TBRC’s market research report covers power sports market size, power sports market forecasts, major power sports companies and their market share, key strategies to undertake, and more.

LONDON, July 12, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the power sports market, the rising participation in recreational activities such as snowmobiling and off-road biking is expected to propel the growth of the power sports market. Recreational activities refer to the activities that people do in their leisure time to refresh their bodies and minds. Activities like snowmobiling and off-biking require various power sports vehicles such as bikes, boats, and other vehicles and machines.

For instance, 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 US accounted for 37.4% of the total US outdoor recreation, compared to 30.6% in 2019. Therefore, the increasing participation in recreational activities such as snowmobiling and off-road biking is driving the growth of the power sports market.

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

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Technological advancements are gaining popularity among power sports market trends. For instance, in July 2020, Polaris Inc., a US-based manufacturer of power sport vehicles, launched RideReady, an industry-first on-demand digital service platform. The new RideReady digital strategy aims at leveraging digital solutions and technology to provide industry-leading tools that break down the barriers of ownership, build affinity and loyalty with existing customers, and introduce power sports to new people. RideReady connects power sports owners and dealers with Indian Motorcycle and Polaris dealerships to easily schedule service appointments online.

Major players in the power sports market are John Deere, Polaris Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Yamaha Motor Co. Ltd., Honda Motor Company Ltd., Suzuki Motor Corporation, Harley-Davidson Inc., Kubota Corporation, Kymco, Arctic Cat Inc., Textron Inc., Ducati Motor Holding S.p.A., Triumph Motorcycles Ltd., Zero Motorcycles Inc., and Hisun Motors Corp.

The global power sports market analysis report is segmented by vehicle type into all-terrain vehicle, side-by-side vehicle, personal watercraft, snowmobiles, heavyweight motorcycle; by model into multi personal, sit down, stand up; by application into on-road, 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 in the forecast period. The regions covered in the power sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Power Sports Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide power sports market overviews, analyze and forecast market size and growth for the whole market, power sports market segments and geographies, power sports market trends, power sports market drivers, power sports market restraints, power sports market leading competitors’ revenues, power sports market profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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