NEW YORK, Jan. 20, 2022 /PRNewswire/ — The latest powersports market report by Technavio infers that the increasing number of recreational and adventure sports activities is driving this market’s growth.
Resulting in market growth of USD 13.45 billion from 2021 to 2026, read additional information about the powersports market, Get FREE sample report.
Vendor Landscape
The powersports market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
American Guardian Warranty Services Inc., Bombardier Recreational Products Inc., Harley-Davidson Inc., Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Polaris Inc., Suzuki Motor Corp., Textron Inc., Yamaha Motor Co. Ltd., and ZHEJIANG CFMOTO POWER Co. Ltd. among others. among others are some of the few key vendors competing to maintain their market position in the market.
Various players in the market are engaging in strategic partnerships and joint ventures coupled with launching differentiated products to up their game in the industry. In February 2021, Bombardier Recreational Products Inc. introduced Lynx snowmobiles to North America. In July 2021, Suzuki Motor Corp. partnered with Daihatsu for the dissemination of case technologies in mini commercial vehicles.
View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by Type:
- Side-by-side:
- The side-by-side segment contributed the largest powersports market share in 2021.
- The segment will continue to remain the largest segment of the market through 2026. The growth of this segment can be attributed to their wide adoption among the consumers due to their short-travel suspension. These vehicles have high-power-rated motors, multi-passenger seats, and space for cargo. In addition, their lightweight, high suspension, and short-wheelbase enable proper handling and stability in extreme terrain conditions, in turn, making them the most viable and popular type segment of powersports market.
- Motorcycle
- Others
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Regional Market Outlook
North America will contribute 39% of the market growth during the forecast period. The growth of this region can be attributed to the high popularity of and demand for off-road vehicles such as side-by-side, ATVs, and motorcycles in the US and Canada. In addition, the presence of numerous off-road adventure activities in North America has also played an important role in driving the popularity and sales of powersport vehicles
Apart from regions, if we look at the country-wise market growth, the US, China, Germany, and UK will contribute to the highest market growth.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Trends, Driving the Global Powersports Market
- Market Driver:
- Increasing number of recreational and adventure sports activities:
Consumers across the globe are increasing their engagement in outdoor recreational activities owing to the rising health awareness in recent years. Mountain racing and dirt racing activities are gaining popularity along with a growing number of sports enthusiasts. Strong growth of the US recreation transportation sector that consists of boats, marines, and off-road vehicles for recreational purposes is driving the demand for powersport vehicles. Additionally, a strong emphasis on safety by providing necessary training and accessories will lower the risks and encourage riders to use off-road vehicles such as ATVs, in turn driving the powersports market demand in the upcoming years.
- Market Challenge:
- Environmental impact due to off-roading activities:
Off-roading activities erode the soil by increasing soil bulk density, strength, and permeability. Generally, soil bulk density and strength increase with compaction, while permeability decreases. With an increase in soil compaction, the soil’s ability to support vegetation diminishes. Furthermore, Changes in animal behavior, including the abandonment of important activities such as hunting, foraging, and mating, have been linked to the increasing adoption of off-road vehicles. These behavioral and physiological responses to motorized human disturbance impact individuals and wildlife.
Find additional information about various other market drivers & trends mentioned in our FREE sample report.
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| Powersports Market Scope | |
| Report Coverage | Details |
| Page number | 120 |
| Base year | 2021 |
| Forecast period | 2022-2026 |
| Growth momentum & CAGR | Accelerate at a CAGR of 6.39% |
| Market growth 2022-2026 | $ 13.45 billion |
| Market structure | Fragmented |
| YoY growth (%) | 4.87 |
| Regional analysis | North America, Europe, APAC, MEA, and South America |
| Performing market contribution | North America at 39% |
| Key consumer countries | US, Germany, UK, China, and France |
| Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
| Key companies profiled | American Guardian Warranty Services Inc., Bombardier Recreational Products Inc., Harley-Davidson Inc., Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Polaris Inc., Suzuki Motor Corp., Textron Inc., Yamaha Motor Co. Ltd., and ZHEJIANG CFMOTO POWER Co. Ltd. |
| Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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