North America leads the way with the Asia-Pacific region growing rapidly

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Global power sports market

Global power sports market

Global power sports market

Dublin, Nov. 17, 2022 (GLOBE NEWSWIRE) — The “Power Sports Global Market Report 2022” has been added to ResearchAndMarkets.com offer.

The global power sports market is projected to grow from USD 29.04 billion in 2021 to USD 30.88 billion in 2022 at a compound annual growth rate (CAGR) of 6.3%. The power sports market is projected to grow to $39.95 billion in 2026 at a CAGR of 6.7%.

The major vehicle types in power sports are all-terrain vehicles, side-by-side vehicles, jet skis, snowmobiles, and heavy motorcycles. It is defined as a vehicle that rides on low-pressure tires and has a seat that the operator straddles and a steering handle. Motorsports vehicles come in various designs such as multi-personnel, sit-down, stand-up and can be driven on and off-road.

North America was the largest region in the power sports market in 2021. Asia Pacific is expected to be the fastest growing region over the forecast period. Regions covered in Power sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.

Increasing participation in recreational activities, such as snowmobiling and off-road cycling, is expected to spur the growth of the motorsports market. Recreational activities refer to activities that people engage in in their spare time to refresh their body and mind. Activities like snowmobiling and off-roading require various motorsport vehicles like bikes, boats and other vehicles and machines.

For example, according to the U.S. Bureau of Economic Analysis, a government-owned provider of official macroeconomic and industry statistics, in 2020, conventional outdoor recreation in the U.S. accounted for 37.4 percent of total activity. outdoor recreation in the US, up from 30.6% in 2019 Thus, growing participation in recreational activities, such as snowmobiling and off-road cycling, is driving the growth of the power sports market.

Technological advances are a key trend gaining popularity in the power sports market. For example, in July 2020, Polaris Inc, a US manufacturer of motor sport vehicles, launched RideReady, an industry first on-demand digital services platform. The new RideReady digital strategy aims to leverage digital solutions and technology to deliver industry-leading tools, which break down ownership barriers, build affinity and loyalty with existing customers, and introduce power sports to new people. RideReady connects motorsport owners and dealerships with Indian Motorcycle and Polaris dealerships to easily schedule service appointments online.

In January 2022, The Toro Company, a US provider of innovative solutions for the outdoor environment, acquired The Intimidator Group Inc for $400 million. Through this acquisition, the Toro Company aims to strengthen its position in the zero-turn mower market and to emerge as a strong player in the market. The Intimidator Group Inc is a United States-based manufacturer of side-by-side vehicles.

Scope

Covered markets:

1) By vehicle type: off-road vehicle; Side-by-side vehicle; jet skis; snowmobiles; Heavy bike
2) By model: Multi personnel; Sit down; Standing
3) By application: On-Road; Off road

Main topics covered:

1. Executive summary

2. Characteristics of the power sports market

3. Power sports market trends and strategies

4. Impact of COVID-19 on power sports

5. Size and growth of the power sports market

6. Segmentation of the power sports market

7. Regional and national analysis of the power sports market

8. Asia-Pacific Power Sports Market

9. China power sports market

10. Indian power sports market

11. Japan power sports market

12. Australian power sports market

13. Indonesian power sports market

14. South Korea power sports market

15. Western European power sports market

16. UK power sports market

17. German power sports market

18. Power sports market in France

19. Eastern European power sports market

20. Russian power sports market

21. North America Power Sports Market

22. Power sports market in the United States

23. Power sports market in South America

24. Brazilian power sports market

25. Middle East Power Sports Market

26. Africa Power Sports Market

27. Power Sports Market Competitive Landscape and Company Profiles

28. Major mergers and acquisitions in the power sports market

29. Future prospects and potential analysis of the power sports market

30. Appendix

Companies mentioned

  • Polaris Inc

  • Kawasaki Heavy Industries engine and motorcycle company

  • Yamaha Motor Co. Ltd.

  • Honda Motor Company Ltd.

  • Suzuki Motor Corporation

  • Harley Davidson Inc.

  • Kubota company

  • Kymco

  • Arctic Cat Inc

  • Bombardier Recreational Products Inc.

  • Testoron Inc

  • Ducati Motor Holding SpA

  • Triumph Motorcycles Ltd.

  • Feishen group

  • Zero Motorcycles Inc.

  • Hisun Motors Corp

For more information about this report, please visit https://www.researchandmarkets.com/r/30j4bk

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