Power sports Market Expansion Projected to Gain an Uptick During 2021-2028

Power sports generally includes utility and recreational oriented vehicles. Power sports is a lifestyle based industry which includes side-by-side vehicles (SxS), all-terrain vehicles (ATVs), snowmobiles, powerboats, motorcycles and personal water crafts (PWC). The power sports industry relies extremely on various macro economic factors such as increasing customer self-reliance levels, high standard of living, unemployment rate, the health of the housing market and credit availability at an ease. The global power sports market is majorly concentrated in North America and Europe especially US, Canada and Germany among others in particular. Power sports are a sub-category of the general category of motor sports. Some of the key examples of power sport vehicles include all-terrain vehicles, motorcycles, PWCs and snowmobiles. One of the major features of a power sport is the employment of a fuel engine. Rest of the defining features of power sport vehicles are use of handlebars to control movement. Power sports are increasingly becoming popular with the introduction of the X-Games. Power sports are the most common vehicles in the X-games.

Some of the factors driving the global power sports market include increasing spending rate on power sports products, increased replacement demand for boats, growing urban population, increasing consumer spending and continuous global economic development. Some of the other major developments and trends in the global power sports market include Polaris which surpassed Honda in the all-terrain vehicles market, increasing number of youngsters inclining towards recreational boating, cannibalization of all-terrain vehicles by side-by-side vehicles, power sports companies concentrating on the advanced shopatron technology and asymmetric recoveries in power boats. However, the global power sports market is threatened by certain restraints including environmental issues, increasing boomer age and unfavorable weather conditions. Some of the factors fueling the global power sports market include growing urbanization, expansion in international markets and accelerating economic growth. However, the rapid expansion of global power sports market is anticipated to be hindered by rising fluctuation in prices of products and power sports components along with adverse effects on the environment.

The global power sports market can be divided on the basis of vehicle type and geography. By vehicle type, the global power sports market can be segmented into all terrain vehicle, side by side vehicle, personal watercraft, heavyweight motorcycle, snowmobile and others. The all terrain vehicle segment can be further sub-segmented into utility all-terrain vehicle, recreational all-terrain vehicle, sports all-terrain vehicle, touring all-terrain vehicle and other all-terrain vehicles. The side by side vehicle segment can be sub-categorized into utility side by side vehicle, recreational side by side vehicle, sports side by side vehicle, touring side by side vehicle and other side by side vehicles. The personal watercraft segment can be further sub-divided into recreational watercraft, muscle watercraft, luxury watercraft, performance watercraft and sports watercraft. The snowmobile segment can be further sub-categorized into mountain snowmobile, crossover snowmobile, cross country snowmobile, utility snowmobile, touring snowmobile and other snowmobiles. By geography, the global power sports market can be divided into North America, Latin America, Europe, Middle East & Africa and Asia Pacific.

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Some of the players involved in the supply of power sports products are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new product development. They are also concentrating on bringing up new products to meet the demands in the constantly competitive market. Some of the major players in the global power sports market include Honda Motors, Polaris Industries, John Deere, Yahama Motors, Harley Davidson, Kubota Corporation, BRP Inc., Arctic Cat Inc. and Kawasaki Motors among others.

The global power sports market can be segmented
By Vehicle Type:
• Terrain vehicle
• Side by side vehicle
• Personal watercraft
• Heavyweight motorcycle
• Snowmobile
• Others
By Region:
• North America
• Latin America
• Europe
• Middle East & Africa
• Asia Pacific

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