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Power Sports market Share
WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 23, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Power Sports Market ," The power sports market was valued at $29.6 billion in 2022, and is estimated to reach $59.4 billion by 2032, growing at a CAGR of 7.4% from 2023 to 2032.
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Power sports typically refer to recreational activities or sports that involve the use of
vehicles with high power and performance capabilities. These activities often provide an exhilarating experience and are popular among thrill-seekers and enthusiasts. This category includes activities like off-roading, where individuals use powerful vehicles such as all-terrain vehicles (ATVs), quad bikes, dirt bikes, dune buggies, or side-by-side (SxS) vehicles to navigate challenging terrains, such as trails, sand dunes, or mud pits. Moreover, power sports in water include activities such as jet skiing, water skiing, wakeboarding, and personal watercraft (PWC) racing. These activities involve high-speed watercraft propelled by powerful engines.
Leading Players in the Power Sports Market:
Polaris Inc.
Yamaha Motor Co., Ltd.
Honda Motor Co., Ltd.
Arctic Cat Inc.
Kawasaki Motors, Ltd.
Harley Davidson, Inc.
Bombardier Recreational Products Inc.
RumbleOn INC.
Kubota Corporation
Suzuki Motor Corporation
The report provides a detailed analysis of the key players of the global power sports market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Prime Determinants of Growth
Over the years, there has been an increasing interest among the global populations in taking part in outdoor recreational activities and adventures. As a result, there is growing demand for power sports which is predicted to be one of the important factors driving the growth of the global power sports market in the forecast timeframe. However, the high cost of power sports vehicles, such as motorcycles, ATVs, or personal watercraft may hamper the power sports market growth in the coming period . On the contrary, the growing popularity of power sports due to the thrill and excitement associated with these activities is expected to offer growth opportunities for expansion of the power sports market in the 2023-2032 forecast period.
Vehicle Type: All-Terrain Vehicles (ATV) Sub-segment Projected to Gather a Huge Revenue During the Forecast Period
The all-terrain vehicles (ATV) sub-segment accounted for the highest power sports market share in 2022 and is expected to grow at a CAGR of 9.0% during the forecast period. ATVs are versatile and have the ability to traverse various terrains, such as mud, snow, sand, and rugged trails. This versatility has made them popular among a wide range of users, including recreational riders, outdoor enthusiasts, farmers, ranchers, and industrial workers which is predicted to boost the sub-segment's growth by 2032.
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Propulsion: Gasoline Sub-segment Projected to be One of the Most Profitable by 2032
The gasoline sub-segment accounted for the highest power sports market share in 2022 and is expected to grow at a stunning CAGR in the forecast period. Gasoline-powered vehicles, including motorcycles, ATVs, and personal watercraft, exhibit high-performance capabilities and greater power as compared to their electric counterparts. As a result, there is a growth in demand and usage of gasoline-powered vehicles which is predicted to boost the sub-segment's growth by 2032.
Application: Off-Road Sub-segment to Flourish Immensely by 2032
The off-road sub-segment generated the highest market share in 2022 and is predicted to grow at a high CAGR of 8.0% by 2032 in the power sports market. Off-road vehicles, such as all-terrain vehicles (ATVs), utility task vehicles (UTVs), and dirt bikes, allow users to access remote locations, go camping, hunting, fishing, or simply enjoy off-road trails and tracks. These advantages have increased the demand for off-road vehicles among individuals who are drawn to adventure trips which is predicted to boost the sub-segment's growth by 2032.
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Region: North America Market to Hold Majority of Market Share by 2032
The North America region accounted for the highest share in the global power sports market in 2022 and is expected to rise at a tremendous growth rate during the forecast period. The growing disposable incomes of young individuals of US and Canada has led to an increase in demand for outdoor recreational activities and adventures which is expected to be the main growth driver of the market in the North America region by 2032.
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David Correa
Allied Market Research
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