Power Sports Market to Witness Robust Growth by 2026
June 16th 2022 IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Power Sports Market.
Power Sports Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The long-term outlook is also extremely pleasing keeping the mind the growth and demand for powersports, especially ORVs and PWCs. In market numbers, the Power Sports Market is estimated to grow at a healthy CAGR of 5.7% during 2022-2027 to reach a value of US$ 47.9 billion by 2027.
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Segment Analysis
Based on the vehicle type, the powersports market is segmented as off-road vehicles (ORVs), snowmobiles, heavyweight motorcycles, and personal watercraft. Off-road vehicles hold the dominance in the market, followed by motorcycles, PWCs, and snowmobiles. ORVs have capacities to traverse all terrains and offer ease of mobility and lower carbon emissions, the factors driving the demand for ORVs. Along with these factors, other noticeable advantages of ORVs are lower vehicle weight, a lower driving age limit for ORVs compared to other power sports vehicles, and cheaper maintenance costs. Furthermore, the introduction of new hybrid and alternative fuel-powered ORVs with low or zero-emissions fuels the market growth. In ORVs, there has been a paradigm shift from ATVs to SSVs in the wake of additional benefits of SSVs over ATVs.
In terms of regions, North America is expected to remain the largest market for powersports during the forecast period due to factors such as a rise in regional engagements in leisure and recreational activities, as well as growing demand for powersports vehicles for snowmobile and water surfing. Although Asia-Pacific is a small market, it is predicted to expand rapidly with the increasing consumer disposable income and the growing interest in Powersports among the regional urban population, fueling the market demand in the region.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Power Sports Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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