The report entitled; “Powersports Market, Trends, Dynamics, and Market Analysis,” recently published by Stratview Research offers a comprehensive outlook of the industry. This report by Vehicle Type (Off-Road Vehicle, Snowmobile, Heavyweight Motorcycle, and Personal Watercraft) and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The sub-category of motorsports vehicles is classified as powersports vehicles. The engine and handlebars, which regulate the vehicle's movement, are the vehicle's most prominent features. The industry participants have made significant investments as a result of the introduction of vehicles with increased performance. Side-by-side vehicles (SSVs), all-terrain vehicles (ATVs), dirt bikes, snowmobiles, powerboats, motorbikes, and personal watercraft are all examples of powersports vehicles. These vehicles are commonly used in outdoor leisure places like theme parks, trails, and wilderness areas.
These high-performance vehicles are designed so as to endure extreme operational and environmental conditions and are intended to be used for off-highway and on-highway purposes. Some of the major market drivers are the surge in the growth in the youth interest towards powersports, surge in government initiatives towards the development of necessary powersports infrastructure and increasing powersports activities being organized in different countries.
High ownership and maintenance costs associated with power sports vehicles are among the major reasons limiting the industry's growth. Due to their use in harsh environments and rugged terrains, these vehicles require constant maintenance and repair. They are subjected to high temperature and water conditions, causing essential components like the engine and hull to deteriorate.
Unlike other transportation segments, such as automotive and trucks that recorded a humongous decline amid the pandemic, powersports, a unique vehicle category, emerged as the savior and grew tremendously, especially in North America and Europe. Overall, the market grew by 10% in terms of units in the year 2020, a growth rate that the industry never achieved or even reached close to it in the past decade. The long-term outlook is also extremely pleasing keeping the mind the growth and demand for powersports, especially ORVs and PWCs. In market numbers, the powersports market is estimated to grow at a healthy CAGR of 5.7% during 2022-2027 to reach a value of US$ 47.9 billion by 2027.
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Share your requirements at -
Stratview Research
E-mail: [email protected]
Direct: +1-313-307-4176
About Stratview Research:
Stratview Research is a credible source for gaining market intelligence to exponentially accelerate the user’s business. Our team of veterans and analysts have extensive experience in executing custom research projects for mid-sized to fortune companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, and more.
