Global Power Sports Market – Industry Trends and Forecast to 2030

 Power Sports Market Analysis and Size

The increasing popularity of adventure sports has boosted the growth of infrastructure for outdoor leisure facilities such as theme parks, wilderness areas and hiking trails. Growing investment from the private sector in the construction of special infrastructure for entertainment and recreation is increasing the demand for power sports. Sports cars are becoming more popular among individuals because of their well-built shock absorbers and powerful engines.

Data Bridge Market Research analyses that the power sports market is expected to reach USD 50.85 billion by 2030, which is USD 31.43 billion in 2022, at a CAGR of 6.20% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Power Sports Market Scope and Segmentation

Market Definition

Power sports are well-defined as a subcategory of motorsports with controlled handlebars and high-performance engines for controlling the movement. The rider generally sits on a saddle for power sports vehicles, unlike sitting in enclosed seats in other vehicles. These are generally used for races and other sporting events.

Power Sports Market Dynamics

Drivers

• Increasing demand for cost-efficient and convenient motorcycles

The demand for the motorcycles increases rapidly, owing to augmented adoption of this vehicle among younger buyers. Moreover, low maintenance costs, convenience and affordability are some of the major factors that are anticipated to increase the demand for the motorcycles during the forecast period. Thus, the motorcycles segment is anticipated to hold largest share of the power sports market during the forecast period. However, the sales of the motorcycles increase due to a shift in consumer preferences toward fuel-efficient, lightweight, more accessible and eco-friendly motorcycles. A personal watersports is highly popular vehicle for recreational activities. Therefore, increasing demand for cost-efficient and convenient motorcycles is expected to propel the market growth.

• Increasing popularity of recreational activities to reduce stress

People, mainly young individuals, are more inclined toward several recreational and sports activities to de-stress and improve their work-life balance. Rise in awareness regarding physical and mental fitness is expected to drive the demand for the recreational activities all over the world. This is expected to fuel the market growth during the forecast period.

Opportunities

• Increasing participation in recreational activities

The growing participation in recreational activities, such as off-road biking and snowmobiling, is anticipated to create numerous opportunities for the market growth. Recreational activities are those people do during their holiday or leisure time to refresh their minds and bodies. The activities such as off-road biking and snowmobiling need various power sports vehicles such as boats, bikes and other machines and vehicles. For instance, as per the The U.S. Bureau of Economic analysis in 2020, conventional outdoor recreation accounted for 37.4% in the U.S. of the total U.S. outdoor recreation, compared to 30.6% in 2019.

Restraints

• Multiple associated with power sports vehicles

Most power sports vehicles run on highly polluting engines and traditional fuel. Particularly, large two-wheeled vehicles, emit a lot of emissions and consume a lot of fuel. This power sports vehicle has no appropriate safety devices due to the high number of falls and collisions.  Growing attention to uncontrolled use by children and environmental impact of these vehicles has resulted in many deaths. These factors are limiting the market growth.

This power sports market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the power sports market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In 2022, The Toro Company, a provider of innovative solutions for outdoor environment has acquired The Intimidator Group Inc, US-based side-by-side vehicle manufacturer. With this acquisition, the Toro Company goals at strengthening its position in zero-turn mower market and emerging as a major market player in the global market.
• In 2020, Polaris Inc. launched RideReady an industry-first on-demand digital service platform. This new RideReady digital strategy aims at leveraging digital technology and solutions to offering industry-leading tools, which break down the barriers of building affinity, ownership and loyalty with existing customers. RideReady connects the power sports dealers and owners with Indian Motorcycle for easily scheduling service appointments online.

Global Power Sports Market Scope

The power sports market is segmented based on the vehicle type, application, model and propulsion type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Vehicle Type

• All-Terrain Vehicle
• Utility
• Recreational
• Sports
• Touring
• Other
• Side by Side Vehicle
• Personal Watercrafts
• Recreational
• Muscle
• Luxury
• Performance
• Sports
• Snowmobile
• Heavyweight Motorcycle
• Snowmobile
• Mountain
• Crossover
• Cross country
• Utility
• Touring
• Other
• Others

 Application

• On-Road
• Off-Road

Model

• Stand Up
• Sit Down
• Multi Personal

 Propulsion Type

• Gasoline
• Electric
• Diesel

 Power Sports Market Regional Analysis/Insights

The power sports market is analyzed and market size insights and trends are provided by country, vehicle type, application, model and propulsion type as referenced above.

The countries covered in the power sports market report are report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the power sports market in terms of revenue growth and market share owing to the presence of large number of major manufacturers. Moreover, the increasing recreational clubs will further increase the market growth in this region.

Europe is projected to be the fastest developing region during the forecast period of 2023-2030. This is mainly owing to the growing population in this region. Furthermore, the growing investment in R&D activities is further anticipated to drive the growth of the power sports market in this region.

 The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Power Sports Market Share Analysis

The power sports market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to power sports market.

Some of the major players operating in the power sports market are:

• Hero Electric (India)
• Vmoto Limited (Australia)
• The Electrotherm Group, Inc. (India)
• Jiangsu Xinri E-Vehicle Co.,Ltd. (China)
• Energica Motor Company (Italy)
• Piaggio & C. SpA (Italy)
• Niu International. (U.S.)
• Mahindra & Mahindra Ltd (India)
• H-D, AIMA TECHNOLOGY CO.,LTD (China)
• Avan Motors India (India)
• Cezeta (Czech Republic)
• Dongguan Tailing Electric Vehicle Co., Ltd (China)
• GOVECS AG (Germany)
• Gogoro Inc. (Taiwan)
• Johammer e-mobility GmbH (Austria)
• Zhejiang Luyuan Electric Vehicle Co.,Ltd. (China)
• Zero Motorcycles, Inc. (U.S.)
• Okinawa Autotech Pvt. Ltd (India)
• Shandong Incalcu Electric Vehicle Co.,Ltd (China)
• Emflux Motors (India)

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