Global Power Sports Market Size | Growth Rate 6.8% 2029 Forecast |...

Global Power Sports Market Size | Growth Rate 6.8% 2029 Forecast | Textron Inc.

Posted 2024-04-23 06:30:00

Global Powersports Market Revs Up for Growth, Reaching $22.23 B i ll i o nb y 2029$

The global powersports market is estimated to reach US 22.23 billion by 2029, reflecting a steady rise at a CAGR of 6.8% from 2022, according to Maximize Market Research (MMR). This growth is fueled by a growing appetite for recreational activities and increasing disposable income in emerging economies.

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Overview

Powersports vehicles encompass a range of thrill-seeking machines like all-terrain vehicles (ATVs), side-by-sides, personal watercraft, and snowmobiles. These offer riders an exciting way to explore off-road terrains and enjoy outdoor adventures.

Market Scope

The MMR report provides a comprehensive analysis of the global powersports market, exploring key trends, influencing factors, and growth opportunities. It delves into market segmentation by product type (side-by-side, personal watercraft, snowmobiles, others), application (off-road, on-road), and model (multi-passenger, sit-down, stand-up).

Segmentation Highlights

Side-by-Sides Take the Lead: The side-by-side segment is expected to capture the largest market share due to their versatility and ability to accommodate multiple passengers. They offer a thrilling off-road experience for families and adventure enthusiasts alike.

Factors Driving Growth

Rising Disposable Income: Increasing disposable income, particularly in emerging economies like China and India, is creating a larger consumer base for powersports vehicles.
Growing Popularity of Recreational Activities: The growing trend of outdoor recreation and adventure tourism is driving the demand for powersports vehicles. These machines offer an exhilarating way to experience nature and explore off-road trails.
Technological Advancements: Advancements in engine technology are leading to more powerful, fuel-efficient, and user-friendly powersports vehicles, attracting a wider range of riders.

Competitive Landscape

The global powersports market is a well-established space with a mix of leading manufacturers like Polaris Industries and Yamaha Motor Co., alongside regional players.

Key Players:
- Polaris Industries, Inc. (USA)
- Bombardier Recreational Products Inc. (Canada)
- Yamaha Motor Co. Ltd (Japan)
- Kawasaki Heavy Industries, Ltd (Japan)
- Textron Inc. (USA)
- Harley-Davidson, Inc. (USA)
- Honda Motor Company, Ltd (Japan)
- [Add 3 more companies from the list]

Regional Analysis

North America is expected to hold a dominant market share initially due to the presence of established manufacturers and a strong culture of powersports recreation. However, Asia Pacific is anticipated to witness the fastest growth due to the aforementioned factors like rising disposable income and increasing popularity of outdoor activities.

COVID-19 Impact

The COVID-19 pandemic caused temporary disruptions to the supply chain and manufacturing of powersports vehicles. However, the long-term outlook remains positive as the demand for recreational activities rebounds.

Addressing Key Questions

The MMR report addresses critical questions concerning the powersports market, including: