Powersports Market Size, Growth and Forecast to 2028
[Research Report] The powersports market is expected to grow from US$ 93,703.64 million in 2021 to US$ 131,083.20 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021–2028.
Adventure tourism involves traveling to new locations for gaining new experiences, with controlled risk components and personal challenges in wild and exotic environments. An increase in the number of visitors interested in off-road driving is contributing to the economic growth of the respective country.
Powersports generates over US$ 1.15 billion in revenue in Malaysia each year through housing, logistics, and tourism expenditures. Racing events hosted by Malaysia include the Motorcycle Grand Prix (MotoGP), the Asia Road Racing Championship (ARRC), and the Malaysian Cub Prix. These events bring significant societal and economic benefits. The widespread awareness among sports tourists regarding such racing events is the heart of motorsport tourism. The long duration of the events, visibility and coverage by print and electronic media, sponsorship from domestic and global firms, and excessive economic opportunities for locals are all advantages of motorsports tourism destinations. Factors such as high energy levels, drive, and travel desire among people are the major factors pushing the travel motive. For many, the desire to meet new and like-minded people with similar sociability interests is a driving force for off-roading. These features lead to the growth of the powersports market.
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Powersports Market: Strategic Insights
Powersports Market
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CAGR (2021 - 2028)
4.9%
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Market Size 2021
US$ 93.7 Billion
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Market Size 2028
US$ 131.08 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- American Landmaster
- ARCTIC CAT
- BRP
- Hisun Motors Corp USA
- Kawasaki Motors Corp
- Polaris Inc
- Yamaha Motor Corporation
- Suzuki Motor USA
- Volcon ePowersports
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- All-Terrain Vehicles
- Side-by-Side
- Motorcycles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Powersports Market: Strategic Insights
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CAGR (2021 - 2028)4.9% -
Market Size 2021
US$ 93.7 Billion -
Market Size 2028
US$ 131.08 Billion
Market Dynamics
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Key Players
- American Landmaster
- ARCTIC CAT
- BRP
- Hisun Motors Corp USA
- Kawasaki Motors Corp
- Polaris Inc
- Yamaha Motor Corporation
- Suzuki Motor USA
- Volcon ePowersports
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- All-Terrain Vehicles
- Side-by-Side
- Motorcycles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Impact of COVID-19 Pandemic on Global Powersports Market
Prior to the COVID-19 pandemic, the powersports 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 powersports 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 COVID-19 impact on the powersports market was negative in 2020.
In 2021 and 2022, the relaxation of lockdown measures and increase in production of powersport vehicles are supporting the market growth. As per an article published by Babcox Media Inc. in July 2021, new-model sales of leading brands increased more than 37.2% in the first quarter of 2021.
Before the COVID-19 pandemic, in 2019, the powersports market size was US$ 95,728.13 million. The market size during the pandemic was US$ 91,324.63 million in 2020. Furthermore, in 2021, the powersports market size was US$ 93,703.64 million. Therefore, the overall impact of the COVID-19 pandemic on the powersports market was negative in 2020.
Powersports Market Insights
Increase in All-Terrain Vehicle Popularity and Experience Zones
Due to their greater performance on difficult and uneven terrains, four-wheel all-terrain vehicles (ATVs) are in high demand among consumers. This is pushing ATV manufacturers to include a four-wheel-drive system as an optional feature or as a full-time option. Microfiber couplings recognize the requirement of a four-wheel-drive system in real time. The popularity of such new four-wheel ATVs is increasing in different countries. For instance, the Canadian Council of Snowmobile Organization holds sporting competitions every year. In addition, several major ATV and UTV manufacturers are hosting racing championships, which is expected to boost demand for these utility vehicles. The US has been experiencing an increase in recreational parks for ATV rides. Recreational options have been created on public lands in the country by adding miles to over 19 national recreational routes. ATVs are also widely used in the armed services, including the military and police agencies, where they are heavily used for transportation in isolated places. As a result, the rising demand for ATVs in recreational, sporting, and military applications is one of the primary factors driving the powersports market growth.
In developed regions such as North America and Europe, ATV experience zones are common. Moreover, there is a rising focus on propelling the number of these zones in emerging markets, such as India and Southeast Asian countries, to raise awareness and demand for utility vehicles. Customers can ride ATVs on artificial off-road fields at these sites. For instance, Polaris built an experience zone in Bengaluru, India, in 2018 to boost its client base.
Type - Based Market Insights
Based on type, the powersports market is segmented into all-terrain vehicles, side-by-side, and motorcycles. The motorcycles segment led the market with the largest share in 2020.
The players operating in the powersports market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In March 2022, BRP launched electric 2 wheel motorcycles amid the 50th anniversary of the Can-Am brand. The Can-Am brand is back to its motorcycles roots with complete electric-based product line. With electric motorcycles, there comes a great opportunity to flourish in the motorcycles market.
- In March 2021, American Landmaster launched lithium-powered side-by-side called the Landmaster EV. American Landmaster partnered with industry's two best leaders in lithium technology and AC motors.
Powersports Market Report Scope
Report Attribute
Details
Market size in 2021
US$ 93.7 Billion
Market Size by 2028
US$ 131.08 Billion
Global CAGR (2021 - 2028)
4.9%
Historical Data
2019-2020
Forecast period
2022-2028
Segments Covered
By Type - All-Terrain Vehicles
- Side-by-Side
- Motorcycles
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- American Landmaster
- ARCTIC CAT
- BRP
- Hisun Motors Corp USA
- Kawasaki Motors Corp
- Polaris Inc
- Yamaha Motor Corporation
- Suzuki Motor USA
- Volcon ePowersports
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
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Market size in 2021 | US$ 93.7 Billion |
Market Size by 2028 | US$ 131.08 Billion |
Global CAGR (2021 - 2028) | 4.9% |
Historical Data | 2019-2020 |
Forecast period | 2022-2028 |
Segments Covered |
By Type
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Company Profiles
- American Landmaster
- ARCTIC CAT
- BRP
- Hisun Motors Corp., USA
- Kawasaki Motors Corp
- Polaris Inc.
- Yamaha Motor Corporation
- Suzuki Motor USA
- Volcon ePowersports
- American Honda Motor Company, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Based on motorcycles, powersports market is segmented into street, cruiser, sports, dual sports, adventure, and others. In 2020, the street segment led the market and accounted for the largest market share.
The major five companies in powersports includes Arctic Cat Inc; American Honda Motor Co., Inc; Polaris Inc.; Suzuki Motor Corporation; and Yamaha Motor Co., Ltd.
In 2021, APAC led the market with a substantial revenue share, followed by North America and Europe. APAC is a prospective market for powersports manufacturers.
Based on type, the powersports market is segmented into all-terrain vehicles, side-by-side, and motorcycles. The motorcycles segment led the powersports market with the largest share in 2020.
Increase in all-terrain vehicle popularity and experience zones and rise in use of powersports to boost adventure tourism are driving the growth of the powersports market.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including powersports market. Further, innovations in powersports products is presenting significant potential for the future growth of the powersports market players.
The List of Companies - Powersports Market
- American Landmaster
- ARCTIC CAT
- BRP
- Hisun Motors Corp., USA
- Kawasaki Motors Corp
- Polaris Inc.
- Yamaha Motor Corporation
- Suzuki Motor USA
- Volcon ePowersports
- American Honda Motor Company, Inc.