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Global Powersports Market Research Report - Forecast till 2025
SKU ID : MRF-17303378 | Publishing Date : 10-Nov-2020 | No. of pages : 188
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Global Powersports Market Research Report - Forecast till 2025
Market
According to Market Research Future (MRFR) Powersports industry statistics Global Powersports Market is anticipated to reach USD 4,205,708.9 Thousand to register a healthy CAGR of 5.65% during the forecast period. Motorcycles, ATVs, snowmobiles, and PWCs are referred to as powersport vehicles. The global market growth is attributed to the increasing use of Powersports in adventure tourism and an expansion in ATV experience zones, the adoption of green products, the rapid development of power sports electrification products by manufacturers is expected to drive the global market growth. However, Government regulations, the demand for eco-friendly vehicles, and increasing consumer awareness have enforced the major manufacturers to manufacture greener Powersports products.
The global Powersports market is anticipated to witness a notable market expansion owing to the constant global economic development, rising consumer expenditure, rising urban population, surged demand for a replacement for boats. Moreover, the growth of the market is propelled by the rising use of powersport vehicles in defense and military activities, construction, and recreational, adoption of new technologies and high employment rate, expanding utility activities, growing interest in sports competitions, and rising young population. However, the unfavorable weather conditions, growing boomer age, and rising unmanaged & illegal usage of cars are expected to restrain the growth of the global market during the review period.
Market Segmentation
The global Powersports market has been segmented based on Type, Application, and Model.
Depending on the type segment, the global Powersports market is classified into heavyweight motorcycles, watercraft, snowmobiles, side-by-side, and all-terrain. The heavyweight type of segment is expected to register a 4.9% CAGR during the study owing to the largest market share of 43.7% in 2019.
By application, the global market has been divided into snow, on-road, and off-road. the off-road segment is set to register a 5.41% CAGR between 2019- 2025. In terms of the Model, the global Powersports market is bifurcated into stand-up and sit-down.
Regional Analysis
The region-specific analysis of the global Powersports market is studied across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW).
North America is expected to contribute the largest market owing to the favorable weather conditions, increasing consumer expenditure on sports and recreational activities, and growing establishment of recreational clubs. The US exhibits the leading market of Powersports followed by Canada, which has the utmost share.
The second-largest market of the global Powersports market share over the forecast period. The regional market is driven by the rising demand for UTVs, personal watercraft, and snowmobiles, favorable weather conditions, increasing recreational activities, and the existence of major manufacturers. Additionally, in the expanding tourism sector, companies complying with product-related and stringent manufacturing regulations because of low carbon emission initiatives and environmental concerns, Powersports, and off-road organizations working to develop suitable trails to support high consumption of such products are expected to fuel the growth of the regional market.
Major Players
The prominent players of the global Powersports market include BRP, Textron Inc., Yamaha Motor Co. Ltd, Honda Motor Co. Ltd, and Polaris Industries Inc.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Market
Snapshot
According to Market Research Future (MRFR) Powersports industry statistics Global Powersports Market is anticipated to reach USD 4,205,708.9 Thousand to register a healthy CAGR of 5.65% during the forecast period. Motorcycles, ATVs, snowmobiles, and PWCs are referred to as powersport vehicles. The global market growth is attributed to the increasing use of Powersports in adventure tourism and an expansion in ATV experience zones, the adoption of green products, the rapid development of power sports electrification products by manufacturers is expected to drive the global market growth. However, Government regulations, the demand for eco-friendly vehicles, and increasing consumer awareness have enforced the major manufacturers to manufacture greener Powersports products.
The global Powersports market is anticipated to witness a notable market expansion owing to the constant global economic development, rising consumer expenditure, rising urban population, surged demand for a replacement for boats. Moreover, the growth of the market is propelled by the rising use of powersport vehicles in defense and military activities, construction, and recreational, adoption of new technologies and high employment rate, expanding utility activities, growing interest in sports competitions, and rising young population. However, the unfavorable weather conditions, growing boomer age, and rising unmanaged & illegal usage of cars are expected to restrain the growth of the global market during the review period.
Market Segmentation
The global Powersports market has been segmented based on Type, Application, and Model.
Depending on the type segment, the global Powersports market is classified into heavyweight motorcycles, watercraft, snowmobiles, side-by-side, and all-terrain. The heavyweight type of segment is expected to register a 4.9% CAGR during the study owing to the largest market share of 43.7% in 2019.
By application, the global market has been divided into snow, on-road, and off-road. the off-road segment is set to register a 5.41% CAGR between 2019- 2025. In terms of the Model, the global Powersports market is bifurcated into stand-up and sit-down.
Regional Analysis
The region-specific analysis of the global Powersports market is studied across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW).
North America is expected to contribute the largest market owing to the favorable weather conditions, increasing consumer expenditure on sports and recreational activities, and growing establishment of recreational clubs. The US exhibits the leading market of Powersports followed by Canada, which has the utmost share.
The second-largest market of the global Powersports market share over the forecast period. The regional market is driven by the rising demand for UTVs, personal watercraft, and snowmobiles, favorable weather conditions, increasing recreational activities, and the existence of major manufacturers. Additionally, in the expanding tourism sector, companies complying with product-related and stringent manufacturing regulations because of low carbon emission initiatives and environmental concerns, Powersports, and off-road organizations working to develop suitable trails to support high consumption of such products are expected to fuel the growth of the regional market.
Major Players
The prominent players of the global Powersports market include BRP, Textron Inc., Yamaha Motor Co. Ltd, Honda Motor Co. Ltd, and Polaris Industries Inc.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
