Power Sports Market Growth Analysis, Outlook by 2020 – Trends, Opportunities and Forecast to 2026
As per a research report by Global Market Insights, Inc., global power sports market is estimated to surpass $50 billion by 2026.
Rising adoption of off-road recreational activities to foster global power sports market outlook between 2020-2026.With construction of new off-road recreational centers and maintenance and development of existing sites, the global power sports market is projected to witness a lucrative rate of growth over the forthcoming time period. Governments across the world are actively involved in the assigning of new off-road trails along with upgrading the existing ones, thereby supporting the industrial growth.
Citing an instance, the Ministry of Culture, Sport, and Parks of Canada, back in 2016, launched ATV and snowmobile trails in the Moose Mountain Provincial Park. The Saskatchewan government and the National Trains Coalition invested around $250,000 for this project, thus playing an integral role in attracting off-roading fans for sports and recreational activities in the region.
Additionally, industry players are also constantly investing in Research and Development activities in order to distinguish their product portfolio to drive sales.
Furthermore, advancements in technology including independent suspension, EFI, turbochargers, four-wheel drive systems and CDI are focusing on improving the off-road driving experience and cutting driver fatigue, thereby stimulating the product demand.
With respect to vehicle, the continuing mobility trends as well as developments in the automotive industry, like machine learning, vehicle sharing, electrification, and self-driving features, are also changing the power sports industry product portfolio drastically.
Technologies such as autonomous driving and driver-assistance, are projected to support the transformation of traditional power sports products over the projected time period.
Furthermore, the introduction of machine learning and electric cars is further impelling manufacturers of power sports vehicles to innovate their offerings by incorporating eco-friendly and electric features.
On the geographical front, APAC power sports market is anticipated to record high demand for ATVs, motorcycles and side by side vehicles owing to the expansion of subsidies of manufacturer as well as growing consumer awareness. The regional growth is ascribed to low prices of product due to low manufacturing costs and available low tax options.
In addition, regional governments are executing various policies and projects for the development of recreational and off-road infrastructure, thereby supporting the power sports market growth.
All in all, the above-mentioned factors are likely to offer a diverse range of growth opportunities for global power sports market players. The competitive landscape of global power sports market includes companies like Deere & Company, Kubota Corporation, Honda Motor Co., Ltd., Kawasaki Motors Corporation, Suzuki Motor Corporation, Arctic Cat Inc, BRP Inc., Yamaha Motor Co., Ltd., KYMCO and Polaris Industries Inc., among others.
