Innovations in Powersports Products to Provide Opportunities for Powersports Market during 2021–2028
According to our new research study on "Powersports Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type," the market is projected to reach US$ 131,083.20 million by 2028 from US$ 93,703.64 million in 2021; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028.
The shifting market for utility-terrain vehicles (UTVs) is one of the main factors contributing to the rise of the powersports market. Technological advancements have benefitted through improved durability and adaptability to off-road vehicles, thereby ensuring greater enjoyment for ATV and UTV riders. For example, Honda has developed its off-road advancements throughout the years, the most current of which is I-4WD. The system monitors the left and right front wheel speeds and applies brakes to the spinning wheel while increasing driving force to the wheel with higher traction. As a consequence, riders can climb up, over, and through more and more difficult barriers. As I-4WD is always ready, riders don't have to stop to use it. Honda's Hill Start Assist is also compatible with I-4WD. Further, Polaris simultaneously launched independent rear suspension (IRS) on its flagship Sportsman model and its first 4-stroke ATV powertrain. The Sportsman 500 IRS was a full-size ATV with a long-route IRS that revolutionized ATV riding and increased its ability to traverse deep muck. Furthermore, Polaris dubbed its 4×4 technology "Demand Drive." This technology automatically locks the front diff when the terrain demands severe 4-wheel traction. The electrically charged system then automatically reverts to differential 4×4 when the traction is restored. Continuous advancements in ATVs and UTVs provide a lucrative opportunity for the growth of powersports market players.
The global powersports market, based on type, is segmented into all-terrain vehicles, side-by-side, and motorcycles. Based on regions, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Powersports Market
Prior to the COVID-19 pandemic, the market was growing due to the increase in all-terrain vehicle (ATV) trader traffic. For instance, consumer interest in ATVs, utility terrain vehicles (UTVs), and specialty powersports units soared 35% in the first seven months of 2019, based on year-over-year searches on Trader Interactive's ATV Trader marketplace. ATV trader traffic is consistently growing faster monthly, reflecting a market shift that can help powersport dealers offset flattening motorcycle sales. The ATV trader traffic jumps supported the growth of the powersports market in 2019.
In 2020, the COVID-19 pandemic negatively impacted the market due to the decline in the global automotive industry. The outbreak created significant disruptions in the manufacturing of products, including cars. A sharp decline in manufacturing automobiles impacted the growth of the global powersports market. Further, the data collected from the Organisation Internationale des Constructeurs d'Automobiles (OICA) showed a 16% decline in 2020 total number of vehicle production to less than 78 million vehicles. Moreover, to combat and contain the outbreak, factory shutdowns, travel bans, trade bans, and border lockdowns were imposed; these restrictions negatively impacted the manufacturing, supply, and sales of various automobile components required to manufacture cars. Therefore, the overall impact of COVID-19 pandemic on the powersports market was negative in 2020.
American Landmaster; ARCTIC CAT; Bombardier Recreational Products Inc.; HISUN; Honda Motor Company, Ltd.; Kawasaki Motors Corp.; Polaris Inc.; Suzuki Motor Corporation; Volcon; and Yamaha Motor Co., Ltd. are among the leading players in the global powersports market. Several other companies are functioning in the market and contributing substantial revenues to propel the market growth.
Powersports Market – by Geography
Powersports Market Size, Growth and Forecast to 2028
Download Free Sample
Powersports Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (All-Terrain Vehicles, Side-by-Side, and Motorcycles)
Powersports Market Size, Growth and Forecast to 2028
Download Free SamplePowersports Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (All-Terrain Vehicles, Side-by-Side, and Motorcycles)
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com