One of the most important features of the power sports is the use of an engine in one form or the other. Use of handlebars to keep control on movement with the help of handlebars and rider’s mounting on the machine, exposed to the components. Power Sports have a huge following and it is the most commonly used vehicle in the X-games.
With powerful engines, power sports vehicles are mostly used for utility and recreational purpose. These vehicles are categorized into personal watercrafts, off-road vehicles, motorcycles and snowmobiles. The power sports market is concentrated in developed economies such as Europe and North America.
Increasing trend for recreational activities to drive the growth of the global power sports market
One of the most significant reasons behind the tremendous growth of the global power sports market is rising inclination towards recreational activities and an increased spending ability. The demand for all-terrain vehicles, personal watercraft and snowmobiles have increased due to a growing urban population and maximum utilization of vehicles for sports and entertainment events. Apart from it, rising investment in activities related to motorsports and a rise in the growth of travel and tourism industry is driving the growth of the global market for power sports.
Due to continuous technological advancement, power sports vehicles with improved efficiency and low noise are expected to create robust development in the global power sports market. Furthermore, increasing number of recreational club and better training facilities are positively influencing the penetration of products in the market. Market players are now also concentrating on developing vehicles which will fulfil the stringent regulations of government.
The Asia Pacific to dominate the global market for power sports during the projected period
Due to increasing per capita income Asia Pacific countries such as China, Japan and India are expected to create higher growth in the worldwide power sports market. This rising disposable income is contributing to the growth of SSV and ATV sales in the Asia Pacific region. Developing countries such as India is taking positive initiatives in a bid to strengthen the manufacturing segment which is further enhancing the demand for the products. The market size of MEA power sports market is likely to see a healthy growth due to the development of tourism industry. Asia Pacific region is likely to be expanded at a CAGR of 3.8% during the projected period.
All-terrain vehicle segment to show remarkable growth throughout the forecasted period
The global power sports market is segmented into a motorcycle, UTV (Utility Terrain Vehicle), ATV and other power sports. On the basis of type segment, ATV segment is sub-segmented into Displacement (CC): ≤ 400, Displacement (CC): 400-700, and Displacement (CC): ≥ 700, while by application this segmented is further segmented into off-road and road segment. ATV segment is expected to expand at a CAGR of 3% during the forecasted period. On the basis of type, motorcycle segment is sub-segmented into superbike, lightweight and midweight. The motorcycle segment is likely to grow at a CAGR of 3% between 2017 and 2026.
Key Players in the global power sports market
Honda, BRP, Yamaha Motor, Polaris, Kawasaki, Arctic Cat, Suzuki, CFMOTO, Feishen Group, Rato, HISUN Motor, KTM, Ducati, BMW Motorrad, KYMCO, MV Agusta, Triumph, and Zero Motorcycles are some of the top manufacturers in the global power sports market.