Global Powersports Market Report and Forecast 2024-2032

Global Powersports Market Outlook

The global powersports market size reached an approximate value of USD 9.80 billion in 2023. The global market is expected to grow at a CAGR of 5.60% during the forecast period of 2024-2032, aided by the growing demand for off-road tourism and developmenst of new tourist routes for powersport vehicles.

Global Powersports Market Key Trends

Powersports is a subcategory of motorsports that involves vehicles such as motorcycles, ATVs, snowmobiles, and PWCs. One the distinguishing characteristics of this sport includes the use of handlebars on the vehicles and the rider mounts on the machine instead of going inside, and the rider is exposed to the weather.

• The market for powersports is expected to grow during the forecast period owing to the rising popularity of ATVs. These machines are easier to manoeuvre and have lower age restrictions compared to other vehicles.

• Developed regions, such as North America and Europe, are increasingly investing in the development of new recreational areas and increasing the number of ATVs paths in parks and beaches. Their affordability can significantly enhance the market growth.

• The rising popularity of snowmobile tourism is expected to augment the market values they are increasingly being promoted by travel bureaus, trail maps, and travel guides.

Global Powersports Market Analysis

Based on vehicle type, the market can be segmented into all-terrain vehicles (ATV), side-by-side vehicles, snowmobiles, personal watercraft, and heavyweight motorcycles. Based on application, it can be bifurcated into on-road and off-road. The regional markets for the powersports market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Polaris Inc.

• Arctic Cat Inc.

• Bombardier Recreational Products Inc.

• Suzuki Motor Corporation

• Yamaha Motor Co., Ltd.

• Kawasaki Motors, Ltd.

• Others

Types of Vehicles Used in the Powersports Market

Based on vehicle type, the market bifurcations include all-terrain vehicles (ATV), side-by-side vehicles, snowmobiles, personal watercraft, and heavyweight motorcycles. The personal watercraft segment is expected to hold a significant share of the market during the forecast period. These machines provide a high level of power while being environmentally friendly. They are also widely used by younger and older people alike as they are manufactured to ensure the safety of the rider with the addition of features such as engine cut-off lanyards. This feature activates to ensure that the engine gets turned off in case the rider leaves the control and is separated from the vehicle. These factors can enhance the market growth.

Applications of Powersports

Based on application, the market segments can include on-road and off-road. The off-road segment is expected to dominate the market owing to its sturdiness and capability of being driven on different types of terrain. Due to their increased manoeuvrability in tight spaces, they are increasingly being implemented in forest rides.

With the increasing developments in ATVs by key players and expanding their presence to emerging regions, the market is likely to grow further in size.

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Competitive Landscape

Polaris Inc. is an automotive manufacturing company based in Minnesota, United States. The company is comprised of multiple brands of off-road, on-road, marine, and aftermarket products. It specializes in the manufacturing of motorcycles, snowmobiles, all-terrain vehicles, and neighbourhood electric vehicles. The has a wide market presence with operations in various countries including the UK, Germany, Australia, Sweden, France, Canada, Brazil, Mexico, United Kingdom, China, India, and Norway.

Arctic Cat Inc. is an American automotive company with a focus on manufacturing off-road vehicles. The company's headquarter is located in Minnesota, United States, and it was founded in 1960. It was acquired by Textron in 2017 and the designing and manufacturing processes were handed over to Textron Specialised Vehicles. The products of the company include ATVs, side-by-side vehicles, and snowmobiles.

Kawasaki Motors, Ltd. is a motor vehicle manufacturing and distributing company. It is the sole division of Kawasaki company that can provide its products directly to general customers. It is a part of Kawasaki Heavy Industries, which was founded in 1896. The company is headquartered in Tokyo, Japan, and distributes its products in numerous countries around the world. The company is involved in manufacturing a broad range of products including motorcycles, off-road vehicles, watercraft vehicles, and jet skis, among other automotive products.

Other key players in the market include Bombardier Recreational Products Inc., Suzuki Motor Corporation, and Yamaha Motor Co., Ltd., among others.

Key Highlights of the Report