Asia Pacific power sports market share will showcase significant growth over the forecast timeframe. The growth can be credited to the increasing awareness about off-roading events among youth coupled with rising disposable income across the region. The proliferating presence of industry players to set up distribution and sales network for enhancing availability of vehicles along with optimization of supply chain operations for catering to the growing consumer demand further escalates the regional expansion.
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North America power sports market is expected to hold its dominance over the study timeframe. The dominance can be attributed to the presence of multiple off-road trials across the region. Some of the popular off-road trials includes Glamis, Moab, Oregon Dunes, Taylor Park and Denali Highway. Additionally, the presence of multiple manufacturers including Honda, Kawasaki, KTM, and Yamaha among others, focusing on offering a diversified portfolio of power sports vehicles further expands the regional share over the projected timeframe.
Power sports Market for Side by side vehicles will showcase considerable growth over the study timeframe owing to several benefits offered over its counterparts including windshield, roll cage, and seatbelts. The similar driving characteristics of a car coupled with enhanced roll-over protection and the availability of multiple seating configurations are some of the key characteristics boosting the segment share. The rising UTV racing and off-roading events across the globe including Grand National Cross-Country Series, Pro UTV Racing, and UTV World Championship will further escalate the power sports market over the projected timeframe.
All-terrain vehicles (ATV) accounted for a significant share in the power sports market in 2018. The share is attributed to the increasing usage of these vehicles in sports and recreational activities. The growing involvement of youth and increasing sports competitions along with proliferating ATV clubs will escalate the segment share. The development of outdoor parks along with increasing disposable income will further support in increasing the product adoption.
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Industry participants are developing advanced technologies including four-wheel drive systems, turbochargers, and independent suspension to enhance off-road driving experience by reducing driver fatigue. The integration of hybrid powertrain enables manufacturers to address issues associated with noise and emissions along with enhancing the overall vehicle efficiency. Additionally, incorporation of advanced safety technologies including anti-lock braking systems will play a significant role in improving vehicle safety, thereby boosting the power sports market from 2019 to 2025.
Power sports Market by Vehicle
- All Terrain Vehicle
- Side By Side Vehicle
- Personal Watercrafts
- Heavyweight Motorcycle
The development of new recreational centers coupled with upgrading of existing sites will support the power sports market growth over the study timeframe. Governments across the globe are actively involved in the commissioning of new trails and upgrading the existing ones.
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Few of the key players in power sports market place includes Arctic Cat Inc., Polaris Industries, Yamaha Motor, Honda Motors, BRP, Harley Davidson, John Deere, and Suzuki Motors. Industry players are investing in R&D to introduce new models and upgrade existing products to improve their market share.