Powersports Market to hit $14.5bn by 2025: Global Market Insights, Inc.
Rising prominence of off-road races through rugged terrains will propel the powersports market share over the next six years.
SELBYVILLE, Delaware, March 26, 2019 /PRNewswire/ -- The powersports market is slated to rise from around USD 11 billion in 2018 to USD 14.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing off-road leisure activities across the globe will propel the market size during the forecast period. Growing youth inclination towards recreational activities including motorcycle riding, trail sports and water sports is enhancing the off-road vehicles demand. Further, improving economic factors, such as per capita GDP and disposable income are escalating the industry size.
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Rising prominence of off-road races through rugged terrains will propel the powersports market share over the next six years. Escalating demand for exhilarating sporting events involving off-highway vehicles such as quads is positively influencing the industry proliferation. Organizations including All-Terrain Vehicle Association, American Motorcyclist Association and The American Council of Snowmobile Association are promoting multiple events supporting the powersports market growth.
Ongoing technological advancements including independent suspension, four-wheel drive systems, EFI, CDI, and turbochargers focusing to enhance the driving experience and reducing driver fatigue will propel the powersports market size over the study timeframe. Further, introduction of hybrid powertrain to address noise and emission issue will positively influence the industry share.
Off-road driving without appropriate safety gears will lead to fatalities and injuries in case of accidents, vehicle collision or roll over. Lack of proper training coupled with ignorance of safety precaution play a key role in the increased number of accidents. In 2015, CPSC reported of over 14,000 ATV-related fatalities of which 22% were below 16 years of age. Increasing illegal and unmanaged usage of vehicles will hamper the vehicle adoption from 2019 to 2025.
Government organizations including All-Terrain Vehicle Industry European Association (ATVEA) and ATV Safety Institute are taking initiatives for responsible usage of off-road vehicles and reduce injuries and fatalities arising from accidents. Active government initiatives will provide positive outlook to powersports market in the long term.
All terrain vehicles lead the powersports market size with its adaption for recreational, sports, and leisure activities. Compact footprint, easier maneuverability and ability to travel through multiple terrains will ensure its dominance over the study timeframe. Further, low maintenance costs, and reduced vehicle weight compared to other vehicles will strengthen the product demand.
Browse key industry insights spread across 200 pages with 205 market data tables & 10 figures & charts from the report, "Powersports Market Size By Vehicle (All Terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Snowmobiles, Heavyweight Motorcycles), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Spain, China, Japan, India, Thailand, Malaysia, Indonesia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-sports-market
Heavyweight motorcycles will witness strong growth owing to increasing motocross events across the globe. High power and torque generation coupled with smaller size enhances the power to weight distribution and cornering abilities. Moreover, easier towing and parking capabilities will support the segment growth till 2025.
Side by Side vehicles holds substantial share in powersports market size owing to superior safety features. The vehicle offers similar driving characteristics as conventional vehicles with enhanced roll-over protection and multiple seating configurations. Rising UTV racing and off-roading events including Grand National Cross-Country Series, Pro UTV Racing, UTV World Championship, and Lucas Oil Off-Roading Racing Series will positively influence the industry proliferation.
North America powersports market share will witness over 3% CAGR owing to presence of multiple recreational facilities attracting the participants. According to the U.S. Recreation Government, the country consists of around 150,000 miles of trails, 57, 000 miles of streams, over 120 alpine ski areas and 439 wilderness areas providing ample space for the leisure activities.
Prominent players in powersports market includes BRP, Polaris Industries, Honda, Suzuki Motors, and Harley Davidson. Industry participants are upgrading the product portfolio to attract consumers. In June 2018, BRP announced Can-Am branded 2019 portfolio of UTVs and ATVs with advanced features including Rotax V-Twin engines, intelligent throttle control system, selectable riding modes, and fully lockable on the fly front differential system.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights, Inc.
