Powersports Market to hit $14 Billion by 2024 with major companies are Harley Davidson, Yamaha Motors, Honda Motors, Polaris Industries, Kubota, Kymco, Kawasaki Motors, John Deere, Suzuki Motors, Can-Am, Arctic Cats

Powersports Market to surpass USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc.

Side by side powersports market will foresee around 3% CAGR owing to its demand for sports operations along with ability of the vehicle offering multiple seating facility. The vehicles provide higher functionality and smooth riding experience in difficult terrains. SSV provide multiple driving mode, better suspension and disc break that improves passenger safety and support industry growth. Snowmobile segment will witness sturdy growth in regions including Europe and North America.

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North America dominates the overall powersports market volume share owing to presence of key manufacturers. Industry players such as Harley Davidson has increased product availability and accessibility with increasing number of brand outlet in the country. Companies are expanding their distribution channel to capture large consumer base. Government bodies such as National Park Service, National Oceanic & Atmosphere Administration, Federal Highway administration, The U.S. Forest Service, and Bureau of Land Management have taken initiatives to propel recreational industry resulting in powersports market growth during forecast period.

Powersports Market by Vehicle

• All-Terrain Vehicles
• Side By Side Vehicles
• Personal Watercrafts
• Snowmobiles
• Heavyweight Motorcycles

Asia Pacific powersports market led by Japan, China and India will register gains at over 4.5% owing to rising disposable income. Rise in per capita spending is accelerating ATV and SSV sale. Industry players such as Honda Motors adopting innovative steps such as improving economy of scale to lower product cost and attract more consumers. Emerging nations such as India is taking initiatives to strengthen manufacturing segment further enhancing the product demand. Middle East & Africa powersports market size will foresee healthy growth owing to expansion in tourism industry.

Recreational centers and outdoor parks are adding high performance vehicles to their existing facilities. This aids in improving the riding experience of the users and attracting new users. According to World Tourism Organization (UNWTO) World Tourism Barometer, international tourism witnessed growth of approximately 7% in 2017, reaching 1,322 million arrivals. Total contribution of travel and tourism was approximately 10.2% of global GDP in 2016. Proliferation of tourism across the globe have resulted in increased expenditure on adventure sports on water and land. Moreover, steady global economic development can boost credit availability and support the spending capacity of consumers thereby augmenting the powersports market growth.

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Rising employment rate, disposable income, and expenditure on recreational activities are expected to be the prominent factors that will fuel the powersports market growth. Growing popularity of off-road vehicles for adventure rides on different terrains will drive the product adoption.

Augmenting demand for recreational activities across the globe is expected to positively influence the powersports market growth over the forecast timeframe. Motor sports and off-roads vehicles have witnessed significant demand owing to increasing urban population and popularity of the vehicles among youth. Proliferating demand for powersports vehicle in entertainment and sports will escalate the sales of personal watercrafts, snowmobiles, and side by side vehicle, thereby strengthening the industry growth.

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Positive product outlook particularly for the ATVs and SSVs across developing countries owing to increasing spending capacity, development of the rugged terrain and increasing distribution of the major manufacturers in the region. Stringent regulatory bodies are focusing on offering safety features along with reducing the accidents caused by these vehicles. Growth in tourism sector across the globe with local participants offering rental services for these vehicles will induce positive impact on the product demand.

Key powersports vehicle manufacturers include Kubota, Kymco, Kawasaki Motors, John Deere, Suzuki Motors, BRP, Can-Am, Arctic Cats, Harley Davidson, Yamaha Motors, Honda Motors and Polaris Industries. Companies are adopting merger & acquisition strategy for increasing their production capacity and boost their industry share.

The above information is provided on a regional and country basis for the following:

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Russia
• Spain
• Asia Pacific
• China
• Japan
• India
• Thailand
• Malaysia
• Indonesia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Email: sales@gminsights.com
Web: www.gminsights.com

This release was published on openPR.