Power Sports Market Outlook & Regional Growth Analysis by 2027
Category: #business  By Ronak Bora  Date: 2021-08-05
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Power Sports Market Outlook & Regional Growth Analysis by 2027

Reports estimate that the global power sports market size could cross USD 50 billion through 2027. 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.

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.

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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.

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.

These companies are entering into partnerships, strategic alliances, collaborations, and mergers to increase their presence as well as to achieve a competitive edge. In the year 2017, U.S.-based- Arctic Cat Inc. signed a merger agreement with Textron Inc., under which the latter decided to acquire Arctic for a cash transaction value of approximately USD 247 million. This transaction aimed at increasing its product portfolio as well as its geographical reach.

Other prominent companies in the power sports 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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Partial Chapter of the Table of Content

Chapter 5   Power Sports Market, By Vehicle

5.1    Key trends, by vehicle

5.2    All-terrain vehicles

5.2.1    Market estimates and forecast, 2016 – 2027

5.3    Side by side vehicles

5.3.1    Power sports market estimates and forecast, 2016 – 2027

5.4    Personal watercrafts

5.4.1    Market estimates and forecast, 2016 – 2027

5.5    Snowmobiles

5.5.1    Market estimates and forecast, 2016 – 2027

5.6    Heavyweight motorcycles

5.6.1    Market estimates and forecast, 2016 – 2027

Charts & Figures

FIG 1    Industry segmentation

FIG 2    Power sports market, 2016 - 2027 (USD Million)

FIG 3    Industry ecosystem analysis

FIG 4    Growth potential analysis

FIG 5    Porter’s analysis

FIG 6    PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/power-sports-market

 

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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