What is the global market size of Powersports Market?

Powersports Market size was valued at USD 29.62 billion in 2021 and is poised to grow from USD 31.43 billion in 2022 to USD 50.85 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).

Global Powersports Market Size, Share, Growth Analysis, By Vehicle type(All-terrain Vehicles (ATV), Side-by-side Vehicles), By Application(On-road, Off-road), By Model(Multi Personal, Sit Down) - Industry Forecast 2024-2031

Report ID: SQMIG25C2105 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 90 | Figures: 76

Global Powersports Market Dynamics

Powersports Market Driver

Compared to other power sport vehicles, ATVs offer fewer age limits, reduced maintenance expenses, and are simpler to maneuver. As a result, both younger and older persons find them to be quite appealing due to these qualities and their low cost. Additionally, there have been more government attempts in North America and Europe to expand the number of ATV paths in parks As a result, the widespread use of ATVs is anticipated to fuel the growth of the Powersports business.
Snowmobiling has developed into a significant economic engine for active outdoor leisure, it is actively marketed through trail maps, informational guides, and state and provincial travel agencies. For instance, the International Snowmobile Manufacturers Association estimates that the annual spending on snowmobiling in the US and Canada is over US$ 36 billion.

Powersports Market Restraint

Most powersports vehicles use conventional fuel and have extremely polluting engines. Particularly heavyweight motorcycles take a lot of fuel and produce a lot of pollution. Sales of these vehicles have decreased as a result of regulatory standards intended to lessen their negative effects and increase consumer demand for fuel-efficient automobiles.

Global Powersports Market Report Snapshots

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Powersports Market size was valued at USD 29.62 billion in 2019 and is poised to grow from USD 31.43 billion in 2023 to USD 50.85 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

Key players are focusing on using cutting-edge technologies to continuously expand their product offerings. To address the demand for tailored offerings that are relevant to the industry, they are increasing their product lines. For instance, In March 2021 – RumbleOn Inc. agreed to acquire RideNow, the largest power sports dealer in North America. The acquisition is valued at US$ 5.4 billion and will integrate RumbleOn’s technology with RideNow’s extensive footprint and retail brand. 'Polaris Inc.', 'Honda Motor Co., Ltd.', 'Kawasaki Heavy Industries, Ltd.', 'Yamaha Motor Co. Ltd.', 'BRP Inc.', 'Arctic Cat Inc.', 'KTM AG', 'Ducati Motor Holding S.p.A.', 'Suzuki Motor Corporation', 'Triumph Motorcycles Ltd.', 'Harley-Davidson Inc.', 'Piaggio & C. SpA', 'Bombardier Recreational Products Inc.', 'Textron Inc.', 'CFMoto Powersports Inc.', 'Bajaj Auto Ltd.', 'Hero MotoCorp Ltd.', 'TVS Motor Company Ltd.', 'Mahindra Two Wheelers Ltd.', 'Royal Enfield (India)'

Compared to other power sport vehicles, ATVs offer fewer age limits, reduced maintenance expenses, and are simpler to maneuver. As a result, both younger and older persons find them to be quite appealing due to these qualities and their low cost. Additionally, there have been more government attempts in North America and Europe to expand the number of ATV paths in parks As a result, the widespread use of ATVs is anticipated to fuel the growth of the Powersports business.

Around 82 % of powersports vehicle owners want to buy or buy accessories for their vehicle within three months of purchase, according to the Specialty Equipment Market Association (SEMA). For a variety of purposes in various terrains, these vehicles are used for a variety of activities. Consequently, improving functionality through changes that are utility-oriented is a high priority for fans of off-road and on-road vehicles. Expenditures on accessories per vehicle, for instance, according to industry experts have grown by 50 to 60 % over the past two years. Consequently, the rise in the availability of product accessories will result in profitability for OEMs, which will favorably impact the expansion of the powersports market.

North America dominated the global powersports market and is expected to continue to dominate the global market over the forecast period. This can be attributed to the region's abundant leisure opportunities and the excellent local weather. Additionally, the existence of well-known competitors, like Polaris, Arctic Cat, and Yamaha Motor Corporation (all with US and Canadian headquarters, respectively), will encourage consumers to adopt the product. Due to the significant economic impact of power sports activities, state and federal governments in the US and Canada also offer major support (for example, surveying & building trails). Therefore, it is anticipated that these elements would strengthen this region's market supremacy.

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Global Powersports Market Size, Share, Growth Analysis, By Vehicle type(All-terrain Vehicles (ATV), Side-by-side Vehicles), By Application(On-road, Off-road), By Model(Multi Personal, Sit Down) - Industry Forecast 2024-2031

Global Powersports Market Dynamics

Global Powersports Market Report Snapshots

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