Oct 31, 2019 (AB Digital via COMTEX) -- Powersports Market to Touch USD 14 Billion during 2019 to 2025, according to research report on Global Powersports Market 2019 published by Market Research Future. Report comprises depth analysis of Powersports Market by model, application, vehicle type and region. Demand of powersports vehicles such as scooters, ATVs, personal watercraft, snowmobiles, motorcycles, jet boats, UTVs, and dirt bikes.
Global Key Players Analysed in Report:
Some of the leading companies covered in the report include Bombardier Recreational Products Inc. (Canada), Yamaha Motor Co. Ltd (Japan), Textron Inc. (US), Honda Motor Company, Ltd. (Japan), Suzuki Motor Corporation (Japan), Polaris Industries, Inc. (US), Harley-Davidson, Inc. (US), Arctic Cat Inc. (US), John Deere (US) and Kawasaki Heavy Industries, Ltd (Japan).
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Global Powersports Market Overview:
Powersports are a rapidly emerging category of motorsports. As per the report published by Market Research Future (MRFR), the global powersports market is set to expand demonstrate a 4.5% CAGR during the projection period (2018–2025). The market is expected to reach a valuation of USD 14 Bn by the end of forecast period.
Demand of powersports vehicles such as scooters, ATVs, personal watercraft, snowmobiles, motorcycles, jet boats, UTVs, and dirt bikes. The increasing popularity of the recreational motor sport has reflected favourably on the global powersports market. Powersport infrastructure all over the world is improving owing to increased interest and participation. Individuals, especially millennials are showing tremendous interest towards off-road recreational activities. Factors such as changing lifestyle and evolving approaches towards the way of leaving are influencing the global powersports market.
There has been a significant rise in activities such as recreational bike riding and water sports. This has fuelled the demand for high-performance motorsports vehicles. Powersports require heavy dusty vehicles that cope with rough terrains, harsh weather, and extreme temperatures. The focus remains on making powersports products efficient and robust. The components that are used in powersports vehicles must meet certain quality standards. This makes these products standouts from conventional variants. Manufacturers use special materials to develop powersports products. Bearing in mind the nature of outdoor motorsport, component, equipment and vehicles need to be highly durable in order to ensure performance and safety. At the same time, recreational activities are becoming more dynamic and is being influenced by new-age technologies (internet, go-pro cameras, etc.). Connectivity and communication are important facets of powersports products. Nevertheless, the inequal regulatory protocols for powersport from region to region and country to country remains a major market impediment.
Global Powersports Market Segmental Analysis:
The segmental analysis of the market has been conducted based model, application, vehicle type and region.
Based on model, key segments include multi personal, sit down and stand up.
Based on vehicle type, key segments include side by side vehicle, snowmobile, all-terrain vehicle, heavyweight motorcycle, personal watercraft and others. Based on application, key segments include off-road and on-road.
Global Powersports Market Regional Analysis:
Based on region, the market has been segmented into Asia Pacific (APAC), the Middle East & Africa (MEA), Europe, North America and Latin America. Asia Pacific (APAC) has emerged as the largest market for powersports. The market in APAC is witnessing a rapid growth owing to expanding consumer base in countries like India and China and increased inclination towards motorsports.
Powersports is fast growing sporting activity in APAC, which is prompting market players to shift their focus toward the region. APAC is followed Europe and North America respectively.
In Europe, the popularity of the sports is growing rapidly in countries such France, Germany, Italy, Netherlands and the U.K. The growing demand for off-road UTVs is likely to create attractive growth opportunities for market players operating in the region.
North America is expected to remain a significant market for powersports over the next several years. The region is home to some of top-notch powersports vehicle manufacturers, which includes Arctic Cats and Harley Davidson. Moreover, presence of superior recreation facilities across Canada and the U.S. remain major market driver in North America.
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Key Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research