What are the Historical Developments and Current Growth Metrics of the Power Sports Market?
The power sports market has seen considerable growth due to a variety of factors.
• In the last few years, the power sports market has seen a robust growth. The market, which is expected to rise from $35.24 billion in 2024 to $37.53 billion in 2025, will have a Compound Annual Growth Rate (CAGR) of 6.5%.
The noteworthy growth during the historic period can be associated to the growing demand for outdoor and recreational activities, the surge in off-road and adventure sports, the expansion of motorsports and racing, the creation of high-performance vehicles, and the enactment of safety and emission regulatory norms.
What Does Future Hold for The Power Sports Market Size?
The power sports market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the power sports market is anticipated to witness robust growth and reach a value of $50.1 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.5%.
This projected growth during the forecast period is due to factors such as personalized power sports vehicles to cater to specific requirements, the surge in eco-friendly and electric options, the rise of electric motorcycles and e-bikes, advancements in autonomous and smart vehicles, and their growing usage in urban mobility solutions. Significant trends during the forecast period encompass electric and hybrid power sports vehicles, compliance with power sports safety regulations, smart and connected experiences in power sports, autonomous and semi-autonomous power sports, bespoke power sports experiences, and rentals.
What Are The Key Drivers Fueling Growth In The Power Sports Market?
The upward trend in sports involvement is predicted to expedite the power sports market's expansion in the future. Sports involvement entails any capacity in sports, including coaching, officiating, or partaking in practices and matches. The amplified attraction to power sports can be attributed to its exhilarating experiences and outdoor entertainment activities, resulting in its heightened demand. For example, the Department of Health and Aged Care of the Australian Government reported in January 2023 that over 90% of adults relished in sports participation. Annually, athletics sees involvement from three million young users and nearly 13 million adult users. Furthermore, every year, 3.1 million Australians actively volunteer in sports and leisure activities. Hence, the escalation in sports activities serves as a catalyst for the power sports market's growth.
What Are The Principal Market Segments In The Global Power Sports Industry?
The power sports market covered in this report is segmented –
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
Subsegments:
1) By All-Terrain Vehicle (ATV): Utility ATVs, Sport ATVs, Youth ATVs
2) By Side-By-Side Vehicle (SxS): Utility SxS, Sport SxS, Recreational SxS
3) By Personal Watercraft (PWC): Sit-Down PWCs, Stand-Up PWCs
4) By Snowmobiles: Mountain Snowmobiles, Trail Snowmobiles, Crossover Snowmobiles, Utility Snowmobiles
5) By Heavyweight Motorcycle: Cruisers, Touring Motorcycles, Adventure Motorcycles, Sport Motorcycles
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Which Emerging Market Trends Are Altering The Power Sports Sector?
Significant players in the power sports field are committed to incorporating advanced technologies such as safety and driver-assistive systems to minimize fatalities from traffic accidents and bolster collision avoidance, thereby improving customer demand and solidifying their market presence. Safety and driver-assistive systems encompass technological aid for secure vehicle operation like sensors and cameras that identify hindrances and prevent accidents. As a case in point, in November 2022, Japan's Honda Motor Co., Ltd., a producer of automobiles, motorcycles, and power equipment, proclaimed enhancements to its Honda Sensing 360 and Honda Sensing Elite safety and driver assistance systems. The Honda Sensing 360 is a superior edition of the company's existing advanced driver assistance systems (ADAS), supplemented by additional sensors that offer a full 360-degree view of the vehicle's environment. By 2030, the upgraded Honda Sensing 360 will be a standard feature in all new Honda and Acura vehicles sold in the United States.
Who Are the Key Players in the Power Sports Market?
Major companies operating in the power sports market include:
• 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
• American Honda Motor Co.
• KTM AG
• BMW Motorrad
• Piaggio & C. SpA
• CFMOTO Powersports Inc
• Deere & Company
• Mahindra & Mahindra Ltd.
• Caterpillar Inc
• J.C. Bamford Excavators Ltd.
• Komatsu Ltd.
• Atturo Tire Corporation
• Logan Powersports Group
• Sportech Inc.
• STR Motorsports
What are the Regional Insights into the Power Sports Market?
North America was the largest region in the power sports market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power sports market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
