Press release
Power Sports Market on path for growth | 2018 Key Players are Polaris Industries, Honda Motor, Yamaha Motor, Harley Davidson, Arctic Cat, BRP, Suzuki Motors, John Deere, Kawasaki Motors, Kubota, Kymco
Power Sports Market
The growing acclaim for luxury adventure sports, especially across the urbane locales, has led to the commercialization graph of power sports market depicting a robust rise. Advanced power sport vehicles like jet skis, ATVs, snowmobiles, side by side vehicles, and on and off-road motorbikes have come to occupy a prominent position in the sports and entertainment industry. As the popularity of recreational activities continues to soar, the demand for these vehicles will also depict an upsurge, gradually propelling global power sports industry size.
One of the most pivotal driving factors of power sports market is the expanding tourism industry. As per the World Travel & Tourism Council (WTTC), the travel and tourism industry accounted 10.4% of the worldwide GDP in 2017. The sector also accounted for 313 million jobs in the year – nearly 10% of the total employment in 2017. As the popularity of tourism exhibits an upsurge, the demand for luxury vehicles for recreational sports will depict a rise, gradually propelling power sports market size, that was pegged at USD 10.5 billion in 2017.
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Apart from the contribution by leading industry players, North America power sports market trends are also likely to undergo a transformation on account of the initiatives taken by government agencies to enhance the consumer base of the region. Some of the leading government bodies involved in propelling the valuation of North America power sports market include the Federal Highway administration, the U.S. Forest Service, the Bureau of Land Management, the U.S. National Park Service, and the National Oceanic & Atmosphere Administration.
Top Key Players:-
• Polaris Industries
• Honda Motor
• Yamaha Motor
• Harley Davidson
• Arctic Cat
• BRP
• Suzuki Motors
• John Deere
• Kawasaki Motors
• Kubota
• Kymco
Regional Segmentations:-
North America, in 2017, emerged as the dominant region, accounting for 60% of the overall power sports market share. The credit for the same can be attributed to the presence of leading vehicle manufacturers in the region. Major power sports market players have been striving to incorporate ATVs and motorbikes with highly advanced features in order to deem them fit for recreational activities, spiking consumer interest and eventually increasing the demand for these vehicles in the regional power sports industry. One of the most proactive players in this regard is Harvey-Davidson, that has been launching specialty stores as well as dealerships to expand its consumer pool.
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Major Points of Table Of Content:-
Chapter 4. Power Sports Market, By Vehicle
4.1. Power sports market share by vehicle, 2017 & 2024
4.2. ATV
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013–2024
4.3. SSV
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4. Personal watercrafts
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5. Snowmobile
4.5.1. Market estimates and forecast, 2013 - 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
4.6. Heavyweight motorcycle
4.6.1. Market estimates and forecast, 2013 - 2024
4.6.2. Market estimates and forecast, by region, 2013 – 2024
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The ongoing technological advancements in the automotive sector have been majorly responsible for the growth of power sports market, given that automakers strive to provide vehicles with higher efficiency, increased power, modern designs, lighter weight and better performance. Furthermore, luxury vehicles are now equipped with advanced features like Bluetooth connectivity, mobile tracking facilities, GPS navigation systems, electric starter and striking user interface displays to effectively meet consumers expectations. The increasing purchasing power of consumers across the globe in tandem with the ability to purchase inventory online has provided many manufacturers with novel growth avenues, gradually augmenting the revenue scale of global power sports market in the years ahead.
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