Global Powersports Market to Grow at a CAGR of 5.60% During 2024-2032, Aided by the Popularity of Adventure Sports and Increased Spending on Recreational Activities

The market growth of powersports can be attributed to the rising popularity of motorsports and adventure sports. This popularity is not just restricted to watching as spectators but also to active participation in sports.  Increasing disposable income, coupled with rising spending power on recreational activities, is supporting the demand for powersports vehicles.

Changes in cultural and lifestyle trends, such as the growing popularity of outdoor activities, extreme sports, and adventure tourism, are also positively impacting the powersports market growth. Further, advancing technology and designs like improvements in engine efficiency, lightweight materials, and features like advanced suspension systems, GPS navigation, and connectivity options are supporting the market. This is attracting consumers looking for enhanced performance and a better overall riding experience.

North America is one of the leading contributors to the market growth. Factors such as favourable weather conditions, increasing establishment of recreational clubs, and growing consumer expenditure on recreational activities have made powersports a well-desired sport.

Further, leading companies such as Polaris Inc. (NYSE: PII) and Radio Flyer are increasingly launching newer and advanced power sports models to capitalise on their growing demand. For instance, In November 2023, Radio Flyer launched the revised model of CPSC-compliant Model 915. The latest version is battery-powered and includes several product updates, including the replacement of the rear spring with a steel tube with rubber-coated metal inserts that secure the rear frame to the main frame.

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Market Breakup by Vehicle Type, Application, and Region:

• The market is segmented based on vehicle type into all-terrain vehicles (ATV), side-by-side vehicles, snowmobiles, personal watercraft, and heavyweight motorcycles.

• Based on application, the industry can be divided on-road and off-road.

• Region-wise, the global market for powersports can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The powersports market demand is being driven by the growing popularity of adventure sports and motorsports.

• Growing disposable incomes, coupled with shifting spending on recreational activities, are supporting the market growth.

• Companies are shifting their focus to electric-driven vehicles. An upsurge in technological advancement is notably strengthening the research and development in the field of powersports.

Key Offerings of the Report:

• The EMR report gives an overview of the global powersports market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the vehicle types, applications, and major regions of powersports.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global powersports market are Polaris Inc., Arctic Cat Inc., Bombardier Recreational Products Inc., Suzuki Motor Corporation, Yamaha Motor Co., Ltd., and Kawasaki Motors, Ltd. among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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