Press release
What's Driving the Power Sports Market Trends? Arctic Cat, Inc., Bombardier Recreational Products, Honda Motor Co., Ltd., Harley Davidson, Deere & Company, Kawasaki Motors Corporation, Kubota Corporation, KYMCO, Polaris Inc., Suzuki Motor Corporation, Yam
Power Sports Market
One of the most pivotal driving factors of power sports industry 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, slated to surpass USD 14 billion by 2025.
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North America, in 2018, emerged as one of the dominant regions in the global power sports industry landscape. 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.
Vehicle evaluation:
Vehicle categorization: As per the report, the Vehicle landscape of the power sports market is split into -
o All-Terrain Vehicles
o Side By Side Vehicles
o Personal Watercrafts
o Snowmobiles
o Heavyweight Motorcycles
Significant aspects concerning the Vehicle landscape that are entailed in the report:
o Substantial details about the Vehicle spectrum of power sports market are provided in the report.
o The study mentions the revenue projection of the Vehicle categories by the end of the forecast duration.
o The market share that every Vehicle segment will accumulate is given in the report.
o The current and future trends characterizing the Vehicle landscape are also provided in the report.
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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 power sports market research study is inclusive of a massive evacuation of the industry in question. The methodology used to derive valuable insights pertaining to the power sports industry as well as the primary and secondary sources referred to have been elaborated in the report. Information pertaining to the financial data of mentioned shareholders and the present pricing trends are enumerated in the study.
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