Stratview Research delivers key insights on the global Powersports Market. According to Stratview Research, the market is segmented by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy-Duty Commercial Vehicle), by Monitoring Technique Type (Vibration Analysis, Thermography, Oil Analysis, and Others), by Product Type (Router-based System, Portable System, and Sensor-based System), by Deployment Type, and Rest of the World [Brazil, Argentina, and Others]).
The report also covers the Covid impact has on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
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Market Insights
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.
Market Segments’ Analysis
Based on the vehicle type, the Powersports market is segmented as off-road vehicles (ORVs), snowmobiles, heavyweight motorcycles, and personal watercraft. Off-road vehicles hold dominance in the market, followed by motorcycles, PWCs, and snowmobiles. ORVs have capacities to traverse all terrains and offer ease of mobility and lower carbon emissions, the factors driving the demand for ORVs. Along with these factors, other noticeable advantages of ORVs are lower vehicle weight, a lower driving age limit for ORVs compared to other power sports vehicles, and cheaper maintenance costs. Furthermore, the introduction of new hybrid and alternative fuel-powered ORVs with low or zero-emissions fuels the market growth. In ORVs, there has been a paradigm shift from ATVs to SSVs in the wake of additional benefits of SSVs over ATVs.
In terms of regions, North America is expected to remain the largest market for power sports during the forecast period due to factors such as a rise in regional engagements in leisure and recreational activities, as well as growing demand for power sports vehicles for snowmobile and water surfing. Although Asia-Pacific is a small market, it is predicted to expand rapidly with the increasing consumer disposable income and the growing interest in Powersports among the regional urban population, fueling the market demand in the region.
Key Players
The following are some of the key players in the Powersports Market:
• Polaris Inc.
• Honda Motor Co., Ltd.
• BRP Inc.
• Harley Davidson, Inc.
• Yamaha Motor Co., Ltd.
• Kawasaki Motors Corp.
• Suzuki Motor Corporation
• Kubota Corporation
• Deere & Company (John Deere)
• Arctic Cat Inc. (Textron)
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for the Powersports Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did Covid19 impact the market?
- How long will it take to recover from the Covid impact?
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