Research Nester assesses the growth and market size of global power sports market which is anticipated to be on account of the growing clubs and state organizations that promote powersports, rising disposable income, and a growing desire from young people for off-road adventure tourism and leisure activities
New York – April 10, 2024 - Research Nester’s recent market research analysis on “Power Sports Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global power sports market in terms of market segmentation by vehicle type, model, propulsion, application, end use, and by region.
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Growing Engagement in A Variety of Sports and Leisure Activities to Promote Global Market Share of Power Sports
Powersports vehicles are used in many different contexts and on a range of surfaces. Optimizing functionality through utility-oriented modifications is a top concern for off-road and on-road enthusiasts alike. It is also expected that the trend of car electrification will continue to grow during the projected period. Major OEM manufacturers plan to produce electric versions of ATVs, heavy motorbikes, jet skis, and snowmobiles, among other vehicles. Since these vehicles require more fuel than other types of vehicles, the introduction of electric models will further reduce dependency on fossil fuels. To promote green energy and sustainable growth, big automakers are focusing on developing electric car versions of their models.
Some of the major growth factors and challenges that are associated with the growth of the global power sports market are:
Growth Drivers:
• Surge in the Number of People Engaging in Leisure Activities
• Rising Need for Consumer Desire for Affordable and Practical Motorcycles
Challenges:
Most powersport vehicles rely on conventional fuel and have engines that emit a great deal of pollution. Motorcycles that are heavyweight in particular consume a lot of fuel and emit more emissions. Regulations aimed at reducing the harmful effects of these cars and rising consumer desire for fuel-efficient vehicles are the reasons behind the decline in sales. The high number of rollover and accident incidents that occur when off-roading is associated with insufficient safety gear. Because of this, growing public awareness of the harm these cars do to the environment and the high death rate caused by children's reckless use of them is limiting the market's growth. The market's expansion is being impeded by all of these reasons.
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By vehicle type, the global power sports market is segmented into all-terrain vehicles, side by side vehicles, personal watercrafts, snow mobiles, heavy weight motorcycles, ROVs and jetski. The all-terrain vehicles segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The popularity of ATVs among a range of users, such as recreational riders, outdoor lovers, farmers, ranchers, and industrial workers, may be the reason for the segment's rise. They are renowned for being adaptive and able to move across a range of conditions, such as sand, mud, snow, and rough trails. They can also be utilized for hunting, trail riding, racing, and exploring off-road areas. ATV riding is a popular choice among individuals and families looking for outdoor recreational activities because to its excitement and adventure factor. ATVs are also widely utilized for utilitarian purposes, especially in rural and agricultural settings. The ability of All-Terrain Vehicles (ATV) to pull heavy loads and navigate challenging terrain makes them highly valuable for utility applications.
By region, the Asia Pacific power sports market is to generate the highest revenue by the end of 2036. Customers have more disposable income and are more aware of the possibilities for leisure. Demand is higher here, especially for heavyweight and side-by-side motorcycles. A number of well-known automakers as well as some up-and-coming ones are beginning to produce off-highway cars in response to the growing demand for them in an effort to gain market share and revenue streams. For instance, in March 2021, Great Wall Motor of China announced that it would introduce a new, distinct brand for its off-road automobiles. Furthermore, the powersports market in China had the most market share, while the powersports market in India had the quickest rate of growth in the Asia-Pacific area.
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This report also provides the existing competitive scenario of some of the key players of the global power sports market which includes company profiling of Toro Company, Hero Electric, Vmoto Limited, The Electrotherm Group, Inc., Jiangsu Xinri E-Vehicle Co.,Ltd. Energica Motor Company, Piaggio & C. SpA, Niu International, Mahindra & Mahindra Ltd, AIMA TECHNOLOGY CO., LTD, and others.
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