Power Sports Market Size By Vehicle (All-Terrain Vehicles, Side By Side Vehicles, Personal Watercraft, Snowmobiles, Heavyweight Motorcycles), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

Industry Trends

Power Sports Market size exceeded USD 30 billion in 2021 and is expected to grow at over 6% CAGR from 2022 to 2028. Growing demand for high-performance power sports vehicles for leisure activities is driving the industry growth.
 

The high torque and robust shock absorbers in power sports vehicles are increasing their market representation. Government initiatives to boost the tourism industry by assisting various recreational clubs in enhancing their service offerings are creating a favorable environment for the market. Various countries, such as the U.S., Canada, Sweden, and Norway, are providing funding to snowmobile clubs to enhance the quality of snowmobile trails, contributing to the market size.
 

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Power sports vehicles are experiencing an upward trend owing to the shifting consumer focus toward off-road camping. Companies including Arctic Cat, Polaris, Inc., and BRP Group are focusing on new power sports vehicle innovations to improve their market share. For instance, in September 2021, Polaris, Inc. launched its new SxS RZR Turbo R and RZR Pro R in the company’s authorized showrooms in the U.S. The new models possess an enhanced operational efficiency compared to the previous models and can be equipped with more than 70 accessories.
 

Market factors challenging the industry statistics include high ownership and maintenance costs. Power sports vehicles are costly by the integration of high-performance tires and enhanced safety features. Additionally, engine spare parts of these vehicles cause wear & tear in a few driving rounds by exposure to water and rough terrains. Moreover, repetitive maintenance of axles & shock-up systems due to their use in rough terrains and extreme environmental conditions is creating hindrance for the market expansion.

Manufacturers witnessed a considerable decline in power sports market demand impelled by the outbreak of COVID-19 in the first quarter of 2020. The industry was remarkably challenged in this period by the imposition of lockdown by various countries to curb the virus transmission. However, the power sports industry observed significant growth in 2021 led by the relaxation of lockdowns after considerable a decline in COVID-19 cases. Furthermore, power sport vehicles sales are estimated to gain positive traction in early 2022 owing to various government initiatives to revive the regional tourism industry.
 

Wider availability of customized models and enhanced safety of side-by-side vehicles

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The side-by-side vehicle segment is anticipated to register growth rate of about 6% through 2028. The high luggage capacity and strong frame structure of these vehicles support the power sports market growth. Side-by-side power sports vehicles are also used in ranching, hunting & agriculture applications along with recreational activities.
 

Industry participants are focusing on extending their product lines of UTVs/SSV vehicles to acquire market share and increase their revenue streams. Companies, such as Kawasaki Motor Corporation, Honda Motor Company Ltd., and Arctic Cat, Inc., are introducing new side-by-side vehicles to stay competitive in the market.
 

Rising recreational & off-road clubs in North America

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The North America power sports market size valued at USD 15 billion in 2021 propelled by increasing recreational clubs in the region. Growing consumer disposable incomes in the U.S. and Canada are encouraging customers to opt for leisure and recreational activities. As per data revealed by the U.S. Bureau of Economic Analysis (BEA), outdoor recreational activities accounted for USD 374.3 billion, which is 1.8% of the overall U.S. GPD in 2020.
 

The presence of established industry players plays a vital role in improving the market representation in North America. These players are investing in R&D activities to increase the demand for their power sports vehicles. For instance, in August 2021, Can-Am, a brand of BRP, Inc., unveiled a new design for ATVs & SxS vehicles and announced to launch them in early 2022. These new models will be equipped with a Smart-Shox adaptive suspension and robust Maxxis Carnivore tires.
 

Initiatives to develop zero-emission power sports vehicles

Key power sports market participants include Arctic Cat, Inc., Bombardier Recreational Products, Honda Motor Co., Ltd., Harley Davidson, Deere & Company, Kawasaki Motors Corporation, Kubota Corporation, KYMCO, Polaris Inc., Suzuki Motor Corporation, and Yamaha Motor Co., Ltd.
 

Government focus to reduce carbon footprints is inspiring various industry leaders to develop zero-emission vehicles. Companies are emphasizing heavily on integrating electric power trains and battery systems in their vehicles. For instance, in August 2021, Polaris, Inc. launched a new electric UTV Ranger EV equipped with a single 48-volt induction motor with 30 HP. The UTV has a direct transmission with low noise gears and four-wheel hydraulic disc front/rear brakes.
 

Market players are adopting various business strategies such as partnership & collaborations, mergers & acquisitions, and production facility expansion to gain higher profits. Intimidator and HISUN Motor Corporation are focusing on enhancing their ATV model appearance to increase their consumer base.
 

The market research report in power sports includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2017 to 2028 for the following segments:

Market, By Vehicle

• All-Terrain Vehicles
• Side By Side Vehicles
• Personal Watercraft
• Snowmobiles
• Heavyweight Motorcycles

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Thailand
  • Malaysia
  • Indonesia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa