"Power Sports" is the name of the subcategory of motorsports. The vehicle's distinguishing features are its motor and handlebars, which are used to guide the vehicle. The advent of cars with higher performance has led to industry participants increasing their investments. All-terrain vehicles (ATVs), side-by-side vehicles (SxS), snowmobiles, dirt bikes, motorcycles, powerboats, and personal watercraft are examples of powersports vehicles.
It is frequently utilised in outdoor leisure areas including trails, theme parks, and wilderness regions. As adventure sports become more and more popular, so has the infrastructure for outdoor recreation facilities like theme parks, wilderness areas, and hiking routes. As the private sector spends more money developing specialised infrastructure for recreation and leisure, the demand for power sports is increasing.
According to MRFR analysis, the globalPowersports Marketis expected to register a CAGR of ~6.65% from 2022 to 2030 and hold a value of over USD 30.35 billion by 2030.
Regional Analysis
The largest portion of the global market for power sports is in North America. This is due to many causes, including a rise in leisure and recreational activity involvement in the area and a rise in the demand for Power Sports vehicles for sports like water surfing and snowmobiling. Because of rising consumer disposable income, which is fueling the demand for power sports in the area, the Asia Pacific market is anticipated to expand quickly.
Powersports Market Growth and Demand:
The powersports market has been growing in recent years, driven by a number of factors, including increased consumer interest in outdoor recreational activities, advancements in powersports technology, and favorable government regulations. The demand for powersports vehicles, such as motorcycles, ATVs, and UTVs, has also been boosted by their versatility and versatility in various terrains and applications, including racing, off-roading, and adventure sports. Additionally, the growing trend of outdoor recreation and adventure tourism has led to an increase in demand for powersports vehicles, as consumers look for more exciting and challenging experiences.
Despite the COVID-19 pandemic disrupting the global economy, the powersports market has shown resilience, with many consumers choosing to invest in outdoor recreation as a way to escape the stress and boredom of lockdowns. As the global economy recovers and consumer confidence returns, it is expected that the growth of the powersports market will continue in the coming years.
Market Segmentation
The Global Powersports Market has been segmented into Type and Application
Based on the Type, the market has been segmented into New Energy Engines, Diesel, and Gasoline.
Based on the Application, the market has been segmented into Passenger Vehicles and Commercial Cars.
Key Players
Some of the key market players are American Landmaster, ARCTIC CAT, BRP, Hisun Motors Corp, Kawasaki Motors Corp, Polaris Inc, Yamaha Motor Corporation, Suzuki Motor USA, Volcon ePowersports, and American Honda Motor Company Inc.
