Global Power Sports Market revenue was USD 12.14 Bn in 2019 and is expected to grow at a CAGR 4.31 % in forecast period.
Global Power Sports Market
Power sports includes utility and recreational oriented vehicles such as all-terrain vehicles (ATVs), snowmobiles, powerboats, motorcycles and personal water crafts (PWC). Various factors such as growing inclination of youths towards recreational activities, increasing spending on construction of outdoor facilities, government support and growing investment by private and public institutes for the development of recreational infrastructure are propelling the market growth over forecast period. Moreover, rapid urbanization and growing travel and tourism industry in developing countries are also driving the market growth over forecast period.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
However, factors such as lack of standard protocols for the development of power sports and increasing unmanaged usage of vehicles are restraining the market growth over forecast period.
Technological advancements such as hybrid powertrain, automatic engine system, independent suspension, and capacitor discharge ignition system are enhancing speed of vehicles and reducing driver fatigue. Thus these technological advancements are expected to create lucrative opportunities for power sports market over forecast period.
Global Power Sports Market is segmented by Vehicle Type, by Application, by Model, by Region.By vehicle type, ATV segment held 29.54% market share in 2019 and is expected to keep its dominance over forecast period due to their higher adoption in recreational activities. ATV have light weight, high power, good suspension and a low center of gravity due these properties an adoption rate of ATV in power sports market is high. Market leaders such as Tesla and Kawasaki Heavy Industries, Ltd are launching electric ATV models. ATV is followed by Heavyweight motorcycles segment with 19% market share. Increasing motocross events across the globe is mainly boosting the market growth of this segment over forecast period.
By geography, North America is expected to hold 36.87% of market share at a CAGR of 3.8% over forecast period thanks to presence of several major players such as Polaris Industries, BRP Inc., Harley Davidson and John Deere (US). Moreover, various government bodies such as National Park Service, National Oceanic & Atmosphere Administration, Federal Highway administration, The U.S. Forest Service, and Bureau of Land Management are supporting recreational activities resulting in growth of power sports market. North America is followed by APAC and Europe with market share of 28.21% and 19.45% respectively.
APAC is expected to hold 28.21% of market share at a CAGR of 4.2% over forecast period. China, India and Japan are mainly propelling the market growth of this region. Rise in disposable income, improving microeconomic factors and technological advancements are driving the market growth in this region.
Europe is expected to hold 19.45% market share over forecast period. Demand from European countries such as Germany, U.K. and Russia is increasing for UTVs, snowmobiles, and personal watercrafts due to favorable weather conditions.
Report covers key development and company profiles of market leaders, potential players, followers. Some major key players covered in this report are Polaris Industries, Inc. (US), Bombardier Recreational Products Inc. (Canada), Arctic Cat Inc. (US), Yamaha Motor Co. Ltd (Japan), Kawasaki Heavy Industries, Ltd (Japan), Textron Inc. (US), Harley Davidson, Inc. (US), Honda Motor Company, Ltd (Japan), John Deere (US), and Suzuki Motor Corporation (Japan). By using various organic and inorganic growth strategies such as new product launches, expansion, joint ventures, merger & acquisition, patent, strategic alliances, diversification etc. these players are increasing their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of Global Power Sports Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Power Sports Market dynamics, structure by analyzing the market segments and project the Global Power Sports Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Power Sports Market make the report investor’s guide.
For more information visit@ https://www.maximizemarketresearch.com/market-report/global-power-sports-market/52818/
Scope of Global Power Sports Market
Global Power Sports Market Segmentation by Vehicle Type
• All-Terrain Vehicle
• Side by Side Vehicle
• Personal Watercrafts
• Heavyweight Motorcycle
Global Power Sports Market Segmentation by Application
Global Power Sports Market Segmentation by Model
• Stand Up
• Sit Down
• Multi Personal
Global Power Sports Market Segmentation by Region
• North America
• Latin America
• MEA& Africa
Global Power Sports Market key players
• Polaris Industries, Inc. (US)
• Bombardier Recreational Products Inc. (Canada)
• Arctic Cat Inc. (US)
• Yamaha Motor Co. Ltd (Japan)
• Kawasaki Heavy Industries, Ltd (Japan)
• Textron Inc. (US)
• Harley Davidson, Inc. (US)
• Honda Motor Company, Ltd (Japan)
• John Deere (US)
• Suzuki Motor Corporation (Japan)
• BRP Inc.,
• Arctic Cat Inc.
• Kubota Corporation
• Suzuki Motor Corporation
• Yamaha Motor Co. Ltd.
• Deere & Company
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