Global Power Sports Global Market Report 2022: North America Leads the Way with the Asia Pacific Region Growing Quickly
Global Power Sports Market
Dublin, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The "Power Sports Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global power sports market is expected to grow from $29.04 billion in 2021 to $30.88 billion in 2022 at a compound annual growth rate (CAGR) of 6.3%. The power sports market is expected to grow to $39.95 billion in 2026 at a CAGR of 6.7%.
The main types of vehicles in power sports are all-terrain vehicles, side-by-side vehicles, personal watercraft, snowmobiles, and heavyweight motorcycles. It is defined as a vehicle that rides on low-pressure tires and has a seat that the operator straddles as well as steering handlebars. Power sports vehicles come in various models such as multi-personal, sit down, stand up, and can be ridden on-road and off-road.
North America was the largest region in the power sports market in 2021. The Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rising participation in recreational activities, such as snowmobiling and off-road biking is expected to propel the growth of the power sports market. Recreational activities refer to the activities that people do in their leisure time for refreshing their bodies and minds. The activities like snowmobiling and off-biking require various power sports vehicles such as bikes, boats, and other vehicles and machines.
For instance, according to The U.S. Bureau of Economic Analysis, a government-owned provider of official macroeconomic and industry statistics, in 2020, conventional outdoor recreation in the US accounted for 37.4% of the total US outdoor recreation, compared to 30.6% in 2019. Therefore, the growing rising participation in recreational activities, such as snowmobiling and off-road biking is driving the growth of the power sports market.
Technological advancements are a key trend gaining popularity in the power sports market. For instance, in July 2020, Polaris Inc, a US-based manufacturer of power sport vehicles, launched RideReady, an industry-first on-demand digital service platform. The new RideReady digital strategy aims at leveraging digital solutions and technology for providing industry-leading tools, which break down the barriers of ownership, build affinity and loyalty with existing customers, and introduce power sports to new people. RideReady connects the power sports owners and dealers with Indian Motorcycle and Polaris dealerships for easily scheduling service appointments online.
In January 2022, The Toro Company, a US-based provider of innovative solutions for the outdoor environment acquired The Intimidator Group Inc for $400 million. Through this acquisition, the Toro Company aims at strengthening its position in the zero-turn mower market and emerging as a strong player in the market. The Intimidator Group Inc is a US-based side-by-side vehicle manufacturer.
Scope
Markets Covered:
1) By Vehicle Type: All-Terrain Vehicle; Side-By-Side Vehicle; Personal Watercraft; Snowmobiles; Heavyweight Motorcycle
2) By Model: Multi Personal; Sit Down; Stand Up
3) By Application: On-Road; Off-Road
Key Topics Covered:
1. Executive Summary
2. Power Sports Market Characteristics
3. Power Sports Market Trends And Strategies
4. Impact Of COVID-19 On Power Sports
5. Power Sports Market Size And Growth
6. Power Sports Market Segmentation
7. Power Sports Market Regional And Country Analysis
8. Asia-Pacific Power Sports Market
9. China Power Sports Market
10. India Power Sports Market
11. Japan Power Sports Market
12. Australia Power Sports Market
13. Indonesia Power Sports Market
14. South Korea Power Sports Market
15. Western Europe Power Sports Market
16. UK Power Sports Market
17. Germany Power Sports Market
18. France Power Sports Market
19. Eastern Europe Power Sports Market
20. Russia Power Sports Market
21. North America Power Sports Market
22. USA Power Sports Market
23. South America Power Sports Market
24. Brazil Power Sports Market
25. Middle East Power Sports Market
26. Africa Power Sports Market
27. Power Sports Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Power Sports Market
29. Power Sports Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
Polaris Inc
Kawasaki Heavy Industries Motorcycle & Engine Company
Yamaha Motor Co. Ltd.
Honda Motor Company Ltd.
Suzuki Motor Corporation
Harley-Davidson Inc.
Kubota Corporation
Kymco
Arctic Cat Inc
Bombardier Recreational Products Inc.
Textron Inc
Ducati Motor Holding S.p.A.
Triumph Motorcycles Ltd.
Feishen Group
Zero Motorcycles Inc.
Hisun Motors Corp
For more information about this report visit https://www.researchandmarkets.com/r/30j4bk
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
