Powersports market to reach USD 12.75 billion at 5.5% CAGR
Pune, India, May 25, 2021 (GLOBE NEWSWIRE) – The world Powersports market size is expected to reach USD 12.75 billion by 2027, with a CAGR of 5.5% during the forecast period. The market was worth 9.44 billion USD in 2019. Factors such as the growing demand for snowmobiles and the increasing emphasis on the installation of aftermarket equipment by manufacturers are expected to drive demand for the product in the markets. years to come.
The lockdown announced by government agencies resulted in lower auto sales, leading to spin-off growth. In addition, the limited availability of labor and declining demand are hampering growth prospects for many automakers. However, the post-pandemic situation is likely to foster market growth with the takeover of several manufacturing units involving the strict regulations and social distancing standards set by the government to contain the spread of the novel coronavirus.
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On the basis of vehicle type, the market is categorized into all-terrain vehicles (ATVs), side-by-side vehicles, personal watercraft, snowmobiles, and heavy motorcycles. Moreover, depending on the application, the market is segmented on-road and off-road.
Based on the application, the off-road segment is expected to hold a significant global powersports market share in terms of revenue in the coming years. This is due to the increasing demand for such an automobile which can efficiently drive over uneven and rocky surfaces on a global scale.
Finally, depending on the region, the market is divided into North America. Asia-Pacific, Europe and the rest of the world.
Growing demand for snowmobiles to increase growth
According to the International Snowmobile Manufacturers Association, approximately $ 36 billion is spent annually on snowmobile operations in the United States and Canada. In addition, the sport generates an income of approximately $ 350 million annually in the state of Maine. Therefore, the desired recreational sport is expected to have a positive effect on the demand for the product. Moreover, the increasing demand for aftermarket accessories is further expected to drive the growth of the global powersports market during the forecast period.
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North America – The region is expected to remain at the forefront and occupy the highest position in the market for years to come. This is due to favorable climatic conditions and the presence of several recreational sports in countries like the United States which are likely to propel the demand for advanced motorsports in the region. North America was worth $ 7.26 billion in 2019.
Asia-Pacific – The Asia-Pacific market is expected to grow exponentially supported by increasing disposable income of the workforce and growing consumer awareness of recreational sports in the region, which will drive demand for sports motor vehicles in the region between 2020 and 2027.
Innovation produced by large companies to amplify their market prospects
The global market is consolidated by the presence of large companies that strive to maintain their presence by adopting innovative methods to develop powersports vehicles and accessories. Additionally, other key players are adopting organic and inorganic strategies to gain competitive advantage over their competitors in the highly competitive global market.
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List of profiled companies in the global market:
- Polaris Inc. (Minnesota, United States)
- Textron Inc. (Rhode Island, United States)
- Arctic Cat Inc. (Minnesota, USA)
- Honda Motor Co., Ltd. (Tokyo, Japan)
- BRP (Quebec, Canada)
- Harley Davidson (Wisconsin, USA)
- Kawasaki Heavy Industries, Ltd. (Tokyo, Japan)
- KYMCO (Kaohsiung City, Taiwan)
- Suzuki Motor Corporation (Shizuoka, Japan)
- Yamaha Motor Co., Ltd. (Shizuoka, Japan)
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Segmentation of the global powersports market:
By type of vehicle:
- All-terrain vehicle
- Side by side vehicle
- Heavy motorcycle
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico, rest of Latin America)
- Middle East and Africa (South Africa, GCC and rest of Middle East and Africa)
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