davidson, Bombardier Recreational Products, and Honda Motors, to name a few. All in all, the ability of the people to spend on leisure activities and invest in experiences has encouraged the industry players to design and develop products that meet the trends of the people along with rendering safety, reliability, aesthetic appearance, as well as environmental friendliness.
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Data Tables
TABLE 1 Global power sports industry 360º synopsis, 2016 - 2027
TABLE 2 Global power sports market, 2016 - 2020 (USD Million)
TABLE 3 Global power sports industry, 2021 - 2027 (USD Million)
TABLE 4 Global power sports industry, 2016 - 2020 (Units)
TABLE 5 Global power sports industry, 2021 - 2027 (Units)
TABLE 6 Global power sports market, by vehicle, 2016 - 2020 (USD Million)
TABLE 7 Global power sports industry, by vehicle, 2021 - 2027 (USD Million)
TABLE 8 Global power sports industry, by vehicle, 2016 - 2020 (Units)
TABLE 9 Global power sports industry, by vehicle, 2021 - 2027 (Units)
TABLE 10 Global power sports market, by region, 2016 - 2020 (USD Million)
TABLE 11 Global power sports industry, by region, 2021 - 2027 (USD Million)
TABLE 12 Global power sports market, by region, 2016 - 2020 (Units)
TABLE 13 Global power sports industry, by region, 2021 - 2027 (Units)
TABLE 14 Vendor matrix
TABLE 15 Industry impact forces
TABLE 16 ATV company market share analysis, 2020
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